Bitcoin Balance Sheet #005

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!

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Big plays from corporate treasuries in the US

Bitcoin continues consolidating just below its all-time high, and now holds steady around $119,000. But while it holds steady just below it’s record, the corporate treasury landscape is evolving, fast.

Strategy (formerly MicroStrategy) remains firmly in the lead, but a new institutional entrant — Bitcoin Standard Treasury Company — made an earth-shattering debut, vaulting straight to the #4 spot.

Four of the top 5 Bitcoin buyers this week hail from the US.

This week’s activity reveals a shift in both geography and intent. From Trump Media’s political splash to Volcon’s electric pivot out of Texas, new entrants are bringing diverse motivations and playbooks to the leaderboard.

What unites them isn’t industry — it’s conviction grounded in a clearer regulatory framework from the US. Whether backed by Cantor Fitzgerald or internal reallocations, these buys reflect a growing consensus: Bitcoin is now a strategic asset for balance sheets of all shapes and sizes. And now the government is making moves to allow them to proliferate even more.

In the past seven days, 19 public companies added to their Bitcoin holdings — setting a new high for 2025 activity.

The top 100 now jointly hold 922,805 BTC, worth approximately $109.8 billion.

Below, we break down the five most aggressive buyers this week — and how their moves are reshaping the corporate Bitcoin landscape.

Top 5 Bitcoin Buys This Week

#1 — Bitcoin Standard Treasury Company (BSTR) 🇺🇸

• BTC added: 30,021 BTC

• Estimated value: ~$3.49 billion

• New total holdings: 30,021 BTC

• Funding source: Backed by Cantor Fitzgerald and private capital pools

• Current Ranking: #4 globally

• % of total supply: ~0.143%

• BTC needed to reach #3: ~7,209 BTC

• YTD BTC Yield: New entrant

BSTR entered the scene with a seismic move — instantly securing the #4 spot on the leaderboard with a 30,021 BTC debut.

The firm is helmed by Bitcoin OG Adam Back and backed by Cantor Fitzgerald, bringing $1.5 billion+ in fresh capital to the treasury race.

Its emergence signals a shift toward purpose-built, institutional-grade treasury vehicles designed solely to accumulate and hold Bitcoin. With deep capital and veteran leadership, BSTR could challenge even the top 3 if its buying pace continues.

#2 — Trump Media & Technology Group (DJT) 🇺🇸

• BTC added: 18,430 BTC

• Estimated value: ~$2.2 billion

• New total holdings: 18,430 BTC

• Funding source: Internal reserves, possible equity-linked structure

• Current Ranking: #6 globally

• % of total supply: ~0.088%

• BTC needed to reach #5: ~795 BTC

• YTD BTC Yield: New entrant

Trump Media rocketed into the top 10 this week with a massive allocation of 18,430 BTC, briefly placing it at #5 before BSTR overtook it.

The move appears to be part of a broader corporate alignment with pro-Bitcoin positioning, following the formation of American Bitcoin — a mining joint venture involving Hut 8, Eric Trump, and Donald Trump Jr.

Political symbolism aside, this is one of the largest single-week allocations on record.

#3 — 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: ~3%

• YTD BTC Yield: 20.8%

Strategy hit a historic milestone: over 3% of all mined Bitcoin now sits on its balance sheet. With 607,770 BTC, it holds more than 12 times the BTC of any other corporate holder.

This week’s buy was financed through Series A Stretch preferred equity—the fourth such issuance since the strategy began. It exemplifies how Saylor has leveraged public markets for maximum BTC exposure.

With a 3,500% share price increase since 2020, Strategy remains the blueprint for Bitcoin treasury allocation.

#4 — Volcon ePowersports (VLCN) 🇺🇸

• BTC added: 3,500 BTC

• Estimated value: ~$416.5 million

• New total holdings: 3,500 BTC

• Funding source: Not disclosed (likely asset reallocation)

• Current Ranking: #20 globally

• % of total supply: ~0.015%

• BTC needed to reach top 15: ~1,521 BTC

• YTD BTC Yield: New entrant

Volcon, an electric vehicle company known for off-road bikes and UTVs, stunned markets with a one-off BTC buy that vaulted it into the top 20.

The firm hasn’t yet disclosed how the purchase was funded, but filings suggest a reallocation of treasury capital away from vehicle R&D.

If the move signals a broader strategic pivot, Volcon may join the ranks of firms reshaping their identity around Bitcoin.

#5 — Sequans 🇫🇷

• BTC added: 755 BTC

• Estimated value: ~$89.8 million

• New total holdings: 3,072 BTC

• Funding source: Not disclosed

• Current Ranking: #22 globally

• % of total supply: ~0.0110%

• BTC needed to reach #15: ~1,949 BTC to catch Semler Scientific

• YTD BTC Yield: New entrant

Sequans, a French semiconductor firm, is doubling down. After debuting on the list just weeks ago, the company added another 755 BTC, more than doubling its stack.

The strategy remains unclear, but the scale and consistency of their buys suggest more than treasury diversification—this may be a long-term macro hedge.

Sequans now ranks #26 and could crack the top 20 with another buy of similar size.

Leaderboard Snapshot

This week’s leaderboard reflects intensifying competition from new entrants. BSTR and Trump Media forced a reshuffle in the top 10, while Volcon made a bold play from outside the crypto-native world — landing it in the top 20 in its first week of Bitcoin treasury status.

Key Takeaways

• BSTR debuts at #4 with 30,021 BTC, vaulting ahead of Trump Media and legacy miners. Backed by Cantor Fitzgerald, it’s one of the most aggressive new entrants this year.

• Trump Media slips to #6 after briefly holding the #5 spot earlier in the week. Its 18,430 BTC position remains one of the largest single-week corporate buys ever.

• Strategy passes 3% of total BTC supply, reaching 607,770 BTC. No other firm holds even 10% of that.

• Volcon storms into the leaderboard at #20 with 3,500 BTC, signaling growing interest from non-crypto sectors like electric vehicles.

Announcements

Glossary Update for Advanced Users

We’ve completed the largest-ever update to the Bitcoin Treasuries Learn glossary, adding 30+ terms commonly used by advanced Bitcoin treasury equities analysts.

New entries include definitions and formulas for metrics like Forward mNAV, Risk-Adjusted Months to Cover mNAV, and Adj. BTC Yield YTD %.

These tools power our in-house dashboard — and we’re working to make them accessible to all users soon.

Business Directory Launch

We’ve officially launched the Bitcoin Treasuries Business Directory — a curated list of top service providers supporting Bitcoin treasury companies.

If your firm provides legal, capital markets, accounting, or infrastructure support for corporate Bitcoin allocators, email [email protected] to apply.

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?

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