BTC Holdings
21,240 BTC
Insufficient history
Stock Price
$36.23
180d
Total financing
511.20M USD
180d
mNAV
3.60x
180d
Leverage
28.0%
180d
BTC Credit
11 bps3.6x
Sats/Share
14,132
180d
Mkt cap
5.45B USD
Shares
150.30M
Fiat reserve
87.89M USD
Total reserve
1.60B USD
Dilution
0.0%
Coverage
42.3 yr
BTC mix
0%
Analytics
BTC Coverage
Financials
IFRSAnnualAs of 2025-12-31
Balance Sheet
Total Assets$4B▲29.8%
Total Liabilities$658.2M▲1.8%
Stockholders' Equity$3.3B▲37.4%
Cash & Equivalents$87.9M▲178.7%
Total Debt$561.2M▲6.3%
Digital Assets$2.8B▲7.6%
Income Statement
Revenue$244.8B▼2.2%
Operating Income—
Net Income$-785.5M▼1087.2%
Interest Expense$52.4M▲35.9%
Cash Flow
Operating Cash Flow$28.6M▲195.5%
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | BTC Rating |
|---|---|---|---|---|---|
| BLSH-BO | Jan '23 – … | 7% | 396.70M USD | 505.60M USD | 3.6x |
| BLSH-XRP | Sep '23 – Sep '27 | 5.5% | — | 5.60M USD | >10x |
| Total | 511.20M USD | ||||
Recent Changes
Sat, Feb 28, 2026
Shares Outstanding
150.8M→150.3M-531.7K(-0.4%)
Form 20-F (2025)
Wed, Dec 31, 2025
BTC Holdings
24.3K→21.2K-3,060 BTC(-12.6%)
18,030 held (inventories + intangibles + financial assets) + 3,210 in loan receivables
Form 20-F (2025)Shares Outstanding
150.7M→150.8M+149.9K(+0.1%)
Form 20-F (2025)
Debt OutstandingDrawBLSH-BO
482.4M→505.6M+23.1M(+4.8%)
Fair value at FVTPL
Form 20-F (2025)Debt OutstandingDrawBLSH-Repo26
50.0M→50.0M-18.0K(-0.0%)
Carrying value at amortized cost
Form 20-F (2025)Debt OutstandingRepaymentBLSH-XRP
20.6M→5.6M-15.0M(-72.8%)
Non-current $5,267K + current $334K
Form 20-F (2025)Fiat Reserve
69.3M→87.9M+18.6M(+26.8%)USD
Form 20-F (2025)