Bitcoin Treasury 50: Full BPS Rankings — August 2026

Published by Block 21 Capital · Updated 12 August 2026

Fifty-three public companies now hold bitcoin on their balance sheet as a declared treasury strategy. They are not equivalent, and market capitalization tells you almost nothing about which ones are actually well-run.

The Bitcoin Power Score grades them on thirteen weighted components — bitcoin held, amplification ratio, mNAV multiple, custody disclosure, dilution history, leverage, and the rest — and returns a single number from 1 to 100. Below is the full top 20 as of this month.

The rankings

#	Company	Ticker	BPS	Sector
1	Strategy	MSTR	93.8	DATCO
2	Strive	ASST	83.8	DATCO
3	Metaplanet	MPJPY	80.2	DATCO
4	The Smarter Web Company	TSWCF	70.7	DATCO
5	DDC Enterprise	DDC	70.5	DATCO
6	Bullish	BLSH	66.5	DATCO
7	H100 Group	HOGPF	64.9	DATCO
8	OranjeBTC	OBTC3	64.5	DATCO
9	XXI	XXI	64.4	DATCO
10	Bitcoin Standard Treasury	BSTR	63.9	DATCO
11	Riot Platforms	RIOT	62.6	AI HPC
12	Nakamoto	NAKA	62.5	DATCO
13	Bitcoin Group SE	BTGGF	61.1	DATCO
14	Hut 8 Mining	HUT	60.0	AI HPC
15	Mara Holdings	MARA	58.9	AI HPC
16	Galaxy Digital	GLXY	58.8	AI HPC
17	Coinbase	COIN	58.0	Fintech
18	GD Culture Group	GDC	57.4	Fintech
19	ProCap BTC	BRR	57.4	DATCO
20	Boyaa Interactive	BO434HK	57.0	Bitcoin-adjacent

The live table — all 53 companies, 45+ metrics each, updated continuously — sits on the Bitcoin Treasury 50 tracker.

What the top of the table is measuring

Strategy scores 93.8, and the gap to second place is the widest anywhere in the ranking. That is not simply a function of holding 840,447 BTC. It reflects an amplification ratio no other treasury company has matched, a coherent capital structure across multiple preferred issues, and the longest disclosure track record in the category.

The more interesting reading is second through fifth. Strive at 83.8, Metaplanet at 80.2, The Smarter Web Company at 70.7 and DDC Enterprise at 70.5 are separated by roughly thirteen points, and they get there by different routes. Metaplanet holds 43,000 BTC against a $1.86bn market cap. Strive holds 20,167 against $1.05bn. Both score well; the composition of those scores is not the same.

Where market cap misleads

Tesla holds 11,509 BTC and scores 50.5. Coinbase holds 17,311 and scores 58.0. Both are vastly larger companies than Metaplanet, which holds 43,000 BTC and scores 80.2.

The score is measuring bitcoin treasury quality, not enterprise quality. For a company where bitcoin is incidental to the business, a high absolute holding does not produce a high BPS — the amplification, disclosure and capital structure components all reflect a treasury that is not run as a treasury strategy. This is the single most common error we see in treasury-company comparisons: ranking by BTC held, which conflates size with execution.

mNAV is doing less work than people think

Several companies in the top 20 trade below 1.0x mNAV. Several trade far above it. mNAV is one of the thirteen components and it is deliberately not the heaviest, because a compressed multiple can indicate either a mispricing or a market judgment about dilution risk — and the score has to distinguish those using the other twelve inputs.

A company trading at 0.74x with a deteriorating amplification ratio and a company trading at 0.74x with a clean balance sheet are not the same opportunity. Ranking on mNAV alone cannot tell them apart.

Methodology

Thirteen weighted components, each normalised across the cohort, combined into a single 1–100 score. The framework covers bitcoin held, bitcoin per share, amplification ratio, mNAV, custody arrangement and disclosure quality, dilution history, leverage, and sector classification.

Scores are recalculated as underlying data updates. This ranking is a snapshot as of the publication date above.

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The AI and HPC operators in this table — Riot, Hut 8, Mara, Galaxy — are also scored under a separate framework, the NeoCloud Power Score, which grades bitcoin miners converting power capacity into AI compute hosting. Those rankings are published separately.

Block 21 Capital publishes independent research. This is not investment advice and no position in any security mentioned should be inferred. Data is sourced from public filings and market data providers and may contain errors.