Bitcoin Balance Sheet #021

Hello and welcome to Bitcoin Balance Sheet, the 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!

Bitcoin: A Competitive Advantage

Friday, 21 November 2025 — The West Mill, Derby, UK
Hosted by The Bitcoin Collective

This isn’t another marathon of panels and jargon. It’s a focused gathering for entrepreneurs, investors, and executives ready to see how Bitcoin can protect businesses against inflation, currency risk, and policy uncertainty.

Inside a beautifully restored 19th-century cotton mill, you’ll spend a full afternoon and evening learning and connecting with 200 operators, founders, and investors.

Sessions are concise, breaks are deliberate, and networking carries through a buffet lunch, coffee chats, and a three-course dinner where the best conversations happen.

On Stage:

• Liz Truss – Former UK Prime Minister

• Andrew Webley – Founder, The Smarter Web Company

• Sam Roberts – Director of Investment Consulting, Cartwright

Walk away with: strategies to protect your balance sheet from inflation and FX shocks, insights on why UK firms are quietly adding Bitcoin to their treasuries, a regulatory outlook shaping European capital markets.

Subscriber Perk: Bitcoin Treasuries readers save 10% with code DOTNET. 

Seats are limited — secure your advantage before the premium closes.

In the past seven days, 13 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,031,231 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 — OranjeBTC 🇧🇷

• BTC added: 3,600 BTC

• Estimated value: ~$400 million

• New total holdings: 3,650 BTC

• Funding source: Private capital raise backed by Winklevoss Capital, Adam Back, FalconX, and Latin American investors

• Current Ranking: ~#27 globally

• % of total supply: ~0.017%

• mNAV: To be determined post-listing on Brazil’s B3 exchange

OranjeBTC has burst onto the global leaderboard with Brazil’s largest corporate Bitcoin buy to date.

The company announced a 3,600 BTC ahead of its planned reverse-merger listing on the B3 exchange in early October, instantly positioning itself as Latin America’s premier public Bitcoin treasury.

The debut is more than a balance-sheet play. OranjeBTC plans to leverage Intergraus’s public structure to launch a nationwide Bitcoin education platform, signaling ambitions beyond simple asset accumulation.

Backers include Cameron and Tyler Winklevoss, Adam Back, FalconX, and Mexican billionaire Ricardo Salinas Pliego, giving the venture deep pockets and global credibility.

With Brazil’s capital markets opening to corporate Bitcoin strategies, Oranje’s move sets the stage for a MicroStrategy-style arms race in Latin America.

#2 — Strategy 🇺🇸

• BTC added: 196 BTC

• Estimated value: ~$22 million

• New total holdings: 640,031 BTC

• Funding source: Operational cash and ATM proceeds

• Current Ranking: #1 globally

• % of total supply: ~3.05%

• mNAV: 1.23x (Basic) / 1.43x (EV)

Strategy's 196 BTC looks modest against Strive and Metaplanet's thousands, but context matters.

With 639,835 total BTC, even small additions move billions in value. The 51.56% unrealized gains on $73,972 average cost represents $24 billion in paper profits — larger than most companies' entire market caps.

Of late, Strategy has been advancing with measured pace, which suggests strategic patience. While others are deploying billions weekly, Saylor maintains its consistent discipline. And at 1.23x mNAV; Strategy still trades at a reasonable premium when compared to newer entrants.

Is Strategy a buy? Explore its dashboard for up-to-date mNAV data.

#3 — Cango 🇨🇳

• BTC added: 141 BTC

• Estimated value: ~$15.8 million

• New total holdings: 5,708 BTC

• Funding source: Corporate reserves

• Current Ranking: #19 globally

• % of total supply: ~0.027%

• mNAV: 1.08x (Basic) / 2.55x (EV)

Cango quietly added 141 BTC, pushing holdings to 5,708 BTC and maintaining its #19 ranking.

The Chinese automotive services company trades near NAV on basic metrics but shows 2.55x EV mNAV, suggesting significant leverage or operational complexity.

Although China offers regulatory uncertainty, Cango’s continual accumulation confirms there’s corporate interest in the country. Cango provides mainland investors with indirect Bitcoin exposure through a listed vehicle, and that’s become valuable given the nation’s crypto ban.

Still, the modest premium suggests markets haven’t fully recognized this access value.

Is Cango a buy? Explore its dashboard for real-time data on the company’s mNAV.

#4 — B HODL (HODL) 🇬🇧

• BTC added: 112 BTC

• Estimated value: ~$12.6 million (at ~$112k/BTC)

• New total holdings: 112 BTC

• Funding source: Not disclosed

• Current Ranking: #99 globally

• % of total supply: ~0.0005%

• mNAV: Not available

B HODL debuts with 112 BTC, positioning itself as Britain's first pure-play Bitcoin treasury.

The company focuses solely on Bitcoin accumulation while generating revenue through Lightning Network operations — a unique model combining treasury growth with operational yield. With team members from Bitcoin Policy UK, CoinCorner, and major law firms, B HODL brings institutional credibility to UK Bitcoin adoption.

UK market dynamics suggest potential: British investors face 20% capital gains tax on crypto versus potentially lower rates through ISA-wrapped equities. If B HODL achieves public listing on AIM or main market, it could become the UK's answer to MicroStrategy.

Is B HODL a buy? Explore its dashboard for up-to-date financial information.

#5 — Mac House (7603) 🇯🇵

• BTC added: 112.6 BTC

• Estimated value: ~$12.6 million (at ~$113k/BTC)

• New total holdings: 112.6 BTC

• Funding source: Corporate reserves

• Current Ranking: #98 globally

• % of total supply: ~0.0005%

• mNAV: 3.68x (Basic) / 2.02x (EV)

Mac House enters the Bitcoin treasury space with 112.6 BTC, marking another Japanese retailer following Metaplanet's playbook.

At a $46 million market cap against $12.6 million in Bitcoin holdings, investors are paying nearly 4x for each Bitcoin held.

The premium reflects Japan's tax arbitrage opportunity rather than operational excellence. With crypto gains taxed at 55% versus 20% for equities, even a struggling retailer can command premiums by offering tax-efficient Bitcoin exposure.

As Japanese retail investors recognize another Metaplanet alternative, Mac House could see sustained premium valuations despite minimal holdings.

Is Mac House a buy? Explore its dashboard for real-time updates on its mNAV.

BitcoinTreasuries.net Portfolio Tracker

This sample portfolio tracks six Bitcoin-linked positions — including spot BTC — showing live market value, unrealized P/L, and a three-month IRR. Each holding updates in real time, letting you watch premiums to mNAV expand or compress as corporate acquisitions play out.

Build your own basket → Bitcoin Treasuries Portfolio Tool

Select any public company, set your own weights, and benchmark against Bitcoin or major equity indices. Create watchlists, test strategies, and track NAV discounts — all in one dashboard.

Leaderboard Snapshot

The top 20 remains remarkably stable despite massive individual moves.

Strategy's dominance at 639,835 BTC grows more absolute — now 25x larger than #5 Metaplanet. The gap between tiers is widening as large players accumulate faster than smaller ones can catch up.

Geographic diversification is lacking as the U.S. dominates with 14 of the top 20 positions. Even so, international momentum is building as Brazil’s Oranje makes a sizable entry into the top 30, and two of Japan’s Bitcoin proxies made moves this week.

Key Takeaways

• Japan emerges as the second Bitcoin treasury hub: With Metaplanet at #5 globally, Mac House entering at #98, and Anap Holdings at #46, Japanese companies are exploiting the 55% crypto tax rate to build premium-commanding treasuries.

• Brazil triggers Latin American land grab: Oranje’s 3,600 Bitcoin buy sets the stage for game theory to kick off in the continent. Joining the likes of Mercado Libre and Brazil’s Meliúz, Oranje puts pressure on other companies to follow suit.

• European discounts remain irrational: Capital B at 0.80x mNAV while Asian companies trade at 1.4x+ highlights persistent geographic mispricing that creates obvious arbitrage opportunities.

• The consolidation era begins: With Strive's merger announcement and premium valuations enabling acquisitions, expect rapid industry consolidation as companies use inflated equity to roll up smaller treasuries.

Special thanks to our partners

• Cryptio. The leading digital asset accounting and back-office platform bringing brings institutional-grade rigor to Bitcoin treasuries. The company aggregates on-chain activity, exchange data, and wallet records into GAAP/IFRS-compliant accounting, tax, and audit reports, enabling enterprises to confidently manage and report their Bitcoin holdings with full transparency and regulatory readiness. Learn more: Cryptio

• AnchorWatch. The first dedicated Bitcoin-native insurance provider, delivering Lloyd’s of London-backed coverage to institutions and individuals securing Bitcoin assets. From insured custody up to $100 million per client to specialized Kidnap & Ransom protection with professional hostage-negotiation services, AnchorWatch helps drive capital-markets adoption by giving companies the security and confidence to hold Bitcoin at scale. Learn more: AnchorWatch

• 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. Learn more: Stacking Sats Inc.

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?

You can help shape the direction of this newsletter in 10 seconds.

Just hit reply, we read everything.

For more information: