How the smartest Bitcoin buyers are changing the game

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!

As Bitcoin breaks new all-time highs, surpassing the $120,000 mark, the corporate playbook is evolving fast.

From bond-financed accumulation in Asia to miners shifting from selling to stacking, the corporate treasury game is entering a new phase.

Here’s what we’re tracking this week across strategy, capital structure, and leaderboard pressure:

Strategy’s Preferred Shares: Leverage, Not Liquidation

Michael Saylor’s playbook continues to separate itself from the pack.

While other firms face mNAV-driven death spirals, Strategy (MSTR) has used preferred shares and convertible notes to fund its growing Bitcoin stash — now totaling 601,550 BTC worth about $71 billion.

Why it matters:

• Preferred equity gives Strategy firepower without short-term debt pressure.

• The firm maintains a strong mNAV premium (~1.7–2x its BTC value), signaling long-term investor confidence.

• Even amid volatility, Strategy compounds BTC-per-share, outperforming Bitcoin itself and setting a benchmark for corporate treasury execution.

• As Bitcoin’s price begins to rise, Strategy could remain the only corporate treasury capable of accumulating more than 600,000 BTC. This would reinforce its lead and increase its influence over the broader treasury model narrative.

Asia's Bond Boom: New Risks, New Power Players

Companies like Metaplanet (Japan) and Cango (China) are not just stacking Bitcoin — they’re doing it with bond-financed war chests.

Why it matters:

• Asia’s corporates are raising capital through yen and yuan-denominated bonds, then converting proceeds to BTC.

• This creates high-leverage treasury positions with greater upside — and greater risk.

• These moves signal a more aggressive approach than their Western peers and could reset expectations around what it takes to climb the leaderboard.

Miners Are Stacking, Not Selling

Despite market softness, on-chain data shows that Bitcoin miners are holding onto their rewards — not cashing out.

Why it matters:

• Since December 2024, miner withdrawals have declined sharply.

• Reserves are holding steady, suggesting a long-term accumulation stance.

• This behavior reduces sell pressure and may reinforce the “supply squeeze” narrative if ETF and institutional buying continues.

In short: miners are becoming treasuries.

What It Takes to Move Up, What Happens If You Can’t

The Bitcoin treasury model isn’t bulletproof. In fact, many companies are now facing mNAV pressure that could trigger forced liquidations.

Why it matters:

• With over 250+ entities holding BTC, the leaderboard is increasingly competitive.

• Firms without a strong mNAV premium risk falling into a “mNAV death spiral” — when market value falls below their BTC reserves, confidence collapses, and forced selling begins.

• Strategy remains the gold standard, but other companies may soon start to crack.

Tracking sites like BTCTreasuries.org show widening divergence between winners and overleveraged imitators.

Key Takeaways

• Strategy leads with precision. Saylor’s firm is the first and potentially the only corporate treasury to surpass 600,000 BTC, using equity and debt creatively without overexposing itself to margin risk.

• Asia is aggressive. Companies like Metaplanet and Cango are rapidly climbing the leaderboard using bond-financed buys. A high-risk, high-reward strategy.

• Miners are turning into treasuries. With reserves holding steady, Bitcoin miners are stacking during market dips instead of selling.

• mNAV is the new battleground. Companies unable to maintain a premium above their Bitcoin-per-share risk falling into a death spiral if prices dip.

Coming Monday: Leadership and Weekly Trends

• Who moved up the Bitcoin corporate leaderboard

• The funding mechanisms powering those buys

• What’s heating up (or cooling off) across Asia, Europe, and the U.S.

We’ll break down the raw numbers, and what they actually mean for strategy.

Over to You: What Do You Track?

We want to make this the go-to resource for corporate Bitcoin strategy — and that means learning from our readers.

• What metrics or dashboards do you rely on to track the space?

• Which signals would you like us to explore in more depth?

• What tools would you like to see us integrate?

You can help shape the direction of this newsletter in 10 seconds.

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