Bitcoin Balance Sheet #019

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, eight public companies added to their Bitcoin holdings — two of which are debuting in our weekly recap.

The top 100 now jointly hold 1,018,216 BTC, worth nearly $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 — Strive (ASST) 🇺🇸

• BTC added: 5,816 BTC

• Estimated value: ~$675 million (at ~$116,047/BTC)

• New total holdings: 5,885 BTC

• Funding source: Corporate cash and merger financing

• Current Ranking: #16 globally

• % of total supply: ~0.028%

• mNAV: 4.12x

Strive’s entry is the week’s biggest story.

Vivek Ramaswamy’s asset management firm deployed $675 million to acquire 5,816 Bitcoin while simultaneously announcing an all-stock merger with one of the world’s largest corporate Bitcoin holders, Semler Scientific.

The merger could mark a new playbook: use premium valuations on already existing stocks to roll up smaller Bitcoin treasuries. For instance, Strive is paying a 210% premium for Semler, basically using its premium share prices to acquire undervalued Bitcoin holdings.

The combined entity will hold over 10,900 Bitcoin, instantly creating a top-15 Bitcoin treasury through financial engineering rather than gradual accumulation. Strive will be exercising a “preferred equity only” leverage model, which should avoid debt maturity risks while maintaining access to capital.

If successful, the market could expect similar consolidation plays as larger companies buy up smaller Bitcoin holders ate premiums that are trading below their multiples.

See live mNAV dashboards for the world’s largest corporate Bitcoin holders.

#2 — Metaplanet (MTPLF) 🇯🇵

• BTC added: 5,419 BTC

• Estimated value: ~$609 million (at ~$112k/BTC)

• New total holdings: 25,555 BTC

• Funding source: Equity offerings and yen-denominated bonds

• Current Ranking: #5 globally (surpassing Bullish)

• % of total supply: ~0.122%

• mNAV: 1.02x

Metaplanet's massive 5,419 BTC acquisition catapults it into the global top 5.

The company deployed over $600 million in a single week, and according to Dylan LeClair, head of Bitcoin Strategy at Metaplanet, this is just the first tranche.

Japan’s top Bitcoin proxy is dealing with downward pressure on its mNAV. Compression is nearing parity, with mNAV sitting at 1.02x, suggesting that market efficiency is catching up. The tax arbitrage that drove 2x premiums earlier this year has normalized as supply increased.

Still, Metaplanet has achieved a year-to-date BTC yield of 395%.

Explore the data dashboard for Asia’s top Bitcoin proxy.

#3 — Strategy (MSTR) 🇺🇸

• BTC added: 850 BTC

• Estimated value: ~$99.7 million (at ~$117,344/BTC)

• New total holdings: 639,835 BTC

• Funding source: Convertible notes and preferred equity

• Current Ranking: #1 globally

• % of total supply: ~3.05%

• YTD BTC Yield: 26.0%

• mNAV: 1.36x

Strategy added 850 BTC this week at $117,344 per coin — paying above current spot prices but maintaining its relentless accumulation pace.

The 26% YTD BTC Yield demonstrates the compounding power of Strategy's financial engineering.

Despite paying premium prices this week, the company's average cost basis of $73,971 means they're sitting on massive unrealized gains. At $47 billion invested, this represents the largest corporate bet on any single asset in history.

The premium purchase price ($117,344 versus $112,000 spot) suggests Strategy is front-running anticipated price appreciation, facing execution challenges at this scale, or simply continuing its relentless Bitcoin acquisition scheme.

Explore the financials for the world’s largest corporate Bitcoin holder.

#4 — Capital B (ALCPB) 🇫🇷

• BTC added: 599 BTC

• Estimated value: ~$67 million

• New total holdings: 2,800 BTC

• Funding source: Corporate reserves and operational cash

• Current Ranking: #27 globally

• % of total supply: ~0.013%

• mNAV: 0.71x

Capital B added 551 BTC, bringing the firm’s total holdings up to 2,800 BTC, and marking its debut on the BitcoinTreasuries weekly leaderboard recap.

Despite operating in France, where crypto gains face 30% taxes, Capital B trades at 0.71x mNAV, a 29% discount to its Bitcoin holdings.

The discount is particularly notable given the nation’s tax dynamics. French investors buying Bitcoin directly face 30% levies versus 12.8% on equities after holding periods. Yet Capital B offers Bitcoin at 71 cents on the dollar.

When European markets recognize the tax arbitrage opportunity that drives many Asian premiums, Capital B’s discount could rapidly reverse.

See live dashboards for Europe’s top corporate Bitcoin buyers.

#5 — Boyaa Interactive (0434) 🇭🇰

• BTC added: 255 BTC

• Estimated value: ~$28.6 million

• New total holdings: 3,925 BTC

• Funding source: Gaming revenue and cash reserves

• Current Ranking: #24 globally

• % of total supply: ~0.019%

• mNAV: 1.46x

Boyaa Interactive added another 255 BTC, pushing holdings to 3,925 BTC.

The Hong Kong gaming company trades at 1.46x mNAV — a premium reflecting its unique position as mainland China's Bitcoin proxy. With direct crypto access banned, Chinese investors buy Boyaa for regulated exposure.

Boyaa’s 70% unrealized gains demonstrates the power of early accumulation. The company started buying in January 2024 and has perfectly timed the market. The 1.46x premium isn't excessive given the captive demand from 1.4 billion potential mainland buyers.

As more Hong Kong companies add Bitcoin, competition might compress premiums, but first-mover advantage remains valuable.

Explore the top regional dashboards as Asian Bitcoin proxies climb the leaderboard.

#6 — Treasury (TRSR) 🇳🇱

• BTC added: 111 BTC

• Estimated value: ~$12.5 million

• New total holdings: 1,111 BTC

• Funding source: $147 million private round (Winklevoss Capital, Nakamoto Holdings)

• Current Ranking: #43 globally

• % of total supply: ~0.005%

Treasury represents a new model: purpose-built Bitcoin accumulation vehicle going public via reverse merger.

The Netherlands-based company raised $147 million specifically for Bitcoin purchases, with heavyweight backing from Winklevoss Capital and Nakamoto Holdings.

The reverse listing into MKB Nedsense values Treasury at a 72% premium to the shell's current price. With 1,111 BTC accumulated since September at an $111,857 average, they're barely above water (+0.91%).

But the structure is the story: European incorporation, Amsterdam listing, and pure-play Bitcoin treasury with no operating business complexity.

Discover Europe’s land grab for the top corporate Bitcoin spot.

Leaderboard Snapshot

This week’s movements reshape the top 20 dramatically.

Strive’s debut at #16 show that aggressive new entrants can crack the upper ranks with a smart bout of financial engineering. The combined Strive-Semler entity would sit around #11, demonstrating how mergers can accelerate leaderboard positioning faster than organic accumulation.

Additionally, Metaplanet’s ascent to #5 is important as it becomes the first non-U.S. company in the top 5.

Key Takeaways

• Strive debuts with a merger-driven moonshot: By using premium stock to buy undervalued holdings and financing growth through preferred equity, Strive showcases a new “roll-up” playbook that could spark a wave of consolidation across the Bitcoin treasury space.

• Metaplanet's velocity changes the game: Adding 5,419 BTC in one week proves non-U.S. companies can accumulate at scale. The jump to #5 globally shows geographic diversification accelerating beyond token representation.

• New entrants signal broadening participation: Capital B and Treasury mark the first appearance in our weekly coverage, representing French blockchain consulting and Dutch pure-play treasury models respectively. Fresh buyers entering with nine-figure purchases shows the pipeline remains strong.

• European discounts are the next arbitrage: Capital B at 0.71x mNAV and other European treasuries trading below NAV represent the clearest mispricing in global markets.

Special thanks to our partners:

• Stacking Sats Inc. Founded by veteran Bitcoin advocates, Stacking Sats is a pioneering Bitcoin treasury company built on transparency, integrity, and proof-of-work principles. The firm strategically grows its BTC reserves through equity issuance, debt financing, and steady operating profits from Framework IT, a managed IT and cybersecurity subsidiary generating over 85% recurring revenue from multi-year contracts.

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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