To track a public company’s bitcoin holdings and what it paid, use its latest SEC filings and dated investor-relations disclosures. Record the bitcoin quantity and the date it applies to, then keep cost basis, purchase price, fair value, and balance-sheet carrying value in separate fields. A filing’s publication date is not the same as its holdings date, and a change in reported holdings may reflect mining, collateral movements, sales, or accounting changes—not just purchases.
Start with the issuer’s latest reported figures
- Find the latest annual or quarterly filing. Search the issuer’s Form 10-K or 10-Q for “bitcoin,” “digital assets,” and “cryptocurrency.” Review the relevant footnote, balance-sheet discussion, and management discussion and analysis. In the filing, note both the date it was filed and the date the holdings are measured.
- Check disclosures after that measurement date. Review later Form 8-K filings and dated investor-relations releases for purchases, sales, or other changes. Treat the newest disclosed figure as a dated snapshot, not a live balance.
- Capture the definitions alongside the numbers. Companies may use different methods to describe acquisition cost and may report different valuation measures. Preserve the issuer’s wording and accounting policy rather than treating similar labels as interchangeable.
For example, Strategy’s 2025 Form 10-K, filed February 19, 2026, reported 717,131 bitcoin held as of February 13, 2026. It gave an aggregate purchase price of $54.5 billion and an average purchase price of approximately $76,027 per bitcoin, inclusive of fees and expenses. Those are Strategy’s dated disclosures, not a live balance or a sector-wide total. Read Strategy’s 2025 Form 10-K.
Keep quantity, cost, and value in separate fields
A useful tracker gives each measure its own column. Do not substitute market value for what the company paid, or assume a balance-sheet figure is historical cost.
| Field | What it tells you | How to record it |
|---|---|---|
| Bitcoin quantity | The number of bitcoin the issuer reports holding at a specified date. | Record the quantity and the “as of” date together. |
| Aggregate cost basis or purchase price | The company’s reported cost measure for its holdings, subject to its stated definition and accounting method. | Copy the issuer’s label, amount, scope, and treatment of fees or other costs. |
| Per-bitcoin cost basis or average purchase price | A company-reported average, or a calculation based on disclosed aggregate cost and quantity. | Preserve a reported figure as reported. If you divide aggregate cost by quantity, label the result as your calculation, not the issuer’s figure. |
| Fair value | A market-based valuation at a specified measurement date. | Record the valuation date and amount separately from cost. |
| Carrying value | The amount shown under the issuer’s applicable accounting treatment on its balance sheet. | Record the accounting basis and do not assume it equals historical acquisition cost or fair value. |
The distinction matters in practice. CleanSpark’s fiscal 2025 annual report said it held 10,428 bitcoin at September 30, 2025, with aggregate cost basis of $1.095151 billion, or $105,025 per bitcoin, and aggregate fair value of $1.189443 billion, or $114,068 per bitcoin. The two pairs describe different measures on the reported date; neither should be substituted for the other. Read CleanSpark’s 2025 annual report.
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Understand how the company acquired the bitcoin
Holdings do not always come from open-market purchases. Public companies may also mine bitcoin, receive it as a capital contribution, or obtain it through other transactions. That affects what “cost” means and why a balance changed.
CleanSpark states that “The cost basis represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities.” Its fiscal 2025 activity disclosure separately lists mining additions, purchased bitcoin, bitcoin sold, bitcoin issued for services and other non-cash consideration, collateral transfers, fair-value gains, and an accounting-adoption adjustment. Those categories show why a simple subtraction of two balance figures may not explain the movement. See CleanSpark’s Note 6.
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U.S. Bitcoin Corp. reported that 1,000 bitcoin received in an August 2025 capital investment was recorded at an average price of $115,567 per bitcoin. The company also described structured trading arrangements and collateral activity, which can complicate a simple count of bitcoin held in an unencumbered wallet. Read U.S. Bitcoin Corp.’s 2025 Form 10-K.
Reconcile each new disclosure to the last one
Use one row for each issuer and measurement date. When a newer disclosure arrives, compare it with the previous dated row and use the company’s own activity categories to explain the change.
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- Record additions from purchases, mining, capital contributions, or other receipts where disclosed.
- Record sales and other disposals separately from additions.
- Track collateral movements, transfers, or structured trading activity if the issuer reports them; do not automatically treat them as ordinary purchases or sales.
- Note fair-value changes and accounting-transition adjustments separately from bitcoin acquired or disposed of.
- Keep the filing date, measurement date, source link, and stated accounting method with each row.
This makes it possible to distinguish a change in the amount held from a change in valuation or presentation. If the issuer does not provide enough detail to reconcile a movement, leave the cause unresolved rather than inferring purchases from the balance change alone.
Preserve each issuer’s accounting method
Cost basis is not necessarily calculated the same way across companies. Block says its bitcoin investment is initially recorded at cost, inclusive of transaction costs, and that it uses the first-in, first-out (FIFO) method to determine cost basis. Do not assume another issuer follows the same method unless its filing says so. Read Block’s 2025 annual report.
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Accounting changes can also affect year-to-year comparisons. CleanSpark identified 2,243 bitcoin whose basis before adopting ASC 350-60 was determined on a “cost less impairment” basis, and separately listed an accounting-adoption adjustment in its activity table. When comparing years or issuers, preserve such transition effects rather than treating the reported figures as if they were prepared under one unchanged method.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Compare companies only after aligning the dates and definitions
A comparison is most useful when each company’s figures are measured on comparable dates and use clearly identified definitions. Before drawing conclusions, check the following:
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- Reporting date and fiscal year-end;
- Bitcoin quantity and whether it is reported as held, pledged, or otherwise involved in arrangements;
- Aggregate and per-bitcoin cost basis or purchase price, including how fees are treated;
- Fair value and balance-sheet carrying value, each with its date and accounting context;
- Acquisition mix, such as purchased versus mined bitcoin;
- Sales, collateral activity, and trading arrangements;
- Accounting policy and any adoption or transition adjustments; and
- Financing context, if the question is shareholder exposure rather than just asset accounting.
The figures above come from issuers with different business models and reporting dates. They are examples of how disclosures differ, not a same-date combined total. Do not add them together as a measure of public-company bitcoin holdings without updating and aligning the underlying reports.
Use blockchain data as corroboration, not proof
A public address balance alone does not establish that an address belongs to a listed company or that the company controls the bitcoin in it. On-chain data can support an analysis when address attribution is independently established, but use issuer filings as the basis for reported corporate holdings.
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