Methodology
Our criteria and process for including companies in the Crypto Treasury Leaderboard
1 Overview
The Crypto Treasury Leaderboard tracks publicly traded companies that hold significant cryptocurrency assets. Our methodology ensures transparency, accuracy, and relevance by applying strict criteria for inclusion and maintaining real-time data updates from verified sources.
2 Primary Inclusion Criteria
Minimum Asset Thresholds
Asset-Specific Minimum Requirements
Companies must hold at least the minimum threshold for any supported cryptocurrency to qualify for inclusion. These asset-specific thresholds ensure we focus on substantial holdings that have meaningful market impact while accounting for the different value scales of major cryptocurrencies.
Public Company Status
Companies must be publicly traded on recognized exchanges (NYSE, NASDAQ, TSX, LSE, etc.) or be publicly reporting entities with transparent financial disclosures.
Transparent Disclosure
Companies must publicly disclose their cryptocurrency holdings through SEC filings, earnings reports, investor presentations, or other official communications.
3 Data Sources & Verification
Primary Sources
- SEC 10-K and 10-Q filings
- Quarterly earnings reports
- Press releases and investor updates
- Annual shareholder reports
Market Data
- Real-time cryptocurrency prices
- Stock market valuations
- Trading volume data
- Market capitalization metrics
4 Data Update Frequency
Real-time
Cryptocurrency prices and market data
Daily
Holdings valuation and NAV calculations
Quarterly
Company fundamentals and new filings
5 Optional Filters
Pure Treasury Companies
Definition
Companies with mNAV (Market Cap to Net Asset Value ratio) between 0.6x and 5.0x
The "Pure Treasury Companies" filter helps identify companies that are primarily valued based on their cryptocurrency holdings, rather than their core business operations. This filter uses the mNAV ratio as a key indicator:
- mNAV ≥ 0.6x: Ensures the company trades at a reasonable discount to its crypto holdings
- mNAV < 5.0x: Filters out companies with excessive premiums that suggest significant non-crypto value
This filter is particularly useful for investors seeking exposure to cryptocurrency through public equities that closely track the underlying digital asset prices, rather than companies with diversified business models.
6 Exclusion Criteria
Companies are excluded from the leaderboard if they meet any of the following criteria:
- Holdings below minimum thresholds (100 BTC, 4,000 ETH, 75,000 SOL, or $10M equivalent for other assets)
- Private companies without public disclosure requirements
- Companies that have completely liquidated their crypto positions
- Lack of reliable or recent disclosure of crypto holdings
- Delisted or defunct public companies
Questions or Suggestions?
If you believe a company should be included or have questions about our methodology, we welcome your feedback to ensure accuracy and completeness.
FAQ
How often is data updated?
NAV data, company holdings, market caps and volume metrics are updated once a day.
Which companies qualify for inclusion?
Only publicly traded firms that meet the minimum asset thresholds detailed above.