A league table of public companies that hold bitcoin as a treasury. The ranking is not “headline discount to the coins.” It is leftover bitcoin for common stockholders after debt and preferreds, per dollar of stock.
A name can look cheap on gross mNAV and still be expensive once converts and preferreds are stripped. That is the screen that lies. IBIT/coin is the 1.0× control.
Sorted by net / CEBE mNAV, lowest first. Same BTC price and date for every row. Incomplete capital-structure rows stay visible but are not ranked. Operating businesses valued at zero (conservative). OTM converts counted as debt, not shares. Coupons are coverage years, not PV’d into NAV_liq.
grossMNAV = mcap / (BTC·spot). NAV_liq = BTC·spot + cash − debt − pref_par.
netMNAV = mcap / NAV_liq. claims% = (debt+pref_par)/(BTC·spot).
netSatsPerDollar = (NAV_liq/spot)·1e8 / mcap.
BTC yield here is TTM change in BTC per diluted share (gross BPS), not CEBE yield.