Bitcoin Balance Sheet #017

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, 12 public companies added to their Bitcoin holdings — the most active week of 2025 so far.

The top 100 now jointly hold 1,009,202 BTC, worth roughly $115 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 — Strategy 🇺🇸

• BTC added: 525 BTC

• Estimated value: ~$60 million

• New total holdings: 638,985 BTC

• Funding source: Convertible notes and preferred equity blend

• Current Ranking: #1 globally

• % of total supply: ~3.05%

• YTD BTC Yield: 25.9%

• mNAV: ~1.3x

Strategy's accumulation machine hit another gear this week, adding 525 BTC and pushing total holdings near 640,000 Bitcoin — maintaining its commanding lead as the world's largest corporate Bitcoin treasury.

The funding playbook continues evolving with sophisticated capital market innovations.

For one, Saylor relaxed the 2.5x mNAV dilution floor for "greater flexibility," while the firm has recently unveiled new preferred stock dividend mechanism. It’s an automatic price stabilizer that adjusts payouts based on where STRC preferred trades.

Strategy's $71 billion Bitcoin treasury now ranks as the 5th largest corporate cash position among all S&P 500 companies.

Compare Strategy's premium vs peers: Full Leaderboard

#2 — Bitdeer Technologies (BTDR) 🇸🇬

• BTC added: 333.5 BTC

• Estimated value: ~$38.5 million

• New total holdings: 1,935 BTC

• Funding source: Mining revenue retention + operational optimization

• Current Ranking: #32 globally

• % of total supply: ~0.011%

• mNAV: ~12x

Bitdeer makes makes its newsletter debut with a substantial 333.5 BTC addition — and a staggering 12x mNAV that signals institutional euphoria around Asian Bitcoin mining exposure.

Singapore's mining powerhouse operational playbook is simple: redirect mining capacity from external customers to self-mining when economics favor accumulation over sales. The company's aggressive treasury building strategy has created one of the most extreme valuations in the entire Bitcoin treasury sector.

It comes off the back of an undeniable regulatory arbitrage advantage: Singapore's crypto-friendly framework combined with access to cheaper Asian energy markets creates structural benefits that Western competitors struggle to replicate. With a 12x premium, the market is pricing Bitdeer as one of the definitive Asian Bitcoin mining proxies.

Explore Asian mining leaders: Regional Leaderboard

#3 — Metaplanet (MTPLF) 🇯🇵

• BTC added: 136 BTC

• Estimated value: ~$15.7 million

• New total holdings: 20,272 BTC

• Funding source: Yen-denominated bonds + strategic equity offerings

• Current Ranking: #6 globally

• % of total supply: ~0.097%

• mNAV: ~1.3x

Japan's Bitcoin proxy continues its methodical accumulation, crossing 20,200 BTC with another 136 coin addition.

But the real story remains structural innovation in a 55% capital gains tax environment.

Metaplanet's recent preferred equity offering pegged at 25% of Bitcoin NAV creates a financing mechanism that survives even severe market drawdowns. In a country where direct Bitcoin ownership faces punitive taxation, Metaplanet offers the only scalable exposure vehicle.

The 1.3x mNAV premium isn't just speculation, it's tax arbitrage in its purest form. Every Japanese institution seeking Bitcoin exposure eventually leads back to Metaplanet, for now.

Explore Metaplanet's tax-efficient structure: Details

#4 — Cango Inc 🇨🇳

• BTC added: 141.1 BTC

• Estimated value: ~$16.3 million

• New total holdings: 5,418 BTC

• Funding source: Operational cash flow + strategic allocation

• Current Ranking: #17 globally

• % of total supply: ~0.026%

• mNAV: ~1.2x

Chinese Cango remains steadfast in the top 20 with a disciplined 141.1 BTC addition, signaling that Asian adoption extends far beyond regulatory headlines.

Despite China's restrictive Bitcoin stance, Cango's continued accumulation demonstrates institutional appetite for Bitcoin exposure remains robust.

The company's automotive finance background provides steady cash flows perfect for systematic accumulation.

Discover China’s largest Bitcoin treasury companies: Regional leaderboard

#5 — Canaan Inc (CAN) 🇺🇸

• BTC added: 63 BTC

• Estimated value: ~$7.3 million

• New total holdings: 1,547 BTC

• Funding source: Mining revenue + equipment sales retention

• Current Ranking: #36 globally

• % of total supply: ~0.008%

• mNAV: ~2x

Canaan also makes its debut on our top corporate acquisition weekly recap.

The inventor of ASIC Bitcoin mining continues its steady accumulation, adding 63 BTC through a combination of self-mining and strategic retention from equipment sales.

With hashrate expansion to 10+ EH/s and partnerships with Luxor for customer financing, Canaan is positioning itself as both a picks-and-shovels play and a direct Bitcoin accumulator.

The dual strategy provides natural hedging against mining margin compression while generating a healthy 2.0x mNAV premium.

Compare mining treasury strategies: Miner Rankings

Leaderboard Snapshot

The top 20 continues its U.S. dominance, but international diversification accelerates. Asian players now represent meaningful positions: Metaplanet at #6, Cango at #17, and emerging threats from Singapore and Malaysia.

Chinese firms continue quiet accumulation despite regulatory uncertainty, proving that institutional Bitcoin demand transcends political posturing. Singapore's emergence as a Bitcoin treasury hub reflects regulatory sophistication and proximity to Asian capital markets.

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

Key Takeaways

• Asian Emergence Accelerates: Bitdeer, Metaplanet, and Cango represent the vanguard of Asian institutional adoption. Explore regional strategies as regulatory arbitrage opportunities arise.

• Mining Treasury Model Evolves: Canaan and Bitdeer demonstrate that equipment manufacturers can successfully transition from Bitcoin sellers to Bitcoin holders. Compare all miner treasuries

• Strategy's Capital Innovation: Saylor's dividend dial mechanism represents sophisticated financial engineering that preserves Bitcoin holdings while maintaining funding flexibility. See Strategy's performance versus peers

• Regulatory Arbitrage Intensifies: Geographic differences in tax treatment and regulatory frameworks create massive opportunities for region-specific Bitcoin proxies. View tax arbitrage opportunities

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Over To You: What Do You Track?

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