Bitcoin Balance Sheet #003

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!

With Bitcoin quietly consolidating just below all-time highs, the corporate leaderboard continues to evolve rapidly.

Strategy (formerly MicroStrategy) has extended its lead, while a new challenger emerges from France. A combination of companies in the Far East, US, and UK, round off the largest accumulators of the week.

These moves aren’t just about optics. As more firms integrate Bitcoin into their capital structure, their balance sheets are becoming strategic tools — revealing how each company approaches capital efficiency, risk, and long-term conviction in Bitcoin.

In the past seven days, 15 public companies added to their Bitcoin holdings — the most active week of 2025 so far.

The top 100 now jointly hold 868,288 BTC, worth roughly $103 billion at press time.

Below, we break down the five most aggressive buyers this week — along with how their moves impact the leaderboard.

Top 5 Bitcoin Buys This Week

#1 — Strategy 🇺🇸

• BTC added: 6,220 BTC

• Estimated value: ~$739.8 million

• New total holdings: 607,770 BTC

• Funding source: Blend of convertible notes, preferred equity

• Current Ranking: #1 globally

• % of total supply: ~2.89%

• # of Bitcoin to get to 3% of total supply: 22,230 BTC

• YTD BTC Yield: 20.8%

Michael Saylor’s firm continues to lap the competition — both in raw Bitcoin and in strategic execution.

This week’s 6,220 BTC buy brings Strategy within reach of holding 3% of total supply. Strategy now has a market capitalization of $122 billion.

Unlike others, Strategy has no need to liquidate. With preferred shares and debt financing locked in, its BTC-per-share and market NAV premium remain industry-leading.

#2 — Sequans 🇫🇷

• BTC added: 1,264 BTC

• Estimated value: ~$83.5 million

• New total holdings: 2,317 BTC

• Funding source: Not disclosed

• Current Ranking: #20 globally

• % of total supply: ~0.0110%

• BTC needed to reach #15: ~2,400 BTC to catch Cango

• YTD BTC Yield: New entrant

The Paris-based semiconductor firm has quietly emerged as Europe’s most assertive new Bitcoin accumulator.

Having only started its treasury strategy this quarter, it’s nothing short of impressive that Sequans has broken the top 20 already.

#3 — The Smarter Web Company 🇬🇧

• BTC added: 325 BTC

• Estimated value: ~$39.7 million

• New total holdings: 1,600 BTC

• Funding source: Internal cash flow

• Current Ranking: #27 globally

• % of total supply: ~0.0076%

• BTC needed to reach #20: ~750 BTC

• YTD BTC Yield: 48.1%

This UK-based web design company continues to punch above its weight.

With one of the highest BTC-per-employee ratios of any public company, the Smarter Web Company’s steady accumulation signals a long-term thesis — one that’s paying off quickly.

#4 — Cango Inc 🇨🇳

• BTC added: 240 BTC

• Estimated value: ~$28.6 million

• New total holdings: 4,240 BTC

• Funding source: Capital reallocation from legacy auto division + mining operations

• Current Ranking: #15 among public companies

• % of total supply: ~0.0205%

• BTC needed to reach top 10: ~1,500 BTC

• YTD BTC Yield: ~27%

Once a car financing platform, Cango has fully embraced its pivot into Bitcoin and mining infrastructure. Backed by partnerships with Bitmain-linked entities and now freed from its legacy auto business, Cango’s latest buy keeps it climbing.

As one of the few Chinese firms actively accumulating Bitcoin, Cango’s strategy signals a quiet shift in corporate attitudes toward Bitcoin in mainland China.

#5 — Semler Scientific 🇺🇸

• BTC added: 210 BTC

• Estimated value: ~$25.6 million

• New total holdings: 4,846 BTC

• Funding source: Equity issuance

• Current Ranking: #14 globally

• % of total supply: ~0.0230%

• BTC needed to reach #10: ~4,400 BTC

• YTD BTC Yield: 75.2%

Semler Scientific, a US-based medtech firm, resumed its buying after a quiet June.

Its aggressive entry into the BTC treasury model this year has made it one of the most-watched new entrants on the list. Semler is also one of the fastest-rising US firms on the leaderboard, outperforming Bitcoin in YTD BTC yield.

Leaderboard Snapshot

This week’s leaderboard saw another reshuffle as corporate buying accelerates. Strategy pulled even further ahead, while France added a top-20 challenger.

New entrants are arriving with larger initial allocations, suggesting a rising bar for leaderboard relevance — and more sophisticated capital deployment strategies across the board.

Key Takeaways

• Strategy’s edge widens: Saylor’s firm added more BTC this week than the next 10 companies combined.

• Europe enters the race: Sequans becomes the first major French company to meaningfully stack BTC.

• Small-cap conviction wins: Smarter Web and Semler prove that aggressive treasury strategies aren’t just for billion-dollar firms.

• Leaderboard turnover is accelerating: With 15 buyers this week, expect more shakeups ahead.

Over To You: What Do You Track?

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