top 5 btc corporate treasuries, may 20 2026. spot $76,695.

mstr leads at 528,185 btc, $40.51b. avg cost $67,485, pnl +14%. mara holds 47,600 btc, $3.65b. avg cost $49k, pnl +57%. riot at 16,728 btc, $1.28b. avg cost $38k, pnl +102%. clsk with 12,100 btc, $0.93b. avg cost $51k, pnl +50%. tsla rounds out at 11,509 btc, $0.88b. avg cost $31,620, pnl +143%.

aggregate across all tracked: 657,087 btc, $50.40b at spot. best unrealized pnl is hut at +189%. worst is smlr at -13%.

falsifiable line: mara, the biggest miner by btc held, goes underwater on its average cost at $49,000 btc. below that, forced sales or pressure to hedge becomes real.

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— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.

Originally published on FalsifyLab Substack.