HomeBitcoin Treasury Companies

Bitcoin Treasury Companies Ranked by Average Cost per Bitcoin

What 19 public companies paid on average for each bitcoin they hold, highest first, from the companies’ own filings. Nakamoto’s $118,249 is the highest; Strategy, the largest holder, reports $75,444.

Data as of · each row is dated · bitcoin closed at $83,095 on 2026-10-13 · non-dollar averages converted at ECB reference rates for the row’s date

Illustration: average cost per bitcoin at 19 public companies, from $118,249 (Nakamoto) down to $31,386 (Next Technology Holding).
Bitcoin Treasury Companies Ranked by Average Cost per Bitcoin, data as of 2026-10-14
Rank Company Country Average cost per BTC (USD) Average cost in own currency BTC held As of Figure What the cost covers Source
1 Nakamoto (NAKA) US $118,249 — 4,467 Jun 30, 2026 Derived Includes bitcoin received in acquisitions, at fair value when received 1
2 GD Culture Group (GDC) US $112,267 — 7,500 Jun 30, 2026 Derived Cost rounded to $842M; includes bitcoin acquired with Pallas 2
3 B HODL (HODL) United Kingdom $110,129 £81,673 167 Sep 3, 2026 Stated Purchases 3
4 The Smarter Web Company (SWC) United Kingdom $109,696 £82,562 2,747 Sep 30, 2026 Derived Net of 2026 sales (“net average cost basis”) 4
5 Capital B (ALCPB) France $99,905 €87,805 3,538 Sep 28, 2026 Derived Purchases 5
6 Metaplanet (3350) Japan $99,083 ¥15,555,717 44,000 Sep 30, 2026 Derived Purchases, net of Q3 sale and repurchase 6
7 American Bitcoin (ABTC) US $97,717 — 8,002 Jun 30, 2026 Derived Includes mined bitcoin, at fair value when received 7
8 Silvia (SVIA) US $92,112 — 5,355 Jun 30, 2026 Derived Cost basis as reported 8
9 Strive (ASST) US $90,170 — 28,000 Sep 30, 2026 Stated Purchases 9
10 Twenty One Capital (XXI) US $84,865 — 43,514 Jun 30, 2026 Derived Cost basis as recorded; much received in kind 10
11 Strategy (MSTR) US $75,444 — 848,250 Oct 11, 2026 Stated Purchases, including fees and expenses 11
12 Coinbase (COIN) US $70,111 — 17,311 Jun 30, 2026 Derived Held for investment only 12
13 Boyaa Interactive (0434) Hong Kong $68,543 — 4,468 Sep 21, 2026 Stated Acquisition cost 13
14 MARA Holdings (MARA) US $54,662 — 35,577 Jun 30, 2026 Derived Includes mined and lent bitcoin 14
15 Gemini Space Station (GEMI) US $51,878 — 5,528 Jun 30, 2026 Derived FIFO; includes bitcoin received in kind 15
16 SpaceX (SPCX) US $35,325 — 18,712 Jun 30, 2026 Derived Cost rounded to $1M 16
17 Block (XYZ) US $34,024 — 9,117 Jun 30, 2026 Derived Held for investment; cost rounded to $0.1M 17
18 Tesla (TSLA) US $33,539 — 11,509 Jun 30, 2026 Derived Cost rounded to $1M; bitcoin is the “majority” of digital assets 18
19 Next Technology Holding (NXTT) Japan $31,386 — 5,833 Jun 30, 2026 Derived Purchases (2023 and 2025) 19

Average cost per BTC = the company’s stated average purchase price. Figure: “Stated” means the company gives the dollar average itself (B HODL, Strive, Strategy and Boyaa); “Derived” means the dollar figure is computed, either as the stated cost basis divided by the bitcoin held in the same filing, or, for Capital B, Metaplanet and Smarter Web, by converting their stated euro, yen or pound average at the ECB reference rate for the as-of date.20 The cost bases of Nakamoto, American Bitcoin, MARA, Twenty One and Gemini include mined or in-kind bitcoin at fair value when received, so they are not pure purchase prices. Strive’s figure is for the 28,000 BTC it held at September 30, 2026; it holds more now (35,595 on the leaderboard), but has stated no newer cumulative average. Not ranked: Riot, Bullish and CleanSpark (no cost stated or checked), Hut 8 (standalone cost not stated), Trump Media (cost covers only part of its holding), H100, OranjeBTC and DDC (no average stated). Row dates run from June 30 to October 11, 2026.

The top 7 and the largest holder

A company’s average cost is what it paid for its bitcoin, divided by the coins it holds. It says what the company paid, not what the bitcoin is worth now: for reference, bitcoin closed at $83,095 on October 13, 2026.21 Companies report this in different ways: some state an average price, and for others the table divides the cost basis (the accounting value of what was paid) by the coins held, from the same filing. Quarter-end 10-Qs are still dated June 30, 2026, so rows are not all on the same date.

#1

Nakamoto NAKA

$118,249

Nakamoto (formerly KindlyMD) reported 4,467 BTC at a cost basis of $528.2 million at June 30, 2026, which works out to about $118,249 a coin.1 Its cost basis includes bitcoin it received in acquisitions of BTC Inc and UTXO, recorded at fair value when received, so the average is not a pure purchase price.

#2

GD Culture Group GDC

$112,267

GD Culture Group’s 10-Q says it held 7,500 bitcoin “at cost of $842 million”, about $112,267 a coin on that rounded figure.2

#3

B HODL HODL

$110,129

B HODL states its own average: £81,673 a bitcoin, or $110,129, across 167.487 BTC bought for £13,679,207 by September 3, 2026.3 It is the only company here that states its average in both pounds and dollars.

#4

The Smarter Web Company SWC

$109,696

Smarter Web’s quarterly update gives a “net average cost basis” of £82,562 a bitcoin for 2,747 BTC at September 30, 2026. That is net of sales: gross purchases of £235,544,889 less gross sales of £8,745,918, including 177.89 BTC sold in July to repay a convertible.4 At the ECB’s euro-to-dollar and euro-to-pound rates for that date, £82,562 is about $109,696.20

#5

Capital B ALCPB

$99,905

Capital B’s September 28, 2026 release gives 3,538 BTC with an acquisition value of €310.6 million, or €87,805 a bitcoin, “the average unitary acquisition cost”.5 At the ECB’s rate of $1.1378 per euro that day, €87,805 is about $99,905.20

#6

Metaplanet 3350

$99,083

Metaplanet’s October 5 notice gives an average purchase price of ¥15,555,717 a bitcoin on 44,000 BTC, an aggregate of ¥684.452 billion. It states no dollar average, so the table converts it at the ECB’s September 30 rates, to about $99,083; at the company’s own ¥157.35 a dollar it would be about $98,858. The figure is net of the quarter’s sale of 10,000 BTC and repurchase of 11,000 BTC.6

#7

American Bitcoin ABTC

$97,717

American Bitcoin reported 8,002 BTC at a cost basis of $781.9 million at June 30, 2026, about $97,717 a coin. The cost basis covers mined bitcoin, recorded at fair value when received, as well as purchased bitcoin, and includes 3,090 BTC pledged to Bitmain.7

#11

Strategy MSTR

$75,444

The largest holder states its average purchase price: $75,444 a bitcoin on 848,250 BTC bought for $64.00 billion, including fees and expenses, at October 11, 2026.11 It ranks 11th of the 19 here.

Sources

  1. Nakamoto, Nakamoto 10-Q, period ended June 30, 2026.
  2. GD Culture Group, GD Culture Group 10-Q, period ended June 30, 2026.
  3. B HODL, B HODL Plc RNS, Sept 3, 2026.
  4. The Smarter Web Company, The Smarter Web Company Quarterly Investor Update (RNS), Oct 1, 2026.
  5. Capital B, Capital B press release, Sept 28, 2026 (Euronext).
  6. Metaplanet, Metaplanet TSE notice, Oct 5, 2026.
  7. American Bitcoin, American Bitcoin 10-Q, period ended June 30, 2026.
  8. Silvia, Silvia 10-Q, period ended June 30, 2026.
  9. Strive, Strive 8-K, Oct 5, 2026.
  10. Twenty One Capital, Twenty One Capital 10-Q, period ended June 30, 2026.
  11. Strategy, Strategy 8-K, Oct 12, 2026 (Ex. 99.1).
  12. Coinbase, Coinbase 10-Q, period ended June 30, 2026.
  13. Boyaa Interactive, Boyaa HKEX voluntary announcement, Sept 21, 2026.
  14. MARA Holdings, MARA 10-Q, period ended June 30, 2026.
  15. Gemini Space Station, Gemini 10-Q, period ended June 30, 2026.
  16. SpaceX, SpaceX 10-Q, period ended June 30, 2026.
  17. Block, Block 10-Q, period ended June 30, 2026.
  18. Tesla, Tesla 10-Q, period ended June 30, 2026.
  19. Next Technology Holding, Next Technology Holding 10-Q, period ended June 30, 2026.
  20. European Central Bank, euro foreign exchange reference rates for 2026-09-28 (USD 1.1378) and 2026-09-30 (USD 1.1355, GBP 0.85463, JPY 178.27 per euro), retrieved 2026-10-14.
  21. Yahoo Finance, Bitcoin USD (BTC-USD) daily history, close on 2026-10-13, retrieved 2026-10-14.

For information only. Not financial advice. See the terms of use.