Methodology. Holdings are taken from each company’s own filing or disclosure (or a curated tracker where noted) with an as-of date and source link. mNAV is market cap divided by the market value of the company’s crypto holdings; below 1.0 the stock trades at a discount to its coins, above 1.0 at a premium. An enterprise-value mNAV (adding debt, subtracting cash) appears in each card’s detail once debt/cash are populated. Coins per share is holdings divided by shares outstanding. Prices are live; holdings change only when a company discloses.

Treasury companies are volatile and highly speculative, and several here are recent listings with short trading histories. A NAV premium can compress quickly, and a NAV discount is not a guarantee of anything.