| Date | BTC | Spot | USD Cost | Cumulative |
|---|
Browsing the cohort. Type a ticker or company name in the search box, or use the ‹ › arrows to step through the cohort one company at a time. The chart, KPIs, autotext, and transaction table all repopulate for the selected company.
What's plotted. Four things on one timeline:
Cumulative BTC held — the staircase line going up and to the right. Each step is a disclosed purchase; the height of the step is the size of the buy. This is the company's running BTC balance.
BTC purchases (bubbles) — every dot is one buy. The bubble's size is the BTC count, its vertical position is the BTC spot price on that day. A small bubble high on the chart is a small purchase made at a high price; a big bubble low on the chart is a big purchase made cheap.
Share price — the secondary line, scaled to the right axis. Useful for asking: did the company stack faster when its own equity ran hot, or when it traded flat? Treasury companies often dilute into strength to fund the next stack.
Regression fit — the smooth curve drawn through the cumulative-BTC staircase. The default fit is a Richards curve (a generalised S-shape with a tunable inflection, fitted by maximum likelihood). For companies where Richards doesn't converge cleanly, a Gompertz fallback is used — same family of saturation curve, simpler shape. Either way, the fit asks the same question: if this company keeps stacking like it has been, where does the curve flatten out? It has to flatten — there are only 21 million Bitcoin to ever exist, so the ceiling isn't optional.
Controls. The Linear / Log toggle at the top-left switches the vertical axis between linear and log scale. Log makes the early period legible for companies whose stack has grown across multiple orders of magnitude; linear shows the absolute size faithfully for mature stackers. The ▶ Play / ❚❚ Pause button animates the cumulative curve forward through time at the speed of disclosures.
This is the per-company drilldown. To compare stackers head-to-head, use the BTC Stacking Race dashboard linked below.
What is a Bitcoin stacking curve?
A timeline of a company's cumulative BTC holdings, with each disclosed purchase plotted at the price and size it happened. It answers two questions at once: how much Bitcoin does this company own, and how aggressively did they get there.
What is the regression curve on the chart?
By default the page fits a Richards curve — a generalised S-shape with a tunable inflection point, fitted to the company's cumulative BTC over time by maximum likelihood. For companies where Richards doesn't converge cleanly (typically very short histories or highly irregular purchase patterns), the page falls back to a Gompertz curve — the same family of saturation model with a simpler, fixed-inflection shape. Both produce a fitted asymptote (the curve's eventual ceiling) and an implied date for the steepest accumulation phase. They're saturation models because they have to be: there are only 21 million Bitcoin. Every stacker eventually bumps into the same supply ceiling — they just hit it at different points on their own balance-sheet curve.
How fast is this company accumulating Bitcoin?
The autotext below the KPI strip reports the last 30-day and 90-day BTC totals and weekly rate. Pace varies — treasury companies cluster their buying around capital raises, so a slow month doesn't mean a slow year, and a busy month often follows a fresh ATM or convertible. For ranked head-to-head pace across the cohort, see the BTC Stacking Race dashboard.
What does the share price line on this chart tell me?
Whether the company stacks into strength or into weakness. Treasury companies fund BTC purchases through equity issuance (ATMs), convertible debt, or preferred raises — most of those work better when the share price is up. Plotting share price against the accumulation curve makes the relationship visible: companies whose biggest buys cluster on high-share-price days are running the capital-into-stack playbook deliberately.
Why a saturation curve instead of a straight line?
A straight-line projection assumes a company can keep stacking forever at the same rate. None can — there are only 21 million Bitcoin, and the ceiling is real even before you get to softer constraints like capital programs and shareholder dilution tolerance. The page's default fit is a Richards curve (with a Gompertz fallback for companies where Richards doesn't converge); both are saturation models that bend toward a fitted asymptote instead of running off to infinity. For early-stage stackers with <12 months of buys, a saturation fit and a linear fit look similar; for mature stackers the gap between them is the entire story.
Where does the BTC purchase data come from?
Public disclosures — 8-Ks, 10-Qs, 10-Ks, and equivalent filings outside the US. Each purchase shown in the transaction history table maps to a specific disclosure document. Undisclosed buys (e.g. companies that pre-announce ranges but report cumulative totals quarterly) appear as a single rolled-up transaction at the disclosure date, not the actual buy dates. Updated daily from mnav.com's database.
How often is the chart updated?
Daily. The purchase history, cumulative BTC, share price overlay, and the regression fit all refresh from mnav.com once per day. New disclosures appear within 24 hours of the filing being indexed.
How is this different from a simple BTC-per-share chart?
BTC-per-share normalises holdings against share count — useful for measuring shareholder-level accretion through dilution. The stacking curve shows the absolute holdings, the pace of accumulation, and the cost basis of each buy. They answer different questions: BTC-per-share tells you whether holders are getting more BTC over time despite dilution; the stacking curve tells you how the company is building the stack in the first place.
This is the per-company drilldown. For the rest of the BTC-treasury suite:
BTC Stacking Race
— who's accumulating fastest across the cohort, ranked with Richards/Gompertz fits and confidence bands.
BTC Power-Law
— where Bitcoin itself sits in its historical band. The macro context every name on this page lives inside.
Strategy ATM forecast
— the deep-dive on Strategy's five-program ATM machine that funds the biggest weekly stack you'll see in this universe.
Preferred Yield Curve
— for the four Strategy preferreds (STRC/STRK/STRF/STRD) plus Strive's SATA, plotted against a fitted fair-value curve.