Paper wealth. Real paper cuts.
Every treasury tracker — including DeFiLlama's own Digital Asset Treasuries board — shows what a public company holds. None of them show what happens the moment it tries to touch that number. We ran all 75 tracked companies through live order books, across 13 venues. Most are fine. A few bleed the instant they reach for the paper.
The Paper Cut Index — a live-order-book companion to DeFiLlama's treasury board, not a replacement for it. Methodology below. · API docs
| Company | Asset | Position | Sellable now | Slippage if forced | ||
|---|---|---|---|---|---|---|
| 01 | Cypherpunk Technologies Inc. | ZEC | $270.3M | 12.9% | 35.8% | |
| 02 | CEA Industries Inc | BNB | $357.5M | 20.2% | 2.7% | |
| 03 | Hyperliquid Strategies Inc. * | HYPE | $500.0M | 20.4% | 5.9% | |
| 04 | Evernorth Holdings Inc. * | XRP | $500.0M | 57.8% | 2.3% | |
| 05 | Hyperion DeFi | HYPE | $166.1M | 74.4% | 5.8% | |
| 06 | Nano Labs Ltd | BNB | $90.1M | 75.9% | 2.8% | |
| 07 | AVAX One Technology Ltd. | AVAX | $101.1M | 78.4% | 2.6% | |
| 08 | Block, Inc. * | BTC | $500.0M | 94.6% | 2.8% | |
| 09 | American Bitcoin Corp. * | BTC | $500.0M | 97.1% | 2.7% | |
| 10 | Forum Markets | ETH | $171.5M | 100.0% | 0.1% | |
| 11 | DDC Enterprise | BTC | $226.8M | 100.0% | 0.2% | |
| 12 | Lite Strategy | LTC | $42.7M | 100.0% | 0.9% | |
| 13 | ZOOZ Power | BTC | $81.1M | 100.0% | 0.1% | |
| 14 | Cango | BTC | $82.7M | 100.0% | 0.1% | |
| 15 | Fold Holdings | BTC | $64.7M | 100.0% | 0.1% | |
| 16 | Canaan | BTC | $142.9M | 100.0% | 0.1% | |
| 17 | Alliance Resource Partners | BTC | $50.5M | 100.0% | 0.1% | |
| 18 | GameSquare Holdings | ETH | $38.4M | 100.0% | 0.0% | |
| 19 | TAO Synergies | TAO | $12.8M | 100.0% | 0.6% | |
| 20 | Intchains Group | ETH | $21.7M | 100.0% | 0.0% | |
| 21 | HIVE Digital Technologies | BTC | $13.0M | 100.0% | 0.0% | |
| 22 | DMG Blockchain Solutions | BTC | $26.8M | 100.0% | 0.0% | |
| 23 | Neptune Digital Assets | BTC | $32.6M | 100.0% | 0.1% | |
| 24 | DigitalX | BTC | $22.2M | 100.0% | 0.0% | |
| 25 | Samara Asset Group | BTC | $41.1M | 100.0% | 0.1% | |
| 26 | Aker ASA | BTC | $59.0M | 100.0% | 0.1% | |
| 27 | WEMADE | BTC | $17.4M | 100.0% | 0.0% | |
| 28 | The Brooker Group | BNB | $29.8M | 100.0% | 0.6% | |
| 29 | HYLQ Strategy Corp. | HYPE | $8.6M | 100.0% | 0.2% | |
| 30 | DeFi Technologies | BTC | $203.2M | 100.0% | 0.2% | |
| 31 | Strategy Inc * | BTC | $500.0M | 100.0% | 0.8% | |
| 32 | Hut 8 Corp * | BTC | $500.0M | 100.0% | 0.5% | |
| 33 | Nakamoto Inc | BTC | $349.5M | 100.0% | 0.3% | |
| 34 | Empery Digital Inc | BTC | $100.1M | 100.0% | 0.1% | |
| 35 | KULR Technology Group | BTC | $85.4M | 100.0% | 0.1% | |
| 36 | SkyAI Inc | SOL | $211.6M | 100.0% | 0.7% | |
| 37 | CaliberCos Inc | LINK | $2.6M | 100.0% | 0.1% | |
| 38 | Cipher Digital Inc | BTC | $50.5M | 100.0% | 0.1% | |
| 39 | BitFuFu Inc | BTC | $102.8M | 100.0% | 0.1% | |
| 40 | TeraWulf Inc | BTC | $0.2M | 100.0% | 0.0% | |
| 41 | PowerCompute Inc | BTC | $10.2M | 100.0% | 0.0% | |
| 42 | Bitcoin Treasury Corporation | BTC | $58.2M | 100.0% | 0.1% | |
| 43 | Upexi, Inc. | SOL | $229.7M | 100.0% | 0.8% | |
| 44 | Sequans Communications S.A. | BTC | $177.2M | 100.0% | 0.2% | |
| 45 | Lion Group Holding Ltd. | HYPE | $16.1M | 100.0% | 0.3% | |
| 46 | Ionic Digital Inc. | BTC | $220.3M | 100.0% | 0.2% | |
| 47 | Bit Origin Ltd | DOGE | $3.5M | 100.0% | 0.1% | |
| 48 | Solana Company (formerly Helius Medical Technologies) | SOL | $242.9M | 100.0% | 0.9% | |
| 49 | Matador Technologies Inc. | BTC | $13.7M | 100.0% | 0.0% | |
| 50 | Classover Holdings, Inc. | SOL | $6.0M | 100.0% | 0.0% | |
| 51 | Genius Group Limited | BTC | $14.1M | 100.0% | 0.0% | |
| 52 | Boyaa Interactive International | BTC | $320.1M | 100.0% | 0.3% | |
| 53 | LQWD Technologies Corp. | BTC | $20.5M | 100.0% | 0.0% | |
| 54 | Bitcoin Well Inc. | BTC | $5.4M | 100.0% | 0.0% | |
| 55 | Vaultz Capital Plc | BTC | $10.5M | 100.0% | 0.0% | |
| 56 | Meliuz S.A. | BTC | $47.3M | 100.0% | 0.1% | |
| 57 | Bitcoin Group SE | BTC | $282.1M | 100.0% | 0.2% | |
| 58 | Ming Shing Group Holdings Limited | BTC | $65.2M | 100.0% | 0.1% | |
| 59 | Next Technology Holding Inc. | BTC | $456.4M | 100.0% | 0.4% | |
| 60 | Rumble Inc. | BTC | $22.9M | 100.0% | 0.0% | |
| 61 | Bullish * | BTC | $500.0M | 100.0% | 0.9% | |
| 62 | Gemini Space Station, Inc. | BTC | $432.6M | 100.0% | 0.5% | |
| 63 | GD Culture Group Limited * | BTC | $500.0M | 100.0% | 1.8% | |
| 64 | MicroCloud Hologram Inc. | BTC | $184.1M | 100.0% | 0.2% | |
| 65 | Zhibao Technology Inc. | BTC | $186.2M | 100.0% | 0.2% | |
| 66 | USBC, Inc. | BTC | $78.3M | 100.0% | 0.1% | |
| 67 | ProCap Financial, Inc. | BTC | $422.9M | 100.0% | 0.4% | |
| 68 | Bitcoin Standard Treasury Company (BSTR Holdings, Inc.) * | BTC | $500.0M | 100.0% | 0.9% | |
| 69 | Keel Infrastructure Corp. (formerly Bitfarms) | BTC | $145.6M | 100.0% | 0.1% | |
| 70 | H100 Group AB | BTC | $274.4M | 100.0% | 0.3% | |
| 71 | OranjeBTC S.A. | BTC | $309.1M | 100.0% | 0.3% | |
| 72 | BitGo Holdings, Inc. | BTC | $197.4M | 100.0% | 0.2% | |
| 73 | Capital B (formerly The Blockchain Group) | BTC | $246.1M | 100.0% | 0.3% | |
| 74 | SUI Group Holdings Limited | SUI | $81.5M | 100.0% | 2.1% | |
| 75 | The Ether Machine, Inc. * | ETH | $500.0M | 100.0% | 0.8% |
* Real position exceeds our $500M evaluation ceiling — priced at the cap. The true number for these gets worse, not better, at full size.
Methodology: for each coin, live order-book levels across up to 13 perp venues (Binance, Bybit, Bitget, Hyperliquid, OKX, Gate, KuCoin, MEXC, Phemex, WOO X, Kraken Futures, Bitfinex, Deribit) are merged and walked until the stated position fills or depth runs out. Position size = disclosed holdings × live spot price at capture time. Visible order-book depth only — hidden liquidity, OTC desks, and resting size beyond top-of-book aren't counted, so "sellable now" is a floor, not a ceiling. Evaluation is capped at $500M per request; positions above that (marked *) are priced at the cap only. Point-in-time snapshot — numbers move with the market. Holdings figures from company disclosures and public treasury trackers, cross-referenced against DeFiLlama's Digital Asset Treasuries board. Computed with EnsoTrade's EGRESS endpoint, the same one available to any Pro API key.