MSTR, ASST, Metaplanet, Smarter Web and BMNR: comparing treasury companies

Treasury companies share an interest in digital assets, but their common shares are claims on different businesses and capital structures. A holdings league table cannot tell you which stock is attractively valued or resilient. Compare the underlying asset, senior claims, potential shares, cash needs and operating activities on matching dates. Then account for the price and trading line through which you buy. This guide explains the comparison framework; it does not rank the companies or use live market prices.

01Identify the model before comparing the numbers

These are descriptions, not permanent labels. Read the latest filings when an issuer adds a financing instrument or changes strategy. The right comparison includes completed transactions and existing obligations, while proposed services remain scenarios until they produce demonstrated economics.

02MSTR and ASST require the same valuation discipline

Strategy combines software and Bitcoin with several layers of financing. Strive's latest reviewed results, published 6 November 2026, describe treasury financing and plans for broader financial activities. For both, distinguish operating cash generation from asset revaluation and proceeds from new securities. An ambition to build a financial platform is not the same as an established income stream.

Build a common template: digital assets at one timestamp, eligible cash and other assets, debt, preferred claims, other relevant obligations and a consistent common-share denominator. Keep marketable securities separate from cash. A holding of another company's preferred stock carries price and issuer risk even when it is used as part of a liquidity strategy. Trace capital raised through actual cash-flow and transaction disclosures rather than assuming every dollar bought Bitcoin.

03Do not compare incompatible mNAV definitions

Strategy's current published mNAV uses price relative to Net BPS in dollars, while Metaplanet labels its measure EV mNAV. Strive distinguishes gross and net Treasury Asset Value. The apparent winner can change simply because one ratio includes claims or cash differently. The mNAV guide explains how to rebuild a consistent comparison.

For illustration, imagine two hypothetical companies each holding $100 million of Bitcoin with $80 million of common market value. One has no senior claims or cash. The other has $40 million of claims and no cash. Both trade at 0.8 times gross Bitcoin value, but their simplified net common multiples are 0.8 and about 1.33 respectively. Ignoring the capital structure would make them look equally discounted. This example excludes operations, tax and other costs.

04Metaplanet adds currency and instrument details

Metaplanet's official disclosure archive includes stock acquisition rights, bonds, convertible financing and buyback notices. Each affects cash and share count at a different stage. An exercise notice is evidence of activity; a financing authorisation is capacity; an unexercised right is potential issuance. Conversion assumptions should remove the corresponding claim when adding the resulting shares to a net-backing model.

Convert yen assets and obligations into the same reporting currency as the Bitcoin valuation before calculating ratios. Keep both basic and clearly defined diluted cases. A buyback can offset issuance, but gross repurchases do not establish a shrinking share base. Use the disclosed execution dates rather than merging events from different snapshots.

05Smarter Web is a company, and its listing line matters

Smarter Web combines a Bitcoin treasury with web and digital-services operations. Its ordinary shares therefore include business execution, expenses and capital-allocation risk as well as Bitcoin exposure. Preferred funding adds another claim to assess. Do not treat the shares as a direct Bitcoin tracker or value every operating ambition as established profit.

The issuer identifies SWC on London's Main Market and TSWCF on OTCQB as ordinary-share trading lines. Quotation currency, spreads, hours and broker access can differ. For any foreign security, establish whether you hold ordinary shares or a depositary receipt and check any receipt ratio. A U.S. dollar quote does not remove underlying currency exposure. Hypothetically, an unchanged yen share price loses 10% in dollar terms if the yen falls 10%, before fees.

06BMNR changes the underlying asset thesis

Bitmine's disclosures describe an ETH-centred treasury and staking through MAVAN, alongside other investments. The common-stock thesis therefore includes Ethereum economics and operational staking risk, not just Bitcoin scarcity. Rewards can increase assets but must cover costs and interact with financing claims and share issuance. They are not automatically distributions to common holders.

For a hypothetical illustration, 100 ETH earns 4 ETH in rewards and incurs costs worth 1 ETH. Holdings rise to 103 ETH. If common shares rise from 100 to 110, gross ETH per share falls from 1 to about 0.936. This is not a forecast yield. It excludes other assets and claims, and shows why positive rewards alone do not establish per-share accretion. Withdrawal timing, validator failures and ETH price changes also affect available cash.

07Compare preferred securities separately from common equity

BMNP is Bitmine's Series A perpetual preferred; STRC is Strategy's variable-rate perpetual preferred. Their issuers generate and manage liquidity differently. Read each security's governing dividend, priority, redemption and conversion terms instead of importing assumptions from the ticker or the issuer's treasury asset. Neither security gives a direct allocation of ETH or Bitcoin, and preferred equity is not a bank deposit or bond. The digital credit page can help organise the instruments; the current legal documents determine the rights.

Finish any comparison with a downside case: lower asset prices, less favourable financing, reduced income and additional shares. Ask whether liquidity remains adequate and what common holders retain. A sound conclusion should follow consistent economics and an explicit purchase valuation, rather than the biggest treasury, the lowest nominal share price or the most ambitious headline.