Core KPIs for Bitcoin
Treasury Companies

Understand how Bitcoin treasury companies measure value, growth, and exposure — in BTC terms, not fiat illusions.

See Market Metrics

BTC Holdings

Definition:

Total amount of Bitcoin held in custody (on-chain or disclosed).

Why its matters:

This is the core monetary base of a BTC Treasury Company. It determines intrinsic value and acts as the reserve backing each share.

KPI Format:

Displayed in BTC (e.g., 731.42 BTC).

BTC Yield (BPS Growth)

Definition:

Increase in Bitcoin per share (BPS) over time.

Why its matters:

Shows whether the company is accumulating more BTC per unit of ownership. This is the true equivalent of earnings in fiat companies.

KPI Format:

% increase of BTC per share over a period (e.g., +3.4% YoY).

BTC NAV (Net Asset Value in BTC)

Definition:

Total BTC held divided by total shares outstanding.

Why its matters:

Represents the amount of Bitcoin backing each share.

KPI Format:

BTC per share (e.g., 0.00145 BTC per share).

BTC mNAV (Market NAV Multiple)

Definition:

Ratio between the company’s market cap (in fiat) and its NAV in BTC (converted to fiat).

Why its matters:

Indicates how much of a premium the market places on governance, vision, structure, and accumulation potential.

KPI Format:

mNAV = Market Cap / BTC NAV in fiat. (e.g., 2.35×)

BTC mmc (Months to Cover mNAV)

Definition:

Time required to justify current mNAV through Bitcoin accumulation (assuming a defined monthly DCA).

Why its matters:

Measures the temporal leverage of your premium — how long until you “earn” the premium in BTC terms.

KPI Format:

(BTC required to bridge mNAV gap) / (Monthly BTC accumulation)

BTC Torque

Definition:

Sensitivity of share price to BTC price changes, amplified by mNAV and public market expectations.

Why its matters:

A higher torque implies asymmetric upside when BTC price rises — but also more volatility.

KPI Format:

Expressed qualitatively or as a leverage ratio (e.g., 1% BTC → 2.5% stock move).

BTC Leverage Ratio

Definition:

BTC holdings acquired per unit of fiat debt or equity.

Why its matters:

Shows how aggressively BTC accumulation is financed.

KPI Format:

e.g., 1 BTC per €78,000 debt

BTC Delta Exposure

Definition:

% of company value derived from BTC performance.

Why its matters:

Quantifies how “pure” the BTC exposure is.

KPI Format:

e.g., 93% BTC exposure

% of Total BTC Supply Held

Definition:

Total BTC held as a % of the 21M supply cap.

Why its matters:

Highlights scarcity contribution and market share in the Bitcoin economy.

KPI Format:

e.g., 0.021% of all BTC