Bitcoin Balance Sheet #012

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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Want to go beyond headlines and learn how mNAV, preferred equity, and corporate treasuries really work?

On Sept 17 in New York, we’re gathering the sharpest minds in Bitcoin treasuries for the one-day Bitcoin Treasuries NYC Unconference, designed for allocators, executives, and investors who want to understand the next phase of corporate adoption.

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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 had a balanced week.

In the past seven days, eight public companies added to their Bitcoin holdings — while eight other firms offloaded coins.

The top 100 now jointly hold 990,695 BTC, worth about $108 billion at press time.

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

Top 6 Bitcoin Buys This Week

#1 — Strategy (MSTR) 🇺🇸

• BTC added: 3,081 BTC

• Estimated value: ~$362.6 million

• New total holdings: 632,457 BTC

• Funding source: Blend of convertible notes, preferred equity (Series B Stretch)

• Current Ranking: #1 globally

• % of total supply: ~3.02%

• mNAV: 1.3x

Michael Saylor’s Strategy continues to pull away from the competition.

The world’s largest corporate Bitcoin holder holds more than twelve times the amount of Bitcoin of its closest follower, Marathon Digital, signaling its distance seems to be unbridgeable.

Last week’s purchase was financed through its Series B Stretch preferred equity issuance, continuing the firm’s playbook of tapping into structured instruments instead of liquidating stock.

By doing so, Strategy avoids near-term dilution while converting market trust into more Bitcoin per share.

Strategy has also tweaked its dividend policy to deploy a sophisticated new capital preservation tool. Check out our Friday deep-dive for more analysis.

#2 — Metaplanet (MTPLF)  🇯🇵

• BTC added: 1009 BTC

• Estimated value: ~$112 million

• New total holdings: 20,000 BTC

• Funding source: Preferred stock equity offering

• Current Ranking: #6 globally

• % of total supply: ~0.084%

• mNAV: 2x

Japan’s Metaplanet has become the most consistent East Asian allocator, honing in on the top #5 globally.

Just as important as the buy itself, which broke the 20,000 BTC mark, is the new financing mechanism unveiled this week: a preferred stock equity issuance pegged to 25% of its Bitcoin NAV.

This structure allows Metaplanet to raise capital even if BTC’s price were to fall by 75%, providing a handsome cushion if Bitcoin enters a bear market or capital markets were to tighten.

With this hybrid of risk management and steadfast accumulation, Metaplanet is showing how smaller firms can innovate structurally while continuing to climb the leaderboard.

#3 — Boyaa Interactive (0434. HK) — 🇭🇰

• BTC added: 290 BTC

• Estimated value (added): ~$34.66M

• New total holdings: 3,640 BTC

• Estimated total value: ~$435.0M

• Current ranking: #22 globally

• Funding source: Treasury reallocation / internal cash

• % of total supply (21M): ~0.0173%

• mNAV: 1.6x

Boyaa continues to balloon its Bitcoin stockpile, showing evidence that Hong Kong–listed operating companies are upgrading reserves, not just experimenting.

The cadence has been measured, but it’s clearly deliberate.

Unlike highly leveraged models, Boyaa’s path is cash-driven: incremental treasury reallocations from its operating base rather than heavy convertible and debt issuance.

Boyaa’s buys might not grab headlines, but they are likely more sustainable across cycles.

For investors tracking Asia ex-Japan, Boyaa represents the pragmatic middle: not a mega-cap “go big” story, but a repeatable, board-friendly program that keeps nudging the stack higher.

#4 — Convano 🇯🇵

• BTC added: 155 BTC

• Estimated value (added): ~$18.5M

• New total holdings: 520 Bitcoin

• Current ranking: #56 globally

• Funding source: Corporate bonds and internal cash

• % of total supply: ~0.0025%

• mNAV: 12.8x

Convano, best known as a Japanese nail salon chain, has accelerated its pivot into the Bitcoin treasury space — making its debut on the Bitcoin Treasuries weekly recap.

This week’s 155 BTC buy is its largest yet, lifting total holdings above 500 BTC and signaling conviction in its stated goal of amassing 21,000 BTC by 2026.

While small by global standards, Convano exemplifies how non-tech, non-financial corporates are using bond issuance and operating cash flow to build exposure.

Its transformation and accumulation places it among the most aggressive mid-tier Japanese entrants, underscoring how Bitcoin is becoming a cross-sector corporate asset in Tokyo.

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

• BTC added: 45 BTC

• Estimated value (added): ~$5.38M

• New total holdings: 2,440 BTC

• Estimated total value: ~$291.6M

• Current ranking: #25 globally

• Funding source: Internal cash reserves

• % of total supply (21M): ~0.0116%

The Smarter Web company pushed past 2,400 BTC with a 45 BTC top-up.

For a UK small-cap, the scale is notable: its BTC-to-enterprise-value ratio ranks among the highest outside mining, and it’s been built without any exotic financing.

The thesis is pretty straightforward: treat Bitcoin as a core reserve and accumulate steadily, independent of market noise. That discipline shows up in consistent filings and a stack that grows through both calm and chop.

Smarter Web remains a clean case study for readers who want to see how smaller, cash-flow positive firms can build meaningful Bitcoin exposure without leaning on riskier capital structures.

#6 — Remixpoint (3825.T) 🇯🇵

• BTC added: 41.498 BTC

• Estimated value (added): ~$4.96M

• New total holdings: 1,273 BTC

• Estimated total value: ~$152.1M

• Current ranking: #36 globally

• Funding source: Group treasury / exchange-adjacent operations

• % of total supply (21M): ~0.0061%

• mNAV: 2.5x

Remixpoint, a multi-sector Japanese firm rooted in energy and automotive services, makes its debut on the Bitcoin Treasuries weekly recap.

The company has been consistently shifting from an exchange ecosystem exposure (via group holdings) to direct balance-sheet BTC.

The adds aren’t blockbuster-sized, but the intent is unmistakable.

With Metaplanet grabbing headlines, Remixpoint’s steady accumulation shows a second lane forming in Japan: corporates with crypto-infrastructure adjacency translating that footprint into on-balance-sheet Bitcoin.

Leaderboard Snapshot

This week’s leaderboard shows the U.S. firmly in control of the corporate Bitcoin landscape — a staggering 80% of the top 20 firms are American.

But Japan’s presence is quietly growing. Metaplanet now holds 20,000 BTC after its latest purchase, and its newly announced preferred share program could give it fresh firepower to climb past Bullish at #5.

Bullish itself only entered the leaderboard two weeks ago with 24,000 BTC, underscoring how quickly challengers can shake up the rankings.

Key Takeaways

• US dominance holds. With 80% of the top 20 firms based in America, the US remains the uncontested home of corporate Bitcoin treasuries.

• Japan continues to build its bloc. Metaplanet’s 20,000 BTC milestone paired with Convene and Remixpoint’s entry shows other Japanese corporates are following suit, combined to add breadth to the country’s footprint.

• Structural innovation is the new edge. With Metaplanet’s NAV-pegged preferred issuance expect more firms to adopt PIPEs, preferreds, and hybrid financings as they chase a place on 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.

• 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?

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