Bitcoin Balance Sheet #009

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 adoption just logged its busiest week since March.

In the past seven days, 18 public companies added to their Bitcoin holdings — the most active week of 2025 so far.

The top 100 now jointly hold 964,079 BTC, worth roughly $115 billion at press time.

After a brief dip to $112,900, Bitcoin picked up the pace and is now trading for $120,300, a mere 2% shy of its record high.

Below, we break down the five most aggressive Bitcoin buyers of the week, and how their moves fit into this expanding corporate treasury landscape.

Top 5 Bitcoin Buys This Week

#1 — Satsuma Technology (SATS.L) 🇬🇧

• BTC added: 1,097.29 BTC

• Estimated value: ~$131 million

• New total holdings: 1,126 BTC

• Funding source: Likely equity raise paired with treasury diversification

• Current Ranking: #36 globally

• % of total supply: ~0.0053%

• BTC needed to reach top 30: ~500 BTC

Satsuma Technology, a UK-based fintech and alternative lending group, made its debut on the Bitcoin 100 with a nine-figure allocation — instantly placing it in the top 50.

The move aligns with a growing UK corporate pivot toward hard assets amid persistent inflation and a shaky gilt market.

The buy is notable for its timing. Satsuma has been raising capital for expansion into continental Europe and may have chosen to park a portion of that fresh equity in BTC, both as a hedge and a statement to investors. The decision also positions Satsuma as one of the first major UK financial services firms to make a substantial treasury allocation, setting a precedent that could pressure peers to follow.

With the pound still under macro pressure, this could be the start of a slow but steady Bitcoinization of UK corporate reserves.

#2 — Mara Holdings (MARA) 🇺🇸

• BTC added: 639 BTC

• Estimated value: ~$76.3 million

• New total holdings: 50,639 BTC

• Funding source: Mining revenue + equity issuance

• Current Ranking: #2 globally

• % of total supply: ~0.25%

• BTC needed to reach #6: ~6,437 BTC

MARA’s latest buy is modest by its own historic standards, coming it at less than 8% of their record single-month buy in March 2024, but it’s a reminder of the firm’s disciplined accumulation strategy.

Marathon has balanced shareholder distributions with treasury expansion, a contrast to mining competitors who sell the majority of mined BTC to cover operations. This 639 BTC purchase was funded primarily from mining revenue, supplemented by opportunistic equity issuance during a recent stock price rally.

With energy prices stabilizing in key US jurisdictions, MARA may be entering a window to accelerate accumulation heading into year-end.

#3 — Metaplanet Inc. (MTPLF) 🇯🇵

• BTC added: 463 BTC

• Estimated value: ~$55.3 million

• New total holdings: 17,595 BTC

• Funding source: Equity raise and debt restructuring

• Current Ranking: #7 globally

• % of total supply: ~0.083%

• BTC needed to reach #15: ~1,174 BTC

Metaplanet continues to cement its role as Japan’s most visible Bitcoin treasury company.

This week’s 463 BTC buy follows a series of rapid-fire allocations in Q2, all of which have been accompanied by investor communications that frame BTC as “the new Japanese reserve asset.”

The latest purchase appears to be funded via a small equity raise combined with proceeds from debt restructuring — a capital efficiency move that frees cash flow for strategic reserves.

Metaplanet’s steady accumulation mirrors the discipline of Strategy, but with a cultural and regional twist: positioning Bitcoin as a hedge against Japan’s persistent low-yield environment and long-term yen depreciation.

#4 — Hut 8 Mining Corp. (HUT) 🇨🇦

• BTC added: 394 BTC

• Estimated value: ~$47 million

• New total holdings: 10,667 BTC

• Funding source: Mining revenue

• Current Ranking: #12 globally

• % of total supply: ~0.05%

• BTC needed to reach Top Ten: ~1,000 BTC

Hut 8 Mining quietly added 394 BTC this week, solidifying its place just outside the top 10 public treasuries.

The buy comes as the company’s US-facing strategy gains fresh political and financial backing. Through its American Bitcoin joint venture, Hut 8 has partnered with Eric Trump and Donald Trump Jr. to expand mining operations in politically favorable jurisdictions.

While the JV operates independently from Hut 8’s Canadian corporate treasury, the alignment gives the firm unique access to US capital and regulatory channels.

With the Trump-linked JV boosting visibility in US markets, Hut 8 could gain a strategic advantage in both hash power and capital access heading into the 2025 halving cycle.

At 10,667 BTC, the firm now sits within striking distance of Coinbase’s #10 spot — a milestone that could be reached with just two more buys of similar size.

#5 — 3U Holding AG (UUU) 🇩🇪

• BTC added: 200 BTC

• Estimated value: ~$23.9 million

• New total holdings: 331 BTC

• Funding source: Likely internal cash reserves

• Current Ranking: #62 globally

• % of total supply: ~0.00158%

• BTC needed to reach top 50: ~500 BTC

3U Holding AG makes its debut in this week’s top buyers.

The German investment and infrastructure firm already had 131 BTC on its books before this week’s 200 BTC top-up. The latest buy more than doubles its position, moving it closer to the mid-tier of the leaderboard.

The firm has been quietly building a diversified portfolio across telecoms, renewable energy, and digital infrastructure. While the source of funds hasn’t been disclosed, a second consecutive monthly buy suggests a long-term program rather than a one-off bet.

Germany’s corporate adoption of Bitcoin remains limited, making 3U one of the country’s few publicly listed BTC holders. That rarity may work in its favor if European institutional demand accelerates.

Leaderboard Snapshot

This week’s leaderboard saw fresh capital from across three continents, with Satsuma lifting the UK’s profile, Metaplanet reinforcing Japan’s steady climb, and 3U Holding AG quietly doubling down from Germany.

Notably, the top 10 now includes four companies that added coins this week, underscoring a broad-based accumulation trend.

Strategy renders the competition moot with its 628,000+ BTC hoard, but the mid-tier is starting to crowd.

Companies outside of crypto’s traditional strongholds — from Tokyo to Frankfurt — are now adding hundreds of coins at a time, tightening the race for the next breakout into the top 20.

Key Takeaways

• Geographic diversification accelerating. The UK, Japan, and Germany were all represented in this week’s top five buyers.

• Miners are relentless. MARA, Riot Platforms, CleanSpark, and Hut 8 Mining Corp. signal that Bitcoin miners are eager to add more BItcoin to their balance sheets.

• Broad-based buying. 18 companies increased holdings this week, the most since March.

Over To You: What Do You Track?

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