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The Saylor Warning Every Treasury CEO Ignored

Joseph Onorati joins the show the week DeFi Development Corp filed CHAD, a variable-rate perpetual preferred with a 13% initial dividend paid daily and a $10 par, modeled on Strive's SATA. Joseph spent eight years at Kraken, the last stretch as chief strategy officer, before buying control of a Nasdaq shell in 2025 and turning it into the first non-Bitcoin treasury company in the US. Within months DFDV was the comp on every other treasury company's pitch deck. His argument is that the four-year cycle can't survive everyone predicting it, that treasury companies will displace ETFs, and that the only rule that matters in a levered vehicle is what you do at the bottom.

United States: Publicly Traded Bitcoin Treasury Companies

Track publicly traded companies holding Bitcoin on their balance sheets, ranked by BTC holdings.

BTC Held by Public Companies

1.166M

$89.60B

Number of Public Companies

BTC Price

$76,864

Asset Dominance

93.6%

BTC 93.6% ETH 5.7% SOL .51% BNB .14% XRP .14%

United States: Public Companies Ranked by Bitcoin Holdings

#	Name
1	🇺🇸	Strategy MSTR	₿ 845,050	$64,954M	$49,513M	$,*M	.*******	$,*M	.*x	.**	**.%	4.024%
2	🇺🇸	Twenty One Capital XXI	₿ 43,514	$3,345M	$1,883M	$,**M	.*******	$,**M	.*x	.**	**.%	0.207%
3	🇺🇸	MARA Holdings, Inc. MARA	₿ 35,577	$2,735M	$4,365M	$,**M	.*******	$,**M	.*x	—	*.%	0.169%
	🇺🇸	Bitcoin Standard Treasury Company BSTR	₿ 30,021	$2,308M	—	—	—	—	—	—		0.143%
4	🇺🇸	Strive ASST	₿ 24,531	$1,886M	$2,266M	$,**M	.*******	—	—	.**	*.%	0.117%
5	🇺🇸	Bullish BLSH	₿ 22,000	$1,691M	$3,821M	$,**M	.*******	—	—	—	*.%	0.105%
6	🇺🇸	SpaceX SPCX	₿ 18,712	$1,438M	$1,148,980M	$,,*M	—	—	—	—	.%	0.089%
7	🇺🇸	Coinbase Global, Inc. COIN	₿ 17,311	$1,331M	$46,416M	$,*M	.*******	$,**M	.*x	—	.%	0.082%
8	🇺🇸	CleanSpark, Inc. CLSK	₿ 13,703	$1,053M	$3,636M	$,**M	.*******	—	—	—	*.%	0.065%
9	🇺🇸	Trump Media & Technology Group Corp. DJT	₿ 12,062	$927M	$2,489M	$,**M	.*******	—	—	—	*.%	0.057%
10	🇺🇸	Tesla, Inc. TSLA	₿ 11,509	$885M	$1,205,842M	$,,*M	.*******	$***M	.*x	—	.%	0.055%
11	🇺🇸	Riot Platforms, Inc. RIOT	₿ 11,380	$875M	$7,836M	$,**M	.*******	—	—	—	*.%	0.054%
12	🇺🇸	Hut 8 Mining Corp HUT	₿ 10,278	$790M	$9,846M	$,*M	.*******	—	—	—	.%	0.049%
13	🇺🇸	Block, Inc. XYZ	₿ 9,117	$701M	$48,212M	$,*M	.*******	—	—	—	.%	0.043%
14	🇺🇸	American Bitcoin Corp ABTC	₿ 8,300	$638M	$7,476M	$,**M	.*******	—	—	—	.%	0.040%
15	🇺🇸	GD Culture Group GDC	₿ 7,500	$576M	$76M	$**M	.*******	$***M	.*x	—	**.%	0.036%
16	🇺🇸	Galaxy Digital Holdings Ltd GLXY	₿ 6,894	$530M	$9,564M	$,*M	.*******	—	—	—	.%	0.033%
17	🇺🇸	Gemini Space Station Inc GEMI	₿ 5,528	$425M	$248M	$***M	—	—	—	—	**.%	0.026%
18	🇺🇸	ProCap Financial BRR	₿ 5,305	$408M	$102M	$***M	—	—	—	—	**.%	0.025%
19	🇺🇸	Nakamoto Inc NAKA	₿ 4,467	$343M	$133M	$***M	.*******	—	—	.**	**.%	0.021%
20	🇺🇸	DDC Enterprise Limited DDC	₿ 2,899	$223M	$12M	$**M	.*******	$***M	.*x	.**	***.%	0.014%
21	🇺🇸	Ionic Digital Inc. IOND	₿ 2,882	$222M	$3,561M	$,**M	—	—	—	—	.%	0.014%
22	🇺🇸	BitGo Holdings, Inc. BTGO	₿ 2,523	$194M	$811M	$,**M	—	—	—	—	*.%	0.012%
23	🇺🇸	Keel Infrastructure Corp KEEL	₿ 2,469	$190M	$1,940M	$,**M	.*******	—	—	—	.%	0.012%
24	🇺🇸	Empery Digital EMPD	₿ 1,179	$91M	$127M	$***M	.*******	—	—	—	*.%	0.006%
25	🇺🇸	Cango Inc CANG	₿ 1,065	$82M	$316M	$,**M	.*******	—	—	—	*.%	0.005%
26	🇺🇸	Figma Inc FIG	₿ 1,016	$78M	$10,124M	$,*M	—	—	—	—	.%	0.005%
27	🇺🇸	USBC, Inc. USBC	₿ 1,000	$77M	$3M	$*M	.*******	—	—	.**	***.%	0.005%
28	🇺🇸	Apimeds Pharmaceuticals US, Inc. APUS	₿ 1,000	$77M	$4M	—	—	—	—	—	***.%	0.005%
29	🇺🇸	Core Scientific CORZ	₿ 848	$65M	$5,627M	$,**M	.*******	—	—	—	.%	0.004%
30	🇺🇸	KULR Technology Group KULR	₿ 760	$58M	$88M	$**M	.*******	—	—	—	*.%	0.004%
31	🇺🇸	Cipher Digital CIFR	₿ 646	$50M	$6,063M	$,**M	.*******	—	—	—	.%	0.003%
32	🇺🇸	Alliance Resource Partners, L.P. ARLP	₿ 618	$48M	$3,430M	$,**M	—	—	—	—	.%	0.003%
33	🇺🇸	Exodus Movement, Inc EXOD	₿ 600	$46M	$195M	$***M	.*******	—	—	—	*.%	0.003%
34	🇺🇸	Figure Technology Solutions, Inc FIGR	₿ 527	$41M	$6,842M	$,**M	—	—	—	—	.%	0.003%
35	🇺🇸	Virtu Financial, Inc. VIRT	₿ 410	$32M	$9,631M	$,*M	—	$**M	.*x	—	.%	0.002%
36	🇺🇸	Consensus Mining & Seigniorage CMSG	₿ 354	$27M	$69M	$*M	.*******	$**M	.*x	—	*.%	0.002%
37	🇺🇸	PowerCompute, Inc. PWCM	₿ 323	$25M	$6M	$**M	.*******	—	—	—	**.%	0.002%
38	🇺🇸	Angel Studios, Inc. ANGX	₿ 303	$23M	$711M	$,**M	—	—	—	—	.%	0.001%
39	🇺🇸	Hyperscale Data GPUS	₿ 215	$17M	$35M	$***M	—	—	—	—	*.%	0.001%
40	🇺🇸	BitMine Immersion Technologies, Inc. BMNR	₿ 210	$16M	$14,523M	$,*M	—	—	—	.**	.%	0.001%
41	🇺🇸	Fold Holdings Inc. FLD	₿ 192	$15M	$26M	$**M	.*******	—	—	—	*.%	0.001%
42	🇺🇸	FRMO Corp. FRMO	₿ 159	$12M	$324M	$***M	.*******	$*M	.*x	—	.%	0.001%
43	🇺🇸	Horizon Kinetics Holding Corp HKHC	₿ 132	$10M	$494M	$***M	—	$*M	.*x	—	.%	0.001%
44	🇺🇸	Bitcoin Depot BTM	₿ 108	$8M	$11M	$**M	—	$**M	.*x	—	*.%	0.001%
45	🇺🇸	Winland Holdings Corporation WELX	₿ 83	$6M	$13M	$*M	—	$*M	.*x	—	*.%	0.000%
46	🇺🇸	Circle Internet Group, Inc. CRCL	₿ 74	$6M	$21,270M	$,*M	—	—	—	—	.%	0.000%
47	🇺🇸	Thumzup Media Corporation TZUP	₿ 46	$4M	—	—	—	—	—	—		0.000%
48	🇺🇸	Robin Energy RBNE	₿ 44	$3M	$2M	$*M	—	$*M	.*x	—	**.%	0.000%
49	🇺🇸	LiveOne Inc LVO	₿ 43	$3M	$56M	$**M	—	—	—	—	.%	0.000%
50	🇺🇸	Sphere 3D ANY	₿ 23	$2M	$22M	$**M	—	—	—	—	.%	0.000%
51	🇺🇸	Investview, Inc. INVU	₿ 20	$2M	$27M	$**M	—	$*M	.*x	—	.%	0.000%
52	🇺🇸	CDT Equity Inc CDT	₿ 18	$1M	$4M	$*M	—	$*M	.*x	—	*.%	0.000%
53	🇺🇸	Athena Bitcoin Global ABIT	₿ 17	$1M	$0M	$**M	—	—	—	—	**.%	0.000%
54	🇺🇸	Farmhouse Inc FMHS	₿ 16	$1M	$3M	$*M	—	$*M	.*x	—	*.%	0.000%
55	🇺🇸	Cosmos Health Inc. COSM	₿ 16	$1M	$26M	$**M	—	—	—	—	.%	0.000%
56	🇺🇸	iPower inc IPW	₿ 15	$1M	$2M	$*M	—	$*M	.*x	—	*.%	0.000%
57	🇺🇸	TeraWulf WULF	₿ 15	$1M	$8,168M	$,*M	—	—	—	—	.%	0.000%
58	🇺🇸	Vida Global Inc. VIDA	₿ 12	$1M	$18M	$**M	—	$*M	.*x	—	.%	0.000%
59	🇺🇸	OneMedNet Corp. ONMD	₿ 10	$1M	$39M	$**M	—	$*M	.*x	—	.%	0.000%
60	🇺🇸	Where Food Comes From, INC WFCF	₿ 7	$1M	$63M	$**M	—	$*M	.*x	—	.%	0.000%
61	🇺🇸	Bit Digital, Inc. BTBT	₿ 6	$0M	$509M	$***M	—	—	—	—	.%	0.000%
62	🇺🇸	Unitronix Corp UTRX	₿ 6	$0M	$0M	$*M	—	$*M	.*x	—	*.%	0.000%
63	🇺🇸	Argo Blockchain PLC ARBK	₿ 3	$0M	$49M	$**M	—	—	—	—	.%	0.000%
64	🇺🇸	GameStop Corp. GME	₿ 1	$0M	$9,469M	$,**M	.*******	—	—	—	.%	0.000%
65	🇺🇸	BIT Mining Limited BTCM	₿ .8	$0M	—	—	—	—	—	—		0.000%
66	🇺🇸	Phunware Inc PHUN	₿ .8	$0M	$42M	$-**M	—	—	—	—	.%	0.000%
67	🇺🇸	Reliance Global Group, Inc RELI	₿ .3	$0M	—	—	—	$*M	.*x	—		0.000%
68	🇺🇸	ATIF Holdings Ltd ZBAI	₿ .2	$0M	—	—	—	—	—	—		0.000%
69	🇺🇸	BTCS Inc. BTCS	₿ 0	$0M	$65M	$***M	—	—	—	—		0.000%
70	🇺🇸	Semler Scientific SMLR	₿ 0	$0M	$0M	—	—	—	—	—		0.000%
71	🇺🇸	K Wave Media KWM	₿ 0	$0M	$110M	$,*M	—	—	—	—		0.000%
72	🇺🇸	Lixte Biotechnology Holdings Inc LIXT	₿ 0	$0M	—	—	—	—	—	—		0.000%
73	🇺🇸	Superplanet SUPA	₿ 0	$0M	—	—	—	—	—	—		0.000%
		Total:	1,165,673	$89,599M								5.551%