Bitcoin Power Score: 50 Bitcoin Treasury Companies, Ranked

The Bitcoin Power Score (BPS) rates every publicly traded bitcoin treasury company from 1 to 100 across 19 weighted metrics — bitcoin held, mNAV, sats per share, custody arrangement, net leverage and overall risk. It exists because advisors comparing MSTR against a dozen newer treasury companies have no independent framework to do it with. Scores are rebuilt from primary sources: SEC filings, company disclosures and live market data. Free, no account, no paywall.

Bitcoin Treasury 50™ Rankings

The definitive ranking of public companies holding Bitcoin as a treasury asset.

50 Companies · Ranked by Bitcoin Power Score

Rank	Ticker	BPS	mNAV
1	MSTR	95.41	1.07
2	MPJPY	89.03	0.79
3	ASST	88.21	1.78
4	TSWCF	75.52	1.11
5	DDC	74.46	0.19
6	BLSH	72.66	1.62
7	XXI	71.07	0.70
8	COIN	70.86	20.34
9	GLXY	70.69	3.90
10	HOGPF	70.66	0.17
11	OBTC3	70.03	0.71
12	BTGGF	69.07	1.01
13	MLIZY	67.81	2.71
14	RIOT	67.79	9.09
15	HUT	67.5	13.06
16	ZOOZ	67.25	13.69
17	LQWD	67.17	5.41
18	TSLA	66	1299.96
19	NAKA	65.31	1.09
20	CAN	64.77	0.54
21	TRSR	64.65	0.67
22	EMPD	64.28	1.42
23	CLSK	63.99	3.87
24	B0434HK	62.95	2.59
25	NEXOY	62.69	82.74
26	3825	61.9	1.62
27	3189	61.61	1.58
28	ABTC	61.14	3.06
29	MARA	60.49	2.37
30	KULR	60.34	0.90
31	CORZ	60.3	57.15
32	APUS	60.28	0.44
33	ZBAO	58.84	0.32
34	USBC	58.83	1.92
35	FUFU	58.55	2.01
36	GDC	58.3	0.14
37	KEEL	58.1	10.92
38	DEFI	57.19	1.48
39	GEMI	55.9	2.15
40	HIVE	55.86	59.62
41	SQ	55.1	57.29
42	DJT	54.67	3.37
43	BTDR	53.59	798.38
44	CIFR	51.55	59.20
45	SPCX	51.31	699.50
46	BTGO	50.02	2.22
47	EXOD	49.26	1.97
48	SQNS	48.38	5.48
49	FLD	48.18	2.21
50	BRR	46.71	1.44

The ranked universe includes dedicated treasury vehicles such as Strategy, Metaplanet, Strive, Twenty One, Nakamoto and Bullish, operating companies that hold bitcoin on the balance sheet including Tesla, Coinbase, Block, Trump Media, Galaxy Digital and Gemini, and miners converting power into both bitcoin and AI capacity such as MARA, Riot Platforms, CleanSpark, Hut 8, Core Scientific and Cipher Digital. A company can rank well on one of those and poorly on another, which is the point of scoring them on the same 18 components rather than by category.

How the Bitcoin Power Score Is Calculated

Each company is scored on nineteen weighted components in five groups: holdings (bitcoin held, share of the 21 million cap, sats per share, sats per dollar), valuation (BTC NAV, mNAV, enterprise value, bitcoin yield year to date), balance sheet (cash, debt, net leverage, BTC rating measured as net capital against debt, leverage at $60,000 bitcoin), structure (custody arrangement, levers available to add bitcoin, moat strength, public dashboard quality) and risk (overall risk grade, amplification ratio).

Scores move when the underlying facts move — a treasury purchase, a capital raise, a custody change or a shift in mNAV. This is not quarterly research.

Another two dozen fields are tracked but deliberately left out of the score, including dilution risk, short interest, options market depth, preferred equity and the separate liquidity, regulatory and operational risk grades. They inform the overall risk grade and the written commentary without double counting inside the arithmetic.