Bitcoin Balance Sheet #010

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!

Corporate Bitcoin adoption continues to tick upwards.

In the past seven days, 11 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 976,795 BTC, worth roughly $112 billion at press time.

After tearing through a new all-time high, Bitcoin has lost about 4% in the past seven days, trading at $115,100.

Below, we break down the five most aggressive buyers this week — along with how their moves impact the leaderboard.

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Top 5 Bitcoin Buys This Week

#1 — Metaplanet (MTPLF) 🇯🇵

• BTC added: 1,293 BTC

• Estimated value: ~$154 million

• New total holdings: ~18,888 BTC

• Funding source: Equity raise + debt restructuring

• Current Ranking: #7 globally

• % of total supply: ~0.09%

• # of Bitcoin to reach Top 5: ~12,000 BTC

• mNAV: 1.9x

Tokyo-based Metaplanet bet on Bitcoin has quickly become its core identity, with yen-denominated bonds serving as the primary fuel for accumulation.

While that leverage gives Metaplanet firepower, it also leaves investors watching how sustainable the model remains in volatile FX and rate conditions.

For now, the market is still rewarding its aggressiveness. With a top-10 global ranking, Metaplanet is emerging as the regional standard-bearer for corporate Bitcoin treasuries — even if it’s a long way from the 600,000-plus BTC giants.

#2 — Strategy (MSTR) 🇺🇸

• BTC added: 430 BTC

• Estimated value: ~$51 million

• New total holdings: 629,376 BTC

• Funding source: Preferred equity issuance

• Current Ranking: #1 globally

• % of total supply: ~3%

• mNAV: 1.4x

Michael Saylor’s flagship continues to set the benchmark.

The buys are being financed through a blend of preferred equity and convertible notes, a model that has allowed Strategy to keep compounding its position without selling down. Investors are effectively betting that Saylor can keep raising cheap capital as long as the premium to NAV holds.

That premium — still about 1.4x — is the lifeblood of Strategy’s playbook. The company’s ability to sustain it has transformed what began as a radical treasury idea into the blueprint for the entire sector.

#3 — The Smarter Web Company (SWC.AQ) 🇬🇧

• BTC added: 325 BTC

• Estimated value: ~$39.7 million

• New total holdings: 2,395 BTC

• Funding source: Internal cash flow

• Current Ranking: #24 globally

• % of total supply: ~0.0076%

• BTC needed to reach #20: ~1,600 BTC

The UK-based digital services firm continues its quiet but steady Bitcoin strategy.

For a small-cap listed on London’s junior exchange, the move underscores how far Bitcoin treasuries have spread beyond U.S. shores. Purchases have been disclosed via stock exchange notices, giving investors clear visibility into its balance-sheet shift.

At this scale, Smarter Web represents a growing class of smaller corporates whose Bitcoin positioning is less about scale and more about signaling — both to investors and to clients.

#4 — DDC Enterprise Limited (DDC) 🇺🇸

• BTC added: 100 BTC

• Estimated value: ~$11.5M

• New total holdings: 588 BTC

• Funding source: Not disclosed

• Current Ranking: #48 globally

• % of total supply (21M): ~0.0028%

• mNAV: 1.2x

DDC Enterprise, a US-based player, only began stacking recently but has consistently appeared on the Bitcoin Treasuries leaderboard.

With less than 600 coins, DDC sits far down the rankings, but each incremental purchase highlights the widening adoption curve. Even modest allocations now carry outsized visibility thanks to the growing ecosystem of treasury trackers.

Whether DDC can scale beyond signaling and into meaningful accumulation remains to be seen. For now, its position highlights that corporate Bitcoin treasuries aren’t just a mega-cap game.

#5 — Bitmax (KOSDAQ: 337030) 🇰🇷

• BTC added: +51.11 BTC

• Estimated value: ~$6.1 million

• New total holdings: 551 BTC

• Funding source: Cash treasury allocation

• Current Ranking: #50

• % of total supply: ~0.0002%

• YTD BTC Yield: N/A (first disclosure)

South Korea continues to make its way up the Bitcoin treasury map, and today Bitmax makes its debut on the Bitcoin Treasuries weekly roundup.

The size of the buy may be small compared to Western and Japanese peers, but the signal is outsized. With this purchase, Bitmax continues to test the waters of a corporate Bitcoin strategy in a country known for its vibrant retail trading culture but relatively cautious corporate sector.

By listing on KOSDAQ and leaning into a Bitcoin treasury model, the company positions itself at the frontier of institutional adoption in Korea. For investors, Bitmax offers an early-stage bet on whether Korean corporates will follow the same trajectory as Strategy in the US or Metaplanet in Japan.

Leaderboard Snapshot

The latest reshuffle among the largest corporate Bitcoin holders underscores how quickly the landscape can change.

Bullish vaulted into the top five with a 24,000 BTC disclosure, leapfrogging over Riot Platforms and putting pressure on another newly created treasury, the Bitcoin Standard Treasury Company.

The shakeup highlights an important reality: leadership in the Bitcoin treasury league table is increasingly fluid. The premium multiple (mNAV) these companies can sustain depends not just on their stacks, but on credibility, cost of capital, and the ability to keep buying through volatile cycles.

For investors, watching the leaderboard is as much about who is rising as it is about who is falling.

Key Takeaways

• Strategy still dominates with more than 629,000 BTC, but its relative share of the leaderboard is slowly narrowing as other firms scale up.

• Bullish’s arrival in the top five with 24,000 BTC is the clearest signal yet that new entrants can quickly challenge incumbents when capital is available.

• Market premiums (mNAV) are tightening, meaning not every new entrant will command investor trust — execution and credibility matter more than raw Bitcoin counts.

• Bitmax’s latest allocation is small in size but big in signal — the first Korean-listed treasury company to step into Bitcoin Treasuries top 50, setting the stage for potential corporate adoption across Asia.

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.

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