mNAVwatch

BTCT · CAD · filings as of Sep 30, 2026

Bitcoin Treasury Corporation

Share price C$3.94 · $2.8₿737.33 heldSource: filings and releases
Trades below liquidation value

Assets against the capital stack

Liquidation value to commonC$62.6MC$6.66 per share
Market value of commonC$37.0MC$3.94 per share
Share price move to match liquidation value+69.0%discount C$25.5M · +69% upon liquidation
Assets, if sold todayClaims + common at market+69.0%share price to matchassets C$87.7McommonC$62.6MBitcoinC$86.7MCashC$1.1MSecured convertibledebenturesC$25.0MCommon at marketC$37.0MAssetsClaims + market+69.0%to matchC$87.7McommonC$62.6MBitcoinC$86.7MCash, otherC$1.1MSecuredconvertibledebenturesC$25.0MCommon atmarketC$37.0M

Hover or tap a block for detail.

  • Left out of the bars for simplicity: payables C$155,441.
  • Not in the stack: performance warrants, for simplicity. Unvested performance warrants lapse in a wind-up.
  • 1% secured convertible debentures due June 2030 treated as debt today; would be treated as converted if common price > conversion price.
% gain/loss upon liquidation+69%Liquidation mNAV 0.59x
Liquidation value / shareC$6.66$4.74 in US$
Market priceC$3.94$2.80 in US$
Wipe-out BTC price$23,24872% below the current BTC price
$83,632live

Who gets paid, in order

RankClaimPosition in the stack (teal paid, red unpaid)RecoveryImpaired below BTC
–Assets realized₿737.33 BTC C$86.7M + cash and other C$1.1M
C$87.7M
11% secured convertible debentures due June 2030claim C$25.0M · secured by ₿521.29
100%$23,248
–Common shareholders9,399,480 shares
C$62.6MC$6.66 / share

Payables and other liabilities (C$155,441, 0.2% of assets) are left out of this table for simplicity. They are immaterial, and they are still deducted in every figure on this page.

Does Bitcoin Treasury Corporation try to beat BTC?

  • Lends BTC holdings source
  • Buys back common when mNAV < 1.0x source
  • Issues common when mNAV > 1.0x (planned) source
  • Writes options (planned) source

Performance warrant vesting conditions

None of the 2,431,667 performance warrants had vested at June 30, 2026. Q2 2026 Condensed Interim Financial Statements, p.13

Vesting conditions are tested, and awards made, once a year, in June.

ConditionTargetStatus per company disclosureSource
(a) Bitcoin holding valueFair value of BTC held and pledged reaches C$135M / C$158M / C$180M / C$203M, unlocking 25% per trancheNot met as at Dec 31, 20252025 Audited Annual Financial Statements, p.19
(b) BTC price above grant-date priceBTC price above C$143,305Met; satisfied indefinitely2025 Audited Annual Financial Statements, p.19
(c) BPS growth capWarrants vesting in a year are capped by BPS growth over the prior 12 months (time-decay multiplier 1.0 in years 1–3); cannot vest on BTC price aloneNot met: no BPS growth in 2025; 0.88% in H1 2026. First tranche needs at least 4.9%2025 Annual MD&A, p.7

Status is taken only from the company's financial statements and MD&A; nothing here is calculated. Updated when a new filing is published.

Inputs and sources

InputValueSource
BTC holdings₿737.33
News release: September Update on Normal Course Issuer Bid, p.1 · Sep 30, 2026
737.33 BTC total holdings at Sep 30, 2026 (incl. the principal of BTC loaned) less the 100 BTC on loan
CashC$1.1M
Q2 2026 Condensed Interim Financial Statements, p.2 · Jun 30, 2026
Statement of financial position
Common shares9,399,480
News release: September Update on Normal Course Issuer Bid, p.1 · Sep 30, 2026
Common shares outstanding at Sep 30, 2026 after NCIB buybacks
1% secured convertible debentures due June 2030C$25.0M
Q2 2026 Condensed Interim Financial Statements, p.11 · Jun 30, 2026
Note 8: gross proceeds C$25,000,000. Carried at FVTPL C$17,045,332; liquidation uses face.

All figures from company dashboards unless only available from the most recently filed financials.