ETFs, Treasury Companies and Institutional Products

A large share of new money now reaches bitcoin without anyone holding a private key. It arrives through spot exchange-traded funds, through retirement accounts that hold those funds, and through the shares of public companies that keep bitcoin on their balance sheet. Each route wraps the same asset in a different legal structure, with its own fees, its own pricing gaps and its own failure modes. This pillar explains those wrappers.

The ETF guides cover how creations and redemptions turn investor demand into fund flows, why a fund's market price can drift away from its net asset value during the trading day, and how to read daily flow tables without treating one day as a trend. The treasury company guides cover the two numbers that dominate that corner of the market: mNAV, which compares a company's market value with the bitcoin it holds, and bitcoin per share, which tracks whether issuing new stock and debt actually increased each shareholder's slice of the coins.

Every figure in these guides comes from issuer documents, SEC filings or the companies' own disclosures, with a check date. The guides compare structures; they do not recommend a fund or a stock. Our treasury dataset and the mNAV and sats-per-share tools let you rerun the numbers yourself as filings change.