Corporate Bitcoin strategies are maturing

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

Each Monday, we hit your inbox with the top buyers over the last week. On Fridays, we break down what it all means. Let’s get into it.

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Join us Wednesday, Sept 17 (9am–5pm) in New York to network, workshop, and hear from star guests including:

• Michael Saylor (Strategy)

• Jeff Park (Bitwise)

• Grant Cardone

• Tim Kotzman

• Max Keiser

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Corporate Bitcoin Strategies Are Maturing

This week’s edition is all about evolution.

Three companies made major moves that underscore a shift from opportunistic Bitcoin buys to full-fledged treasury strategies.

US-based Volcon rebranded and cracked the top 20. Strategy pulled off the biggest Bitcoin acquisition of the year. And Coinbase, led by Brian Armstrong, is back in the spotlight after acquiring 2,509 Bitcoin — putting pressure on other major crypto exchanges to follow suit or risk get left behind.

Meanwhile, Bitcoin is cooling slightly. It’s down 2.5% over the past 24 hours to $115,380, with the broader crypto market shedding 7% to sit at $3.8 trillion in total value.

Empery Digital: Small-Cap EV Firm Goes Full Bitcoin

Formerly known as Volcon Inc., this Texas-based electric vehicle maker has rebranded as Empery Digital Inc. (EMPD).

The company added 303 BTC this week, bringing its total holdings to 3,803 BTC — enough to debut in the top 20 Bitcoin treasury leaderboard. The move comes alongside an expansion of its equity sales program, designed to fund further Bitcoin accumulation.

Shares now trade under the new ticker EMPD, while the EV side continues operating under the Empery Mobility brand. With its strategic pivot and on-chain transparency, Empery becomes the first small-cap EV firm to adopt a Bitcoin-native identity.

It’s a bold bet — and a sign that Bitcoin treasury plays are no longer just for tech giants and miners.

Strategy Goes Big: 21,021 BTC, $2.5bn Raise, and a Nasdaq Debut

Michael Saylor’s Strategy (MSTR) just did what it does best: scale.

The firm acquired 21,021 BTC this week at an average price of $117,256, funded by a $2.5 billion offering of its fourth series of preferred stock, STRC — which now trades on Nasdaq and offers monthly board-adjusted dividends.

It’s the largest IPO in the US this year, and it pushes Strategy’s total Bitcoin holdings to 628,791 BTC, or over 3% of all Bitcoin ever mined. On Thursday, the company reported a $10 billion profit in the second quarter of 2025, with plans to raise another $4.2 billion to fund even more Bitcoin purchases.

Strategy continues to innovate on the financing side, using a blend of common equity, convertible debt, and preferred shares to fund its Bitcoin buys — creating a capital stack optimized for one goal: maximize BTC exposure while minimizing dilution.

At this point, it’s less a playbook and more a blueprint — and one that others are starting to follow.

The Return of Coinbase

Coinbase (COIN) surged back into the spotlight yesterday by acquiring 2,509 bitcoin, instantly vaulting itself back into the top 10 public bitcoin treasuries, a move that sparked no shortage of X commentary.

The $220 million purchase is a sharp 180 for a company that has, since 2016, moved most of its technology developments efforts away from Bitcoin, and thus marks a significant narrative reversal.

In short, CEO Brian Armstrong has gone from famously saying that all the Bitcoin core developers should be "fired," to using Bitcoin as a capital asset for the world's largest US crypto exchange.

Indeed, CEO Brian Armstrong even reaffirmed on X that the company will “keep buying more” Bitcoin, sharing a picture of its latest earnings report that highlighted the metric, a sign he (and Silicon Valley at large) are aligned with efforts to push Bitcoin as a store of value capital asset.

The move comes at a time when prominent Bitcoin influencers have been publicly criticizing the company, founded in 2012, for not having acquired more BTC.

Still, it's worth applauding Coinbase as an early mover here among other crypto firms. Other major crypto exchanges, including Binance and Kraken, have yet to follow publicly.

Thanks to Brian and Coinbase, now the pressure is on.

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?

You can help shape the direction of this newsletter in 10 seconds. Just hit reply, we read everything.

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