Bitcoin Balance Sheet #015

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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In the past seven days, 13 public companies added their Bitcoin holdings — while the same amount offloaded coins.

The top 100 now jointly hold 1,002,103 BTC, worth roughly $113 billion at press time.

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

Want the full leaderboard, charts, and week-to-week shifts? See the full Bitcoin Treasuries dashboard

Top 5 Bitcoin Buys This Week

#1 — Strategy (MSTR) 🇺🇸

• BTC added: 1,955 BTC

• Estimated value: ~$217.4 million

• New total holdings: 638,460 BTC

• Funding source: Blend of convertible notes and preferred equity

• Current Ranking: #1 globally

• % of total supply: ~3.04%

• YTD BTC Yield: 25.8%

• mNAV: ~1.3x

Michael Saylor's Strategy machine printed another 1,955 BTC this week, pushing its total holdings past 638,000 Bitcoin — more than twelve times its nearest competitor.

The funding mix remains predictably elegant: convertible notes blended with preferred equity, converting capital market premiums into permanent Bitcoin positions. No dilution, no asset sales, just financial engineering.

With a 25.8% BTC Yield year-to-date, Strategy isn't just accumulating — it's compounding at a rate that makes traditional treasury management look antiquated.

Compare Strategy’s premium vs peers: Full Leaderboard

#2 — MARA Holdings (MARA) 🇺🇸

• BTC added: 1,838 BTC

• Estimated value: ~$204 million

• New total holdings: 52,477 BTC

• Funding source: Mining revenue retention + ATM equity facility

• Current Ranking: #2 globally

• % of total supply: ~0.25%

• mNAV: ~0.9x

MARA added 1,838 BTC through a combination of mining retention and ATM facility draws, cementing its position as the dominant miner-treasury hybrid at 52,477 total Bitcoin.

The transformation is complete: MARA has evolved from selling Bitcoin to fund operations to using equity markets. Mining provides MARA with a Bitcoin printer, while Wall Street provides the operational funding.

The result? Perpetual accumulation regardless of Bitcoin price.

Watch for every public miner to copy this playbook. The days of miners as forced sellers might well be over.

See how MARA stacks against other miners: Miner Rankings

#3 — Metaplanet (MTPLF) 🇯🇵

• BTC added: 136 BTC

• Estimated value: ~$15.1 million

• New total holdings: 20,136 BTC

• Funding source: Yen-denominated bonds + preferred equity offering

• Current Ranking: #6 globally

• % of total supply: ~0.096%

• mNAV: ~1.5x

Japan's Metaplanet crossed the 20,000 BTC threshold with a 136 Bitcoin addition, but the real story is structural innovation.

The company's new preferred equity offering pegged at 25% of Bitcoin NAV creates a financing floor that survives even a 75% drawdown. In a country where crypto gains face 55% tax rates, Metaplanet has positioned itself as the only game in town for Bitcoin exposure. The 1.5x mNAV premium isn't speculation — it's tax arbitrage.

With $15 million raised for just 136 BTC, Metaplanet is proving that smart structure beats size.

Explore Metaplanet’s treasury structure: Details

#4 — Cipher Mining (CIFR) 🇺🇸

• BTC added: 351 BTC

• Estimated value: ~$39 million

• New total holdings: 1,414 BTC

• Funding source: Mining revenue retention

• Current Ranking: #37 globally

• % of total supply: ~0.007%

Cipher quietly stacked another 351 BTC through pure mining retention, bringing holdings to 1,414 Bitcoin at #37 globally.

No headlines, no complex instruments, no dilution — just disciplined accumulation from one of the industry's lowest-cost operators. While the market obsesses over Strategy's financial gymnastics, Cipher is signaling that operational excellence and holder discipline can steadily climb the ranks.

At current accumulation rates, Cipher could crack the top 20 within months.

See which miners are quietly climbing the leaderboard like Cipher: Full Miner Rankings

#5 — BitFuFu (FUFU) 🇸🇬

• BTC added: 190 BTC

• Estimated value: ~$21.1 million

• New total holdings: 1,899 BTC

• Funding source: Mining revenue + operational cash flow

• Current Ranking: #32 globally

• % of total supply: ~0.009%

Singapore's quiet accumulator is making noise.

As one of the few Asian mining operations with public market access, BitFuFu is leveraging its unique position: hash rate exposure for Western investors, regulatory clarity from Singapore, and access to cheaper Asian energy markets.

The 190 BTC addition signals the company is joining the miner-treasury transformation, retaining mined Bitcoin rather than liquidating for opex.

Singapore's emergence as a Bitcoin treasury hub shouldn't be surprising. Favorable tax treatment, regulatory sophistication, and proximity to Asian capital markets make it the perfect domicile for Bitcoin accumulation.

Explore how Asian miners like BitFuFu are reshaping the treasury race: Regional Leaderboard

Leaderboard Snapshot

The top 20 remains U.S.-dominated, but international players are gaining ground.

Metaplanet holds strong at #6, leading Asian adoption. Chinese firms Next Technology (#15) and Cango Inc (#17) are quietly accumulating, despite regulatory uncertainty.

Canada's Hut 8 sits at #12, showing North American miners are fully committed to the treasury model.

The bigger story: we've crossed 1 million total BTC in corporate hands. The psychological barrier is broken, and with 13 companies adding this week versus 13 reducing, we're seeing natural market dynamics.

See the live leaderboard here — updated in real time with every treasury move.

Key Takeaways

• 1 Million BTC Breached: The top 100 now hold 1,002,103 BTC — a defining milestone that transforms Bitcoin from corporate experiment to balance sheet standard. View the full dataset. 

• Miners Dominate Accumulation: MARA (#2), Riot (#7), CleanSpark (#9), and Hut 8 (#12) are leveraging their natural BTC generation advantage while tapping equity markets for operational funding. Compare all miner treasuries.

• Geographic Arbitrage Intensifying: Metaplanet's 1.5x premium shows how tax regime differences create massive opportunities for regional Bitcoin proxies. Explore the regional leaderboard.

• The Accumulation Machine Accelerates: Strategy's 25.8% YTD BTC Yield proves the compounding model works. Each capital raise enables larger future raises in a self-reinforcing cycle. See Strategy’s performance versus peers.

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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