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To track a public company’s bitcoin holdings and cost basis, use its latest SEC filings and dated investor-relations disclosures, record each figure with its measurement date, and keep quantity, cost basis, purchase price, carrying value, and fair value separate. Reconcile changes between disclosures instead of treating every increase as a purchase: companies may mine bitcoin, receive it in a capital contribution, sell it, use it as collateral, or report accounting adjustments.
Start with the filing, then check for newer disclosures
For a U.S.-listed issuer, begin with its latest Form 10-K or 10-Q. Check the digital-asset or bitcoin footnote, balance-sheet discussion, and management discussion. Note the fiscal year-end and the date the holdings are measured; a filing date is not the same as a measurement date. Then review later Form 8-K filings and dated investor-relations releases for changes reported after the period-end.
Use company filings as the primary record of reported holdings. A public blockchain address balance alone does not prove that the company owns or controls the address, or that the balance represents the company’s full holdings. On-chain data is useful as corroboration only when address attribution has been independently established.
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Build a dated record for each company
Use one row per company and measurement date. Preserve reported figures and definitions before calculating anything yourself. A spreadsheet can include these fields:
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- Issuer, fiscal year-end, measurement date, and filing or release date.
- Bitcoin quantity held.
- Aggregate cost basis or aggregate purchase price, as the company defines it.
- Per-bitcoin cost basis or average purchase price, including any stated fee treatment.
- Fair value and valuation date, plus balance-sheet carrying value if disclosed.
- Acquisition sources, such as purchases, mining, capital contributions, or other receipts.
- Sales, bitcoin issued for services, collateral movements, and other reported changes.
- Accounting method, adoption or transition adjustments, and the source URL.
Keep “cost basis,” “purchase price,” “carrying value,” and “fair value” in distinct columns. Cost basis reflects the issuer’s cost methodology; purchase price describes acquisition spending under the company’s definition; fair value is a market measurement on a particular date; and carrying value is the amount reported under the applicable accounting treatment. They may differ.
Calculate an average only when the filing does not provide one
If a company reports aggregate cost and bitcoin quantity but no per-bitcoin figure, you can derive an average by dividing aggregate cost by the quantity. Label the result as your calculation, retain the original reported amounts, and do not present it as a company-reported figure. If the issuer does disclose an average purchase price, use its definition and note whether fees and expenses are included.
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Reconcile the balance instead of assuming it all came from buying
Compare each new disclosure with the previous measurement date and use the issuer’s activity categories to explain the change. A balance can change through mining rewards, purchases, sales, bitcoin received or returned as collateral, transfers between accounts, bitcoin issued for services, or accounting-adoption adjustments. Trading arrangements may also affect how exposure or holdings are presented.
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Examples from company disclosures—and why dates matter
The figures below are company-reported examples, not a same-date ranking or current consolidated total. Their measurement dates, business models, and definitions differ.
| Issuer and disclosure | Reported bitcoin and cost information | Important context |
|---|---|---|
| Strategy, 2025 Form 10-K filed February 19, 2026 | Approximately 717,131 BTC as of February 13, 2026; aggregate purchase price of $54.5 billion; average purchase price of approximately $76,027 per BTC. | The average purchase price includes fees and expenses. These are dated company disclosures, not a live balance. Strategy’s Form 10-K. |
| CleanSpark, 2025 annual report; fiscal year ended September 30, 2025 | 10,428 BTC; aggregate cost basis of $1.095151 billion, or $105,025 per BTC; aggregate fair value of $1.189443 billion, or $114,068 per BTC. | CleanSpark says cost basis represents bitcoin valuation when earned through mining. It also identifies 2,243 BTC whose basis before adoption of ASC 350-60 was determined using a “cost less impairment” basis. CleanSpark’s annual report. |
| U.S. Bitcoin Corp., Form 10-K for the period ended December 31, 2025 | 1,000 BTC received in an August 2025 capital investment, recorded at an average price of $115,567 per BTC. | The company also describes structured trading arrangements and collateral activity, which complicate a simple wallet-balance interpretation. U.S. Bitcoin Corp.’s Form 10-K. |
| Block, 2025 annual report | Its bitcoin investment is initially recorded at cost, inclusive of transaction costs; Block uses first-in, first-out (FIFO) to determine cost basis. | This is an accounting-policy example, not a directly comparable treasury balance. Do not assume another issuer uses the same method. Block’s annual report. |
Make comparisons fair and useful
Before comparing issuers, align the dates and definitions. A mining company’s earned bitcoin and a company’s purchased treasury bitcoin can have different cost-basis meanings. Fair value measured at one period-end should not be compared as though it were a purchase price from another date. Accounting policies and transition effects can also change reported values without a corresponding bitcoin purchase or sale.
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- Compare quantities only at clearly stated measurement dates.
- Compare aggregate and per-bitcoin costs only after checking whether each figure is purchase price, cost basis, and whether fees are included.
- Separate mined bitcoin from purchased or contributed bitcoin where the company reports the mix.
- Account for sales, collateral, trading arrangements, and non-cash receipts in the roll-forward.
- Review accounting methods and adoption adjustments before interpreting year-to-year changes.
- If the question is shareholder exposure rather than asset accounting, also examine financing and treasury context in filings; bitcoin holdings alone do not describe the full investment exposure.
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