Bitcoin treasury stocks screener built in Excel is the cleanest way to monitor the rapidly growing universe of public companies that hold Bitcoin on the balance sheet. As of mid-June 2026, more than 90 listed companies report meaningful BTC reserves, ranging from the original Saylor playbook at Strategy (formerly MicroStrategy) to small-cap operators that have adopted the model in the past nine months. This guide walks through a working MarketXLS-powered template, the metrics that matter for evaluating BTC treasury equities, and a screener you can adapt to your own watchlist.
Why a Bitcoin Treasury Stocks Screener Matters Right Now
Three things changed between 2024 and 2026 that turned BTC treasury stocks into a distinct equity category rather than a speculative footnote:
- FASB ASU 2023-08 fair-value accounting took effect for fiscal years starting after December 15, 2024. Public filers now mark crypto holdings to market at every reporting date, so unrealized gains hit GAAP earnings instead of sitting buried as impairment.
- Stablecoin and exchange IPOs in 2025-2026 (Circle in June 2026, Kraken's path filings, Bullish prospectus updates) gave investors a wider menu of crypto-adjacent public equities.
- BTC sustained above six figures for most of the past twelve months, which moved BTC treasury balance sheets from a curiosity to a material driver of book value and shareholder equity.
The screener in this guide treats each listed company the way a portfolio manager would. We look at BTC holdings, BTC value as a percentage of market capitalization, BTC per share, unrealized gain or loss versus average cost, and a composite ranking. Then we layer scenario analysis to model what the equity sleeve looks like if BTC trades at $50K, $100K, $150K, or $200K.
Key Data Snapshot - The Largest BTC Treasury Stocks (Mid-June 2026)
| Ticker | Company | Category | BTC Holdings | BTC Value (USD) | % of Market Cap |
|---|---|---|---|---|---|
| MSTR | Strategy (MicroStrategy) | Pure Treasury | 582,000 | $63.0B | 61.5% |
| TSLA | Tesla | Corp Treasury | 11,509 | $1.25B | 0.14% |
| MARA | Marathon Digital | Miner + Treasury | 48,400 | $5.24B | 70.8% |
| MTPLF | Metaplanet (US OTC) | Pure Treasury | 13,350 | $1.45B | 46.7% |
| CLSK | CleanSpark | Miner + Treasury | 12,100 | $1.31B | 34.5% |
| RIOT | Riot Platforms | Miner + Treasury | 19,500 | $2.11B | 65.9% |
| HUT | Hut 8 Corp | Miner + Treasury | 10,300 | $1.12B | 46.4% |
| COIN | Coinbase Global | Exchange + Treasury | 9,480 | $1.03B | 1.5% |
| XYZ | Block | Corp Treasury | 8,584 | $0.93B | 1.7% |
| SMLR | Semler Scientific | Pure Treasury | 3,808 | $0.41B | 43.4% |
BTC price reference: $108,250 (mid-June 2026 spot). Figures are illustrative for template design and reflect publicly disclosed corporate filings up to the most recent reporting date. Always verify holdings against the company's latest 10-Q, 10-K, or 6-K.
Market Analysis: The Three BTC Treasury Archetypes
Once you sort the universe, three behavioral clusters appear in returns:
1. Pure Treasury Proxies (MSTR, SMLR, MTPLF)
These companies derive the bulk of their equity value from BTC sitting on the balance sheet. The MSTR template - issue convertible debt, issue equity at a premium, buy BTC - has been replicated globally. The result is an equity that trades at a persistent premium to mNAV (modified net asset value), historically between 1.3x and 2.5x. The premium itself becomes a separate signal to track.
Key questions for the screener:
- How much BTC per share is the company holding right now?
- How quickly is share count growing (dilution pace)?
- Is the premium expanding or compressing?
2. Miner + Treasury Hybrids (MARA, RIOT, CLSK, HUT, HIVE, BITF, BTBT, CIFR)
Bitcoin miners produce new BTC daily from their hashrate. Many now retain rather than sell most of their newly mined coins, building a treasury alongside operating income. These equities carry hashrate growth, electricity costs, and BTC price as three correlated drivers.
For miners, the screener checks:
- Hashrate (EH/s) and BTC produced per quarter
- Operating margin per BTC mined
- BTC retained versus BTC sold
- BTC per fully diluted share
3. Diversified Operators with BTC Allocation (TSLA, XYZ, COIN, HOOD)
These companies hold BTC, but it is small relative to their primary business. BTC adds optionality without dominating the equity profile. Correlation to BTC is lower (often 0.3-0.6 versus 0.85+ for the pure plays) which can make them useful diversifiers within a BTC-oriented sleeve.
The Approach: Building a BTC Treasury Screener From First Principles
The screener combines three things on a single sheet: live equity data via MarketXLS, manual BTC holding inputs (since no live function tracks corporate BTC counts), and computed metrics that surface the most BTC-leveraged names.
The educational hypothesis is straightforward. If you believe BTC will rise, names with the highest BTC per share and BTC as a percentage of market cap should outperform a passive BTC ETF on the upside (with more risk on the downside). The screener does not claim any equity will rise. It simply ranks the BTC sensitivity of each candidate so you can build a watchlist consistent with whatever BTC view you hold.
“Disclaimer: Everything in this guide is educational. Nothing is a recommendation to buy or sell. BTC treasury equities are highly volatile and carry dilution, accounting, and regulatory risk.
MarketXLS Implementation - Verified Formulas Used in the Template
The screener uses the following MarketXLS functions. Each one is verified against the function library so you can copy them into your own workbook with confidence.
=QM_Last("MSTR") Live last-trade price
=MARKETCAPITALIZATION("MSTR") Current market capitalization
=QM_SHARESOUTSTANDING("MSTR") Shares outstanding
=BETA("MSTR") Beta versus the broad market
=PERATIO("MSTR") P/E ratio (TTM)
=PRICETOBOOK("MSTR") Price/Book ratio
=SECTOR("MSTR") Sector classification
=INDUSTRY("MSTR") Industry classification
=HF_CASH_AND_EQUIVALENTS("MSTR") Cash and equivalents from balance sheet
=HF_TOTAL_DEBT("MSTR") Total debt outstanding
=HF_SHAREHOLDERS_EQUITY("MSTR") Total shareholders equity
=ENTERPRISEVALUE("MSTR") Enterprise value
=QM_GetHistory("MSTR", date_from, date_to) Historical price series
=RSI("MSTR") Relative strength index
=FIFTYTWOWEEKHIGH("MSTR") 52-week high
=FIFTYTWOWEEKLOW("MSTR") 52-week low
=QM_GetOptionChainActive("MSTR") Live option chain
The BTC Value Calculation
For each row in the screener:
BTC Value (USD) = BTC Holdings * BTC Spot Price
= H6 * $D$6
BTC % of Mkt Cap = BTC Value / Market Cap
= I6 / MARKETCAPITALIZATION("MSTR")
BTC per Share = BTC Value / Shares Outstanding
= I6 / QM_SHARESOUTSTANDING("MSTR")
Unrealized G/L = (BTC Spot Price - Avg Cost) * Holdings
= ($D$6 - L6) * H6
BTC holdings and average cost basis remain manual inputs because no MarketXLS function returns the company-specific BTC count. The template flags those cells with a yellow input style so you can update them after each quarterly filing.
The Composite Score
The score column ranks each candidate using three weighted inputs:
Score = ROUND( (BTC% of MC * 60) + (Holdings / BTC Price * 0.0001)
+ IF(Avg Cost < Spot, 10, 0), 1 )
The first term rewards companies with high BTC leverage on the balance sheet. The second rewards absolute BTC accumulation scale. The third gives a bonus when the company has unrealized gains. The numeric weights are starting points; adapt them to your own thesis.
The Template - What is Inside the Workbook
Two Excel files accompany this post. The Sample version is pre-filled with static reference values as of June 13, 2026, so you can see how the screener looks before any MarketXLS data refreshes. The Template version contains live MarketXLS formulas that pull current prices, market caps, and shares outstanding on every workbook refresh.
Both files share the same six-sheet structure:
Sheet 1 - How To Use
A walkthrough of the workbook with notes on inputs (yellow cells), each sheet's purpose, and a full table of MarketXLS functions referenced in the template.
Sheet 2 - Main Dashboard
The core BTC treasury screener with 18 listed companies. Columns include ticker, name, category, last price, market cap, BTC holdings, BTC value, BTC as a percent of market cap, BTC per share, average cost per BTC, unrealized gain or loss, and a composite score. Conditional color scales highlight the highest BTC% candidates and the strongest composite scores.
Sheet 3 - Scenario Analysis
A full grid of treasury value under seven BTC price paths from $50K to $200K. Use this to stress-test BTC equity exposure under bullish and bearish scenarios. A second block sensitizes a single position (MSTR) across BTC moves of plus or minus 30 percent.
Sheet 4 - Strategy and Options
Nine educational strategy descriptions for BTC treasury equities. Each entry covers the underlying, direction, time horizon, BTC view, risk profile, and what to track. Strategies range from straight long exposure to covered calls, cash-secured puts, pair trades against IBIT, and risk reversals on diversified operators.
Sheet 5 - Portfolio Allocation
A three-tier model that splits a configurable portfolio sleeve across Core (large-cap, deepest liquidity), Satellite (mid-cap miners), and Speculative (small-cap adopters) buckets. Position dollars and share counts flow from your portfolio inputs.
Sheet 6 - Correlation Matrix
A 10x10 grid showing illustrative one-year daily-return correlation among BTC and the leading treasury equities. Use the matrix to identify which combinations reduce concentration risk and which are essentially the same trade.
Download the templates:
- - Pre-filled with current data
- - Live-updating formulas
How to Read the Screener - Three Practical Workflows
Workflow A: Find the Highest BTC Leverage on the Balance Sheet
Sort the % of Market Cap column in descending order. Names like MSTR, MARA, and MTPLF will float to the top. These equities give you the most BTC sensitivity per dollar invested - and they tend to move with the highest beta. A 5 percent BTC move can translate into a 10 to 15 percent move in these names on the same day.
Workflow B: Identify Treasury Discounts
Compare each company's BTC per Share to its current stock price. If a name's BTC per share is close to or above the market price, the equity is effectively trading near or below the value of the BTC alone, with the operating business thrown in as a free option. These situations are rare and usually short-lived, but the screener will surface them when they appear.
Workflow C: Stress-Test Your BTC Sleeve
Open the Scenario Analysis sheet. The grid shows treasury value across seven BTC scenarios. Add up the BTC value for the names you actually hold and see what your sleeve is worth if BTC retraces to $75K or rallies to $150K. The single-position sensitivity block lets you model a tighter band around current BTC pricing.
Risk Map for BTC Treasury Stocks
Bitcoin treasury equities carry several risks that a pure BTC ETF position does not.
| Risk | Description | Mitigation in the Template |
|---|---|---|
| Dilution | Companies issue equity or convertibles to fund BTC purchases. Share count grows over time. | Track shares outstanding via =QM_SHARESOUTSTANDING(ticker) and compute BTC per share. |
| Premium compression | Pure-treasury names trade at multiples of mNAV. The premium can compress fast. | Compute (Market Cap / BTC Value) per row to monitor premium. |
| Accounting volatility | Under ASU 2023-08, mark-to-market BTC moves directly into GAAP earnings. | Use BTC scenario analysis to see what reported earnings look like at different BTC prices. |
| Regulatory risk | Crypto enforcement, exchange rules, and stablecoin legislation shape revenue and reserve treatment. | Use Sector/Industry tags to identify which names face the most regulatory exposure. |
| Operational risk (miners) | Hashrate competition, electricity costs, hardware failures. | Combine the screener with a separate hashrate or electricity model. |
What the Screener Does Not Solve
There are a few things to keep in mind so the workbook stays a tool rather than a crutch.
- It is not a buy list. Ranking by BTC leverage tells you sensitivity. It does not tell you which equity will outperform.
- BTC holdings need manual updates. Companies report on different quarterly schedules and some publish monthly treasury updates. Keep a calendar of filings and update the yellow input cells.
- The composite score is opinionated. Adjust the weights in the score formula to fit your own view on whether BTC% leverage, absolute scale, or cost-basis discount matters most.
- Premium tracking requires history. Add a separate sheet pulling
=QM_GetHistory("MSTR", ...)if you want to chart MSTR's premium to mNAV over time.
How This Connects to the Rest of MarketXLS
The screener fits naturally with several other MarketXLS workflows. Use the stock screener to build dynamic universes, the options chain tools for the option-overlay strategies on Sheet 4, and the broader portfolio dashboard to combine the BTC sleeve with the rest of your holdings. Live formulas refresh automatically when MarketXLS is connected, so the entire workbook stays current without manual data entry.
FAQ - Bitcoin Treasury Stocks Screener
What is a Bitcoin treasury stocks screener?
A Bitcoin treasury stocks screener is a spreadsheet or tool that ranks public companies by the size and significance of their Bitcoin holdings. It surfaces metrics like BTC holdings, BTC value as a percent of market capitalization, BTC per share, and unrealized gain or loss versus average cost. The screener helps investors understand which equities provide the most concentrated exposure to BTC price moves through the public markets.
Which companies hold the most Bitcoin on their balance sheet?
As of mid-June 2026, the largest publicly disclosed BTC corporate holders are Strategy (formerly MicroStrategy) with more than 580,000 BTC, Marathon Digital with roughly 48,000 BTC, Riot Platforms near 20,000 BTC, Metaplanet at approximately 13,000 BTC, and Tesla at around 11,500 BTC. Other notable holders include CleanSpark, Hut 8, Coinbase, Block, Semler Scientific, and a growing list of small-cap adopters. Holdings shift quarter to quarter as companies buy, sell, or mine new BTC.
What is BTC per share and why does it matter?
BTC per share is computed as the company's total BTC holdings multiplied by BTC spot price, divided by shares outstanding. It tells you how much underlying BTC each share represents. For investors evaluating BTC treasury equities, BTC per share is a cleaner comparison than market cap because it normalizes for dilution and company size. A rising BTC per share number over time indicates a company is accumulating BTC faster than it is issuing equity.
How does the screener work with live data?
The template uses MarketXLS formulas to pull live prices, market capitalization, shares outstanding, and other equity data on every workbook refresh. Bitcoin holdings and average cost basis remain manual inputs because no live function tracks company-specific BTC counts. After each quarterly filing or treasury update, you refresh the yellow input cells and the rest of the screener recomputes automatically. The template includes an entry for BTC spot price so you can stress-test the workbook against any BTC scenario.
What is mNAV premium and where can I see it in the template?
mNAV (modified net asset value) is a measure of what a BTC treasury company's net assets would be worth if liquidated at current BTC prices. The premium is market cap divided by mNAV. A premium of 1.5x means investors are paying 50 percent more than the underlying assets are worth, on the expectation that the company will accumulate more BTC over time. The screener computes a simplified version: market cap divided by BTC value. Names trading near 1.0x are pricing in little future BTC accumulation while names trading at 2.0x or higher reflect strong investor confidence in the management team's ability to keep adding BTC accretively.
Are these stocks a substitute for a Bitcoin ETF?
They behave differently. A spot BTC ETF (IBIT, FBTC, ARKB and others) tracks BTC price one-to-one less fees. BTC treasury equities add operational leverage, dilution risk, accounting effects, and sometimes a premium or discount versus net asset value. They tend to be higher beta than a spot ETF: on a strong BTC up day, MSTR or MARA might move 1.5x to 2.0x BTC's move. On a down day, they can move further to the downside. Whether they suit a portfolio depends on your risk tolerance and conviction in the specific operating business behind each ticker.
How do I keep the BTC holdings column up to date?
Most listed BTC treasury companies disclose holdings in their 10-Q, 10-K, or 6-K filings, and many publish monthly treasury updates through press releases or investor relations pages. Set a calendar reminder around each company's reporting date, check the latest filing, and update the yellow BTC Holdings cell in the screener. The template will recompute BTC value, BTC per share, BTC% of market cap, and the composite score automatically.
The Bottom Line
A Bitcoin treasury stocks screener turns scattered filings, treasury press releases, and BTC price moves into a single ranked watchlist. The MarketXLS template included with this guide computes BTC value, BTC per share, and treasury leverage on every refresh, lets you stress-test BTC scenarios from $50K to $200K, and gives you a starting framework for portfolio allocation and option overlays.
For investors evaluating corporate BTC exposure - whether to add a Saylor-style proxy, a miner-treasury hybrid, or a diversified operator - the screener provides the structured view that scrolling through press releases simply cannot.
To get the full MarketXLS function library, real-time data feeds, and ready-made screeners across factors, fundamentals, and options, visit https://marketxls.com. To see the platform in action with a guided walkthrough of the templates and live data, book a demo.
