Bitcoin Balance Sheet #001

Hello and welcome to Bitcoin Balance Sheet, the new twice weekly email from Bitcoin Treasuries, where we track the latest in corporate Bitcoin buying.

Each Monday, you'll receive a quick blast on the top buyers over the last week. We'll follow that up every Friday with digest and analysis. Enjoy!

All-time high conviction

Bitcoin broke into uncharted territory over the weekend, nearing $123,000 to mark a new all-time high. It has since dropped slightly on market open in the US.

But while headlines fixate on price action, institutions are staying focused on long-term positioning. Balance sheets are swelling, and the race to secure a slice of the 21 million supply continues at full speed.

In just the past week, 13 public companies expanded their Bitcoin holdings — a signal that corporate conviction is in full throttle.

Together, the top 100 public holders now command 853,621 BTC, worth over $104 billion.

Below, we break down the five biggest buyers this week — how they funded their acquisitions, where they now sit in the rankings, and what their moves signal about the evolving Bitcoin treasury landscape.

Top 5 Bitcoin Buys This Week

#1 — Strategy 🇺🇸

• BTC added: 4,225 BTC

• Estimated value: ~$472.5 million

• New total holdings: 601,550 BTC worth about $73 billion

• Funding source: Proceeds from preferred stock issuance (Series F)

• Current Ranking: #1 among public companies

• % of total supply: ~2.86%

• YTD BTC yield: 20.2%

• BTC per share: 0.00214106

• Market NAV multiple: 1.669×

Strategy remains in a league of its own.

This week’s 4,225 BTC acquisition pushes its total to over 601,000 BTC — a staggering figure, representing nearly 3% of all Bitcoin that will ever exist.

Its cost basis now sits at $42.87 billion, with a current portfolio value of ~$73.4 billion.

That brings its market NAV multiple to 1.669×, and YTD BTC yield to 20.2%. Strategy’s Bitcoin per share stands at 0.00214106 — the highest of any public company by an order of magnitude.

#2 — Metaplanet 🇯🇵

• BTC added: 2,205 BTC

• Estimated value: ~$235.9 million

• New total holdings: 16,352 BTC worth about $1.99 billion

• Funding source: Yen-denominated corporate bond issuance (Series 3)

• Current Ranking: #5 among public companies

• % of total supply: ~0.0636%

• BTC-to-market-cap ratio: ~26.5%

Metaplanet continues its aggressive accumulation strategy, mirroring the MicroStrategy playbook.

The firm’s ongoing accumulation is part of its broader “210 Million Plan”, which aims to raise $5.4 billion by 2027 to acquire 210,000 BTC — roughly 1% of the total supply.

This week’s purchase raised Metaplanet’s BTC-to-market-cap ratio to 26.5%. It now needs about 3,670 BTC to overtake Riot Platforms and reach the #4 spot among public holders.

#3 — The Smarter Web Company 🇬🇧

• BTC added: 501.43 BTC

• Estimated value: ~$55.2 million

• New total holdings: 1,275 BTC worth about $155 million

• Funding source: Internal cash reserves

• Current Ranking: #28 among public companies

• % of total supply: ~0.0061%

• BTC > market cap: Yes

This UK-based firm has now more than doubled its holdings since June — and is less than 1,000 BTC away from the top 20.

The company’s Bitcoin position is now worth more than its entire market cap, and its BTC-to-enterprise-value and BTC-per-employee ratios remain among the highest in the non-mining segment.

This marks its largest weekly purchase to date and reflects a broader trend of smaller-cap firms steadily building Bitcoin exposure.

#4 — Sequans Communications 🇫🇷

• BTC added: 1,053 BTC

• Estimated value: ~$128 million

• New total holdings: 1,053 BTC worth about $128 million

• Funding source: Not disclosed

• Current Ranking: #46 among public companies

• % of total supply: ~0.0017%

• New entrant: Yes

• BTC needed to reach top 40: ~200 BTC

The Paris-based semiconductor firm initiated its Bitcoin strategy this week with two purchases that led to a 1,053 BTC balance sheet — placing it directly into the top 40 public holders.

If this marks the beginning of an ongoing allocation strategy, Sequans could quickly break into the top 30 and establish itself as a new blueprint for mid-cap European corporates entering the Bitcoin treasury game.

#5 — DDC Enterprise Limited 🇺🇸

• BTC added: 230 BTC

• Estimated value: ~$28.1 million

• New total holdings: 368 BTC worth about $44 million

• Funding source: Not disclosed

• Current Ranking: #22 among public companies

• % of total supply: ~0.0017%

• BTC needed to reach top 20: ~500 BTC

DDC continues its steady accumulation with a 230 BTC buy, raising its total holdings to 368 BTC.

That puts the plant-based food and media company within ~200 BTC of overtaking Argentina’s Mercado Libre, and land in the top 40.

Incorporated in 2012 and based in New York, DDC operates under the DayDayCook brand, offering ready-to-eat meals, cooking content, and e-commerce services across China, Hong Kong, and the U.S.

The company’s treasury strategy suggests a growing appetite for Bitcoin exposure outside the traditional tech and finance sectors.

Leaderboard Snapshot

This week’s leaderboard action was defined by large-cap conviction and emerging players making moves. Strategy widened its lead at the top, while Metaplanet continued closing in on Riot. Meanwhile, companies like Smarter Web, Sequans, and DDC gained ground in the mid-tier.

Key Takeaways

• New all-time high, same Saylor strategy: Strategy added another 4,225 BTC, reinforcing its model of equity-backed accumulation.

• Asia keeps pushing: Metaplanet remains the most aggressive buyer outside the US, with bond-backed BTC growth.

• Non-mining firms show growth: Smarter Web, and Sequans show that BTC treasuries aren’t just for miners.

• Leaderboard momentum is real: Metaplanet is one big buy away from cracking the Big 4, The Smarter Web Company is nearing top-20 territory.

• BTC yield gains add up: Several corporate treasuries — led by Strategy — are now outperforming traditional equity benchmarks on treasury BTC alone.

Coming Friday: Trend & Strategy Edition

We’ll break down:

• How Strategy’s preferred shares are unlocking new forms of Bitcoin leverage

• Why Asia’s bond-funded buys could redefine treasury risk

• What it now takes to move up the leaderboard — and who’s close to breaking in

Discover everything about the Bitcoin treasury world: