Total coin value across the four companies.
What are treasury-company shareholders really buying?
Four companies, four very different exposures.
MSTR holds the largest crypto pile in this four-company comparison. MARA carries the highest equity market value relative to the coins it holds. Those are different kinds of leadership.
MSTR$68.4B coin value · $61.1B market cap
BMNR$15.6B coin value · $15.7B market cap
MARA$2.9B coin value · $5.1B market cap
SBET$2.3B coin value · $2.0B market cap
Largest crypto pileMSTR$68.4B at the current coin price.
Highest company value vs coinsMARA1.79 times the crypto value.
Total crypto value$89.0BAcross the companies in this edition.
Largest holder's share76.8%Dependence on one company.
Without the largest holder$20.7BCrypto value left in the other companies.
Debt figures available3 of 4Missing balance-sheet rows stay missing.
Strongest share move · 30 sessionsMSTR+nan%; price only.
Best move versus its coinMSTR+nan% points
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Coins held versus equity market value
The stock market can value a company above or below its crypto pile. That gap may reflect financing, operating assets, taxes, future purchases, dilution and market enthusiasm.
CompanyCoinReported holdingCoin valueEquity market valueMarket cap / coins
MSTRBTC845,050 BTC$68.4B$61.1B0.89×
BMNRETH5,956,378 ETH$15.6B$15.7B1.01×
MARABTC35,303 BTC$2.9B$5.1B1.79×
SBETETH868,699 ETH$2.3B$2.0B0.90×
Share prices through MSTR 18 Sep 2026; BMNR 18 Sep 2026; MARA 18 Sep 2026; SBET 18 Sep 2026. Treasury records retrieved 19 Sep 2026; their source does not supply a holding date.
How much crypto sits behind one share?
This is the current coin value divided by reported shares. It is not cash a shareholder can withdraw, and it can fall if the company issues more shares.
CompanyReported debtCrypto value / shareMarket cap / coinsShare price · 30 days
MSTR$6.8B$172.080.89×+nan%
BMNR$1.2M$25.781.01×+nan%
MARA$2.5B$7.391.79×+nan%
SBETNot available$10.440.90×+nan%
Does the comparison survive without the largest holder?
MSTR accounts for 76.8% of the coin value in this four-company set. Remove it and $20.7B remains. The scale shrinks sharply, but the comparison still contains both Bitcoin and Ethereum treasury models.
Share explained by MSTR alone.
Coin value left after removing MSTR.
What can break the simple comparison?
A cheap-looking ratio can hide debt or future share issuance. An expensive ratio can shrink quickly even when the coin price is unchanged. This edition shows the current slice; proving that it grew requires a dated filing history.
The company’s reported coin count. Filing dates matter.
Debt and new shares can change who carries the risk.
The check that stops a bigger company pile from automatically looking better.
