Bitcoin Balance Sheet #007

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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Corporate Bitcoin treasuries remain unfazed of the fact that Bitcoin has slid 3.7% to $114,300 this week. The top cryptocurrency has been consolidating since it topped its record high of $123,000 in mid July.

Instead of retreating, a new wave of strategic buys is propelling the leaderboard to fresh highs, now totaling 954,582 BTC across the top 100 public companies. That amounts to a staggering $109 billion in Bitcoin under management.

Coinbase (COIN) returned to form with a 2,509 BTC acquisition, vaulting it back into the top 10. For a company that long distanced itself from Bitcoin-first narratives, the move signals a striking reversal. One that puts pressure on peers like Binance and Kraken to follow suit.

Meanwhile, Strategy (MSTR) continues its meteoric climb, adding 21,021 BTC this week and surpassing the 3% mark of total supply. Michael Saylor’s playbook of recurring preferred equity raises is increasingly becoming the blueprint for corporate BTC scaling.

XXI (CEP) isn’t far behind. With a 6,284 BTC buy, the Jack Mallers’ firm leapfrogged BSTR to claim the #3 spot. If it continues at this pace, XXI may soon become the first challenger to close the gap first with Marathon (MARA) and then Strategy.

Across the Atlantic and Pacific, Sequans (France) and Anap (Japan) expanded the leaderboard’s geographic footprint. Anap’s debut in this recap signals that the Bitcoin’s treasury appeal is reaching non-financial sectors like fashion and consumer retail.

In total, 17 public companies increased their BTC holdings this week.

Below, we break down the top five buyers and how their strategies are reshaping the Bitcoin corporate stack.

Top 5 Bitcoin Buys This Week

#1 — Strategy 🇺🇸

• BTC added: 21,021 BTC

• Estimated value: ~$2.4 billion

• New total holdings: 628,791 BTC

• Funding source: Preferred equity and convertible notes

• Current Ranking: #1 globally

• % of total supply: ~3.16%

• Already holds >12x more BTC than next largest firm

• YTD BTC Yield: 20.8%

Strategy continues to scale its allocation with precision.

This week’s 21,021 BTC purchase cements its place as the corporate Bitcoin hegemon, with over 3% of circulating supply now under management.

The raise was funded via a new Series B Stretch equity offering — its fifth since 2021. In contrast to typical tech buybacks, Strategy’s model converts capital into BTC with high velocity.

With no challengers in sight, Strategy is not just setting the benchmark for financial engineering in Bitcoin capital markets, but transforming them altogether.

#2 — XXI 🇺🇸

• BTC added: 6,284.31 BTC

• Estimated value: ~$718.6 million

• New total holdings: 43,514 BTC

• Funding source: Treasury reallocation + private placement

• Current Ranking: #3 globally

• % of total supply: ~0.22%

• BTC needed to reach #2: ~6,486 BTC

XXI surged ahead this week with a massive 6,284 BTC purchase, leapfrogging BSTR to become the third-largest public holder of Bitcoin.

The buy was fueled by a mix of internal reserves and fresh equity issuance. XXI appears intent on competing directly with Strategy, positioning itself as the leading scalable treasury challenger.

If current trends continue, XXI could become the first firm to cross the 50,000 BTC threshold since MARA.

#3 — Coinbase 🇺🇸

• BTC added: 2,509 BTC

• Estimated value: ~$286.5 million

• New total holdings: 11,776 BTC

• Funding source: Corporate treasury (likely operational reserves)

• Current Ranking: #10 globally

• % of total supply: ~0.059%

• BTC needed to reach #9: ~850 BTC

Coinbase’s return to Bitcoin treasury accumulation caught many by surprise.

Once known for deprioritizing Bitcoin, the company has reversed course, and has now embraced BTC as a cornerstone asset.

The move sends a strong message to peers and regulators alike: Coinbase is betting big on Bitcoin’s long-term role in financial infrastructure.

With Armstrong doubling down, expect Coinbase to climb further in the coming months.

#4 — Sequans 🇫🇷

• BTC added: 755 BTC

• Estimated value: ~$86.3 million

• New total holdings: 3,072 BTC

• Funding source: Unspecified

• Current Ranking: #22 globally

• % of total supply: ~0.015%

• BTC needed to reach top 20: ~800 BTC

Sequans (SQNS), the French chipmaker turned Bitcoin accumulator, continues its quiet but aggressive strategy. This week’s 755 BTC buy further entrenched its top-tier YTD return among public companies.

With no stated rationale beyond general treasury strategy, Sequans may be executing one of the most under-the-radar macro hedges in Europe.

The firm is now just a few hundred BTC away from breaking into the top 20.

#5 — ANAP Holdings Inc. 🇯🇵

• BTC added: 646.45 BTC

• Estimated value: ~$73.8 million

• Total holdings: 831 BTC

• Funding source: Unknown

• Current Ranking: #40 globally

• % of total supply: ~0.003%

• BTC needed to reach top 30: ~800 BTC

Anap Holdings (ANAP), a Japanese fashion and e-commerce company best known for its Gen Z-focused brands, makes its debut in our BTC Treasuries weekly recap with a bold 646 BTC buy.

The move highlights a new wave of adoption coming from lifestyle and consumer retail.

As shoppers in Japan increasingly gravitate toward digital-native brands, Anap may be positioning itself at the intersection of financial and cultural trends.

With Metaplanet and Anap now both active, Japan is fast becoming East Asia’s most diverse Bitcoin corporate hub.

Leaderboard Snapshot

This week’s leaderboard was defined by two standout moves: Coinbase’s return to the top 10, and the surprise recap debut of Japanese fashion e-commerce firm Anap Holdings.

Coinbase’s 2,509 BTC buy marks a strategic shift for the exchange and puts pressure on peers like Binance and Kraken to follow suit. Meanwhile, Anap’s entry into the top 40 signals that Bitcoin treasury adoption is beginning to reach into lifestyle and consumer brands.

Together, the two moves underscore a widening scope of adoption, both geographically and sectorally, with implications for how Bitcoin is perceived across corporate boardrooms.

Key Takeaways

• Coinbase returns to the top 10 with a 2,509 BTC purchase, signaling a strategic shift as the exchange embraces Bitcoin as a treasury reserve.

• Strategy extends its dominance, adding 21,021 BTC and surpassing 3% of all Bitcoin in circulation.

• XXI jumps into the #3 spot, overtaking BSTR with a 6,284 BTC buy — its most aggressive move yet.

• Anap Holdings makes a surprise debut in our weekly BTC Treasuries recap, becoming Japan’s second corporate Bitcoin holder with a 646 BTC allocation. The move hints at early adoption among e-commerce and fashion brands.

• 17 companies increased their holdings this week, continuing 2025’s record-setting pace for corporate Bitcoin accumulation.

Over To You: What Do You Track?

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