Bitcoin Balance Sheet #011

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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When? Wednesday, September 17, from 9am to 5 pm. Where? Lavan, Midtown, NYC

Speakers include:

• Michael Saylor (Strategy)

• Tyler Evans (Nakamoto)

• Eric Semler (Semler Scientific)

• Matt Cole (Strive Funds)

• Andrew Webley (The Smarter Web Company)

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Corporate Bitcoin adoption is dialed in.

In the past seven days, 12 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 984,209 BTC, worth roughly $109 billion at press time.

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

Top 5 Bitcoin Buys This Week

#1 — Nakamoto (KindlyMD, Inc.) (NAKA) 🇺🇸

• BTC added: 5,743.91 BTC

• Estimated value: ~$660M (at $115k/BTC)

• New total holdings: 5,743.91 BTC

• Funding source: Private equity and convertible notes

• Current Ranking: #16 globally

• % of total supply: ~0.027%

• mNAV: 5.9x

Nakamoto (the post-merger KindlyMD vehicle) debuted with size, acquiring 5,743.91 BTC in a single transaction and taking total holdings to 5,764.91 BTC.

The company disclosed that the buy was funded with PIPE proceeds, underscoring a capital-markets first approach similar to other large treasury programs.

In short, raise dedicated capital, then convert it to BTC quickly.

With its first purchase, Nakamoto jumps straight into the top-20 cohort of public holders, immediately becoming a tiered proxy for BTC exposure with room to iterate on capital structure and cadence.

Nakamoto’s CEO, David Bailey, has said he wants to raise $1 billion for Bitcoin buys.

This is the first time Nakamoto has appeared in our newsletter.

#2 — Strategy 🇺🇸

• BTC added: 3,081 BTC

• Estimated value: ~$355M (at ~$115k/BTC)

• New total holdings: 632,457 BTC

• Funding source: Blend of convertible notes + preferred equity

• Current Ranking: #1 globally

• % of total supply: ~3.01%

• YTD BTC Yield: ~21%

Michael Saylor’s Strategy extended its unmatched lead this week, adding 3,081 BTC to push its total holdings past 632,000 BTC.

That’s now more than 3% of all Bitcoin in circulation, consolidating its position as the undisputed corporate leader.

The buy was financed through a familiar mix of convertible debt and preferred equity — mechanisms Saylor has repeatedly used to convert market premiums into hard assets. This model has allowed Strategy to sustain its aggressive pace of accumulation for nearly five years.

At this scale, Strategy isn’t just a corporate treasury — it’s functionally a Bitcoin nation-state. No other public company comes close, with its nearest competitors holding less than one-tenth of its stack.

#3 — Metaplanet 🇯🇵

• BTC added: 775 BTC

• Estimated value: ~$89M

• New total holdings: 18,991 BTC

• Funding source: Yen-denominated corporate bond program

• Current Ranking: #7 globally

• % of total supply: ~0.090%

• YTD BTC Yield: +8.3%

• mNAV: 1.9x

Metaplanet continues to live up to its “Japan’s MicroStrategy” moniker.

The company added 775 BTC this week, bringing its total stash to 18,888 BTC. The move reinforces its position in the top 10 global holders.

The firm’s strategy is clear: lean on yen-denominated bond issuances to methodically scale its treasury. That playbook has helped Metaplanet build credibility with local investors while signaling to the market that it has the discipline — and funding — to execute.

With Asia’s corporate treasury scene heating up, Metaplanet’s consistency stands out. This isn’t about a one-off buy — it’s about building a programmatic allocation to continue reshaping Japan’s capital markets.

#4 — DDC Enterprise Limited 🇺🇸

• BTC added: 200 BTC

• Estimated value: ~$23M

• New total holdings: 888 BTC

• Funding source: Not disclosed (likely internal reserves)

• Current Ranking: #45 globally

• % of total supply: ~0.0038%

• YTD BTC Yield: N/A

DDC logged its fourth August purchase, adding 200 BTC and doubling its stack month-to-date to 888 BTC.

The buy is part of a half-billion financing framework the firm announced in June, which aims to combine equity and debt tools designed specifically to fund Bitcoin acquisitions.

Operationally, this cadence — multiple prints in quick succession — signals a programmatic approach rather than headline buys. The firm’s upper management has also guided to an ambitious runway for 2025, suggesting continued prints as capital becomes available.

From a market-structure lens, DDC is becoming a small-cap, high-beta proxy for BTC exposure: financing access + purchase discipline = potential mNAV support if the cadence persists and execution remains clean.

#5 — H100 Group 🇸🇪

• BTC added: 102 BTC

• Estimated value: ~$11.8M

• New total holdings: 911 BTC

• Funding source: Convertible loan agreements

• Current Ranking: #44 globally

• % of total supply: ~0.0005%

H100 Group, Sweden’s health-tech name turned treasury accumulator, added 102 BTC this week, lifting its stack to ~911 BTC and pushing it into the mid-40s on the global leaderboard.

Crucially, the company has spelled out the funding mix: recent purchases were partly financed with proceeds from convertible loan agreements, giving H100 a capital-markets lever similar (in structure, not scale) to what larger players use.

Momentum has also been helped by visible industry backing and comms: coverage highlighted support from Blockstream’s Adam Back, and H100 has formalized the function by appointing a Head of Bitcoin Strategy to professionalize its treasury program.

From an investor’s lens, H100 is now a useful European mid-cap proxy for BTC exposure: small in absolute terms but growing, with a defined financing channel and recurring purchase cadence.

Keep an eye on follow-on converts and how quickly additional tranches translate into BTC per share growth.

Leaderboard Snapshot

This week’s leaderboard highlights how U.S. corporates continue to dominate the top 10.

At the same time, Japan and Europe are carving out stronger footholds. Metaplanet climbed further with another 775 BTC buy, reinforcing Japan’s role as Asia’s flagship corporate allocator.

Finally, Nakamoto (KindlyMD) made its official debut on the leaderboard with nearly 5,800 BTC, landing at #16. Its PIPE-financed purchase underscores how PIPEs and structured financings are now being used to replicate the “Saylor playbook” in smaller-cap corporates.

Key Takeaways

• Nakamoto makes a statement: The firm’s 5,765 BTC debut shows PIPE deals are becoming the weapon of choice for mid-caps to scale like Saylor.

• Metaplanet climbs with discipline: Its 775 BTC buy underscores that steady, programmatic stacking can close leaderboard gaps faster than splashy one-offs.

• Strategy reinforces its playbook: Adding 3,081 BTC this week, the firm proves again that creative financing keeps its compounding engine alive — and its premium intact.

• DDC quietly builds momentum: A 200 BTC add puts the U.S. consumer brand within striking distance of the top 40, proving that small but consistent allocations can still shift the leaderboard.

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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• Which signals would you like us to explore in more depth?

• What tools would you like to see us integrate?

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