Why You Need a Reserve Tracker
Q2-2025 earnings just dropped, and Strategy (MSTR) blew the roof off—USD 14.03 B in revenue (+7,106 % YoY) on the back of a USD 14 B unrealized BTC gain. From Strategy to Metaplanet, from BTC-only treasuries to multi-token balance sheets, the “corporate-crypto-reserve” space is exploding. Retail can either buy the tokens … or buy the stocks. To do either, you need rock-solid data. Below, we road-test six dashboards.

Evaluation Grid

1. Blockworks – The All-Round Champion

• Depth: 26 firms, six token categories.

• Killer Metrics:
  • MNAV (market cap ÷ coin value) & EV-based MNAV to gauge over/under-valuation.
  • Net-Asset Premium (market cap minus coin holdings).

• Charts: Interactive MNAV and premium heat-maps.

• Irritant: Displays tickers (e.g., “MSTR”) not company names.

2. Delphi Digital – The Curated Short-List

• Coverage: BTC (4 firms), ETH (4), SOL (2).

• Sources: SEC filings & press releases.

• Use-Case: Quick sanity check on flagship names like Strategy or Metaplanet.

• Limitation: Ignores newer entrants; no risk-adjusted ratios beyond basic M.

3. The Block – The Macro Lens

• Scope: 26 firms across BTC, ETH, SOL plus a combined “all reserves” tab.

• Data: Holdings, market caps, aggregate token tallies.

• Caveat: Pulls some numbers from Dune; can lag real-time moves.

4. cryptotreasuries.info – The BTC Maxi’s Paradise

• Largest BTC roster of any site.

• Extras: 30-/90-day/1-year per-share BTC yield charts; price vs. treasury correlation graphs.

• Blind Spot: SOL section literally empty; ETH list thin.

5. Crypto Stock Tracker – The Equity Angle

• Covers: BTC, ETH, SOL, XRP (the only site with XRP).

• Equity Add-Ons: Float, intraday %, shares outstanding—handy for equity traders.

• Status: Launched July 2025; watch for update cadence.

6. cryptotreasuries.com – The Rookie Spotlight

• Niche: Tracks HYPE treasury (Hyperion DeFi) alongside BTC/ETH/SOL.

• Highlight: Recent purchase percentages front-and-center.

• Reality Check: Only six companies—treat it as a “coming attractions” reel.

Bottom Line Cheat-Sheet

• Need the full picture? → Blockworks

• BTC-only deep-dive? → cryptotreasuries.info

• Equity trader eyeing reserves? → Crypto Stock Tracker

• Just the marquee names? → Delphi Digital

Footnote: None of the dashboards had yet logged yesterday’s Sharplink Gaming purchase of 15,822 ETH (now 480,204 ETH worth USD 1.62 B). In this space, freshness is king—bookmark two sites and cross-check.

Why You Need a Reserve Tracker
Q2-2025 earnings just dropped, and Strategy (MSTR) blew the roof off—USD 14.03 B in revenue (+7,106 % YoY) on the back of a USD 14 B unrealized BTC gain. From Strategy to Metaplanet, from BTC-only treasuries to multi-token balance sheets, the “corporate-crypto-reserve” space is exploding. Retail can either buy the tokens … or buy the stocks. To do either, you need rock-solid data. Below, we road-test six dashboards.

Evaluation Grid

1. Blockworks – The All-Round Champion

• Depth: 26 firms, six token categories.

• Killer Metrics:
  • MNAV (market cap ÷ coin value) & EV-based MNAV to gauge over/under-valuation.
  • Net-Asset Premium (market cap minus coin holdings).

• Charts: Interactive MNAV and premium heat-maps.

• Irritant: Displays tickers (e.g., “MSTR”) not company names.

2. Delphi Digital – The Curated Short-List

• Coverage: BTC (4 firms), ETH (4), SOL (2).

• Sources: SEC filings & press releases.

• Use-Case: Quick sanity check on flagship names like Strategy or Metaplanet.

• Limitation: Ignores newer entrants; no risk-adjusted ratios beyond basic M.

3. The Block – The Macro Lens

• Scope: 26 firms across BTC, ETH, SOL plus a combined “all reserves” tab.

• Data: Holdings, market caps, aggregate token tallies.

• Caveat: Pulls some numbers from Dune; can lag real-time moves.

4. cryptotreasuries.info – The BTC Maxi’s Paradise

• Largest BTC roster of any site.

• Extras: 30-/90-day/1-year per-share BTC yield charts; price vs. treasury correlation graphs.

• Blind Spot: SOL section literally empty; ETH list thin.

5. Crypto Stock Tracker – The Equity Angle

• Covers: BTC, ETH, SOL, XRP (the only site with XRP).

• Equity Add-Ons: Float, intraday %, shares outstanding—handy for equity traders.

• Status: Launched July 2025; watch for update cadence.

6. cryptotreasuries.com – The Rookie Spotlight

• Niche: Tracks HYPE treasury (Hyperion DeFi) alongside BTC/ETH/SOL.

• Highlight: Recent purchase percentages front-and-center.

• Reality Check: Only six companies—treat it as a “coming attractions” reel.

Bottom Line Cheat-Sheet

• Need the full picture? → Blockworks

• BTC-only deep-dive? → cryptotreasuries.info

• Equity trader eyeing reserves? → Crypto Stock Tracker

• Just the marquee names? → Delphi Digital

Footnote: None of the dashboards had yet logged yesterday’s Sharplink Gaming purchase of 15,822 ETH (now 480,204 ETH worth USD 1.62 B). In this space, freshness is king—bookmark two sites and cross-check.