Satoshi Per Share Leaderboard
The ultimate "Proof of Reserves" for equity holders. This metric tracks how much Bitcoin exposure you get for every 1,000 shares you own.
| Rank | Company | BTC / 1k Shares | Share Price | Total BTC |
|---|---|---|---|---|
| #1 | MSTR MicroStrategy | 1.8445 ≈ 184,452.947 sats/share | $100.01 | 672,497 |
| #2 | ADE.DE Bitcoin Group SE | 0.7210 ≈ 72,100 sats/share | $23.70 | 3,605 |
| #3 | EXOD Exodus Movement | 0.1756 ≈ 17,562.327 sats/share | $5.49 | 1,902 |
| #4 | MARA MARA Holdings | 0.1378 ≈ 13,784.623 sats/share | $10.09 | 53,250 |
| #5 | HUT Hut 8 | 0.1111 ≈ 11,111.472 sats/share | $88.59 | 13,696 |
| #6 | COIN Coinbase | 0.0529 ≈ 5,285.458 sats/share | $153.60 | 11,776 |
| #7 | RIOT Riot Platforms | 0.0512 ≈ 5,121.777 sats/share | $20.52 | 19,368 |
| #8 | CLSK CleanSpark | 0.0509 ≈ 5,087.097 sats/share | $12.30 | 13,054 |
| #9 | 3350.T Metaplanet | 0.0274 ≈ 2,742.344 sats/share | $220.00 | 35,102 |
| #10 | MELI MercadoLibre | 0.0112 ≈ 1,124.26 sats/share | $1820.69 | 570 |
| #11 | HIVE HIVE Digital | 0.0080 ≈ 804.341 sats/share | $2.84 | 2,201 |
| #12 | 0434.HK Boyaa Interactive | 0.0057 ≈ 565.547 sats/share | $2.27 | 4,091 |
| #13 | CORZ Core Scientific | 0.0050 ≈ 501.649 sats/share | $21.01 | 1,612 |
| #14 | CIFR Cipher Mining | 0.0036 ≈ 361.42 sats/share | $17.18 | 1,500 |
| #15 | NDA.V Neptune Digital Assets | 0.0032 ≈ 319.613 sats/share | $0.48 | 410 |
| #16 | TSLA Tesla | 0.0029 ≈ 291.367 sats/share | $328.58 | 11,509 |
| #17 | 3659.T Nexon | 0.0022 ≈ 220.445 sats/share | $2430.00 | 1,717 |
| #18 | BMNR BitMine Immersion Technologies | 0.0003 ≈ 31.829 sats/share | $18.82 | 192 |
Why This Metric Matters?
For Bitcoin maximalist investors, the goal is to accumulate more Bitcoin per share over time ("accretion"). Companies like MicroStrategy actively manage their balance sheet to increase this ratio, creating "BTC Yield" for shareholders.
How is it Calculated?
(Total BTC Holdings / Shares Outstanding) * 100,000,000
This reveals the exact number of Satoshis "owned" by each individual share of stock in the treasury.
The Satoshi Per Share Thesis: Why It Matters
Traditional equity analysis focuses on earnings per share (EPS). In the world of Bitcoin Treasury Stocks, EPS is often a misleading metric due to the volatility of Bitcoin price and the high capital expenditure required for mining operations.
Satoshi Per Share (SPS) is the "Hard Money" alternative to EPS. It measures exactly how many units of Bitcoin exposure an investor receives for every share of equity participation. If a company's SPS is rising over time, it is successfully "outpacing" the network—meaning shareholders are accruing more Bitcoin exposure than if they had simply held the underlying asset alone.
The "Network Outperformance" Goal
Investors buy DAT (Digital Asset Treasury) stocks specifically for the ability to acquire Bitcoin more efficiently than a retail investor. A rising SPS is the only verification of this value-add.
MSTR vs. The ETF: The SPS Advantage
A spot Bitcoin ETF provides exactly 1.0x exposure to Bitcoin (minus fees). Its Satoshi Per Share is fixed. In contrast, MicroStrategy leverages its balance sheet to acquire Bitcoin, attempting to grow its SPS annually.
Case Study: The Math of Accretion
Premium Valuation
The company stock trades at 2.0x mNAV (meaning the market values its $1B in BTC at $2B). This "premium" is the engine of Satoshi accretion.
ATM Equity Offering
The company issues $100M of new shares. Because of the 2.0x premium, it only dilutes existing shareholders by $100M in market value but gains $100M in cash.
The BTC Buy
The $100M is used to buy $100M of BTC at spot (1.0x). The net result? The company now has more BTC per share than it did before the dilution. The math is undeniable.
"The intelligent use of equity as a currency to acquire hard assets is the defining strategy of the 21st-century treasury." — CryptosEyes Research
Satoshi Per Share FAQ
What is a 'Satoshi'?
A Satoshi is the smallest unit of a Bitcoin. 1 Bitcoin = 100,000,000 Satoshis. We use Satoshis in this metric because most stocks own a small fraction of a Bitcoin per individual share.
Does a high SPS guarantee a higher stock price?
No. Stock price is influenced by market sentiment, debt, and macroeconomic factors. However, a rising SPS trend (Positive BTC Yield) is often viewed as a fundamental bullish signal for a treasury stock.
Why do some companies have 0 SPS?
These are public companies that either have no verified crypto holdings or have sold their entire treasury. We exclude them from this leaderboard to maintain 'Proof of Reserves' integrity.
How does the 'Halving' affect this leaderboard?
The Halving reduces the rewards for miners. This lowers the speed at which miners can increase their Sats Per Share, making accretive equity strategies (like MSTR's) relatively more powerful.
Can SPS decrease?
Yes. If a company issues new shares to pay for operating expenses or executive bonuses without buying corresponding amounts of Bitcoin, the SPS will drop. This is known as 'dilutive value destruction' and is a major red flag for investors.
Is SPS useful for valuation?
SPS is a quantity metric, not a pricing metric. To value a company, you must combine SPS with its current share price and mNAV. A high SPS company might be overvalued if its share price far exceeds the market value of the underlying Satoshis.