Scale, strategy, signal

Hello and welcome to the Bitcoin Balance Sheet, the 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!

This week’s edition is all about scale, strategy, and signal.

Michael Saylor’s Strategy just crossed a historic milestone, the Trump family made headlines with a two-company push into the top 10 — and then Bitcoin legend Adam Back showed up and changed everything.

In a space where treasury plays are doubling as media narratives and political positioning, Bitcoin isn’t just sitting on balance sheets — it’s redefining them.

Below, we break down the numbers behind each move, and what it means for the future of corporate Bitcoin strategy.

Trump Family Forced to “Back” Down

Bitcoin treasuries are turning into battlegrounds for influence — and no-one is safe, not even the Trumps.

Just days after the Trump family held two spots in the top 10 companies with Bitcoin treasuries, they were bumped down in the rankings.

The cause? A blockbuster entrance by the Bitcoin Standard Treasury Company (BSTR), led by Bitcoin pioneer, Adam Back.

• With 30,021 BTC or about $3.49 billion, BSTR launched straight into the #4 position — backed by $1.5B in fresh capital and support from Cantor Fitzgerald.

• Trump Media surged into the #5 spot earlier this week with 18,430 BTC or roughly $2.1 billion.

• Hut 8 Mining Corp held steady at #10 with 10,273 BTC — roughly $1.2 billion — through its joint venture, American Bitcoin, where Donald Trump Jr. is an investor and Eric Trump serves as Chief Strategy Officer.

Now, Trump Media has slid to #6, and Hut 8 has fallen out of the top 10 altogether.

Strategy Now Owns Over 3% of All Circulating Bitcoin

Michael Saylor’s Bitcoin playbook just hit a new high watermark: Strategy now holds 607,770 BTC, officially crossing the 3% mark of all Bitcoin in circulation.

The company’s latest acquisition — 6,220 BTC for about $739 million — brings its total Bitcoin stash to roughly $72 billion.

That’s more than 12x the holdings of the second-largest corporate buyer, solidifying Strategy’s lead as the Bitcoin treasury standard.

What sets Strategy apart isn’t just scale — it’s structure. The firm continues to leverage common equity, preferred shares, and debt to fund its buys, with its most recent round backed by Series A Stretch preferred stock — the fourth such issuance supporting its accumulation.

Since pivoting to this strategy in 2020:

• Strategy stock: +3,500%

• Bitcoin: +1,100%

• S&P 500: +120%

In short: Strategy isn’t just leading, it’s setting the rules. It’s a case study in financial engineering meeting conviction — and a signal that few, if any, will be able to catch up.

 Key Takeaways

• Bitcoin legend Adam Back enters the leaderboard at #4, instantly reshaping the rankings with 30,021 BTC or about $3.49 billion.

• Trump Media drops to #6 from #5, and Hut 8 exits the top 10 — just days after the Trump family held two top 10 spots.

• Eric Trump and Donald Trump Jr. remain active through their role in Hut 8’s American Bitcoin joint venture.

• Strategy now controls over 3% of all circulating Bitcoin, holding more than 12x the BTC of any corporate competitor.

• The corporate Bitcoin race is heating up as OGs, political figures, and Wall Street-backed firms compete for dominance.

For more information, head to: