Bitcoin companies
The words you'll hear about companies that hold Bitcoin, explained in plain words.
Read the explainerWords you'll hear
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BTC yield
What it means when a company reports it, in plain words.
Open →mNAV
How a company's value compares with the Bitcoin it holds.
Open →Credit ratings
What the ratings on company debt are telling you.
Open →Preferred shares
A different kind of share, and how it works.
Open →Amplified Bitcoin
Why some company shares move more than Bitcoin itself.
Open →Extra risks
Debt, new shares, fees and management decisions all play a part. General information, not advice.
Open →Words you'll hear about Bitcoin companies
You'll see these terms whenever people talk about companies that hold Bitcoin. Here's what each one means, in plain words.
BTC yield
A score some companies use to show whether each share they've issued is backed by more Bitcoin over time. It simply tracks the change in Bitcoin per share over time.
mNAV
Compares the company's share price with the value of the Bitcoin behind each share, after its debts. Above 1 means the shares cost more than that Bitcoin is worth, and below 1 means less.
Credit ratings
Grades from agencies such as S&P that judge how likely a company is to repay what it borrows. In 2025 S&P rated the first Bitcoin treasury company B-, which sits in the speculative, higher-risk range.
Preferred shares
A type of share that usually pays a set dividend and gets paid before ordinary shareholders. Many of them can still lose value, and the dividends can be delayed.
Amplified Bitcoin
Some companies borrow money or sell preferred shares to buy more Bitcoin. Their shares can then rise and fall faster than Bitcoin itself, in both directions.
Extra risks. These companies carry extra risks on top of Bitcoin's own ups and downs. Debt, new shares, fees and management decisions all play a part, and a company can fail even when Bitcoin does well.
General information, not advice. This is general information only, not financial advice or a recommendation to buy or sell anything. Please speak with a licensed adviser about your own situation.
