As of April 2026, Strategy (MSTR) remains the top Digital Asset Treasury (DAT) offering the greatest overall leverage to a move in Bitcoin (BTC), largely due to its unprecedented, aggressive use of permanent capital—specifically, its massive perpetual preferred stock issuance—to fund Bitcoin acquisitions. While other firms offer high operational leverage (miners), Strategy’s structural, balance-sheet-driven leverage is unrivaled.
Top DATs Ranked by Leverage and Capital Raising Ability (Q2 2026)
- Strategy (MSTR): The undisputed leader holding over 780,000+ BTC.
- Leverage Mechanism: Uses “intelligent leverage” via convertible debt and, increasingly, perpetual preferred stock ($STRC) to purchase Bitcoin without margin calls.
- Capital Raising: Has over $8 billion in perpetual preferred capital, which is non-dilutive to common shareholders regarding liquidation preference, acting as a permanent, high-yield “shield” for aggressive accumulation.
- Metaplanet (3350.T): Often called the “Asian Strategy,” this firm has seen its stock rise significantly, adopting a similar debt-for-bitcoin strategy to accumulate Bitcoin.
- MARA Holdings (MARA): While previously selling Bitcoin, MARA now acts as a high-beta proxy by holding one of the largest corporate treasuries among miners (38,689 BTC) while also generating operational leverage through mining.
- Twenty One Capital (XXI): A Bitcoin-native public company (listed late 2025) backed by Tether and Bitfinex, focusing on capital-efficient accumulation and high-yield potential.
- Strive (ASST): Led by Vivek Ramaswamy, this firm aggressively acquires Bitcoin and acquired Semler Scientific, a smaller treasury holder. Strive offere a perpetual Preferred SATA paying 13% annualized yield that is paid monthly. Strive has no convertible debt and has said they do not intend to use debt as a tool to accumulated more BTC.
- Riot Platforms (RIOT): Combines high-leverage mining operations with a large BTC treasury. It has high potential upside if it successfully pivots its massive energy infrastructure to AI/HPC.
- CleanSpark (CLSK): Noted for “smart” treasury management, using convertible notes (0% interest) to acquire BTC, often trading at a high premium to NAV.
- Bullish (BLSH): A significant holder (24,300+ BTC), offering exposure to the crypto exchange’s growth, though with less transparency than MSTR in public costs.
- Hut 8 (HUT): Operates as a hybrid AI-and-Bitcoin play with a substantial, growing treasury.
- Trump Media & Technology Group (DJT): Has recently added significant Bitcoin, with its stock price behaving as a volatile proxy, though it lacks the consistent, long-term “Saylor” accumulation model.
Key Leverage Considerations for 2026
- mNAV (Market Capitalization to Net Asset Value): While a premium used to indicate high investor demand for leverage (like in 2021), in early 2026, many DATs (including MSTR) have seen their mNAV premium compress, meaning the stock acts more like a direct, yet still highly volatile, Bitcoin proxy rather than a 10x levered instrument.
- Perpetual Preferreds & Debt Flexibility: Strategy (MSTR) has successfully used its 21/21 Plan to move away from convertible debt maturity risks toward perpetual preferred equity ($STRC) and stock sales, allowing it to “buy the top” without immediate insolvency risks.
- Operational Leverage (Miners): MARA, RIOT, and CLSK offer a different type of leverage: they can increase their Bitcoin holdings by “printing” it (mining) at a cost generally lower than the spot price.
Disclaimer: DAT stocks are far riskier than Bitcoin itself, exhibiting higher volatility and potential to underperform on the downside
MSTR Technical Note: the 4-week and 10-week moving average are both rising with the 4 week MA trading above the 10-week MA. Momentum is positive. On the ocillator front (MACD and Williams%R) both are extended so we might have a small correction but IMO, any pull back will be the cocking of Momentum that shoots the price and shorter moving averages above the 30- (150-day) MA. This would cause a flood of institutional money into bitcoin, MSTR and the other bitcoin DATs.
MARA Technical Note: Repeating what was said above for MSTR’s Technical Note, MARA is even closer to breaking above its 30-week MA.
ASST Technical NOTE: Same comment as said in MARA Technical Note.
RIOT’s Technical Note: Riot’s 4-week MA and price is currently above its 30-week MA!
Key Leverage Drivers Beyond mNAV
- Perpetual Preferred Flywheel: Strategy (MSTR) has mastered the use of STRC perpetual preferred stock, which pays a high dividend (e.g., 11.5%) to attract stablecoin-like capital, which is then immediately used to buy more Bitcoin. This allows the company to grow “Bitcoin per share” (BPS) without taking on the risk of a margin call.
- Alternative Asset Plays: While Bitcoin is king, some DATs like DeFi Development Corp (DFDV) and Bitmine are applying the same “Saylor model” to Solana and Ethereum, often trading at steeper mNAV discounts that offer higher volatility potential than MSTR.
- Institutional “Double Leverage”: MSTR’s capital stack includes convertible debt and preferreds, creating a scenario where a 2.5x move in Bitcoin can result in a 6–10x move in the stock due to the amplification of the fixed-cost capital used to acquire the BTC.
More Bitcoin Buying On-deck:
Adam Back, CEO of Blockstream, is moving forward with plans to take his dedicated Bitcoin treasury vehicle, Bitcoin Standard Treasury Company (BSTR), public through a SPAC merger with Cantor Equity Partners I (CEPO). The deal is aimed at creating a premier, Bitcoin-heavy public entity designed to mirror the strategy of MicroStrategy.
Adam Back’s Plan to Publicly List BSTR
- The Transaction: BSTR will merge with Cantor Equity Partners I (CEPO), a SPAC, and trade on the Nasdaq.
- Initial Bitcoin Holdings: BSTR intends to launch with over 30,000 BTC on its balance sheet, contributed by Adam Back, founding shareholders, and early investors.
- PIPE Financing: The deal includes a $1.5 billion Private Investment in Public Equity (PIPE), the largest ever announced for a Bitcoin treasury vehicle.
- Strategy in a Down Market: Back stated that a lower Bitcoin price during the IPO phase benefits the company, as it allows BSTR to acquire more BTC at a discount, strengthening the balance sheet and enhancing long-term upside.
- Timeline: Shareholder approval for the merger was expected to be finalized around April 2026.
BSTR Ranking Post-Public Offering
Upon completion, BSTR is positioned to be a top-tier corporate Bitcoin holder:
- Immediate Ranking: With 30,000+ BTC, BSTR is projected to instantly become one of the top four largest public corporate Bitcoin treasuries, potentially taking the #3 or #4 spot, competing directly with MARA Holdings.
- Aggressive Growth Goal: With the $1.5B PIPE and additional capital, BSTR aims to aggressively expand holdings toward 50,000+ BTC, potentially surpassing MARA Holdings to rank second only to MicroStrategy.
- Market Positioning: BSTR will be seen as a “pure-play” Bitcoin holding company, with a focus on accumulating and holding rather than operating, supported by Cantor Fitzgerald’s financial backing.
As of early 2026, the company was proceeding with the listing despite a sharp downturn in the price of Bitcoin, banking on long-term appreciation.
Morgan Stanley’s Bitcoin ETF began trading. An analyst put it in the top 1% of ETF launches
Fortune Magazine – April 8, 2026
Video addressing the surge of buying happening in Bitcoin at this time:
Samson Mow: “The $1,000,000 Omega Candle Is Starting & Major Update On MicroStrategy!
Hosted by Digital Coin Saterday April 25, 2026 Video
Samson Mow is a prominent Bitcoin maximalist, entrepreneur, and the CEO of JAN3, a technology company focused on accelerating nation-state Bitcoin adoption. Known as the “architect” of El Salvador’s Bitcoin bonds, he is a leading voice in advocating for Bitcoin as a national treasury asset and predicting long-term price surges.
None of this is investment advice. Due your own due dilegance and consult your own financial advisor. Publicjhed as financial information and education purposes.
#btc #strategy #strive #mara #riot #clsk #hut
Accounts related to LOTM own ASST*, MSTR*, MARA* and multiple other digital asset companies.
LOTM Research & Consulting Service
* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
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