Bitcoin balance sheet #023

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. Today’s issue is brought to you by OranjeBTC, Brazil’s largest Bitcoin Treasury Company.

Meet Oranje: Brazil’s Largest Bitcoin Treasury Company

OranjeBTC is now officially publicly listed on B3, the São Paulo Stock Exchange, giving Latin American investors direct exposure to the fastest-growing financial asset in history – Bitcoin.

With 3,650 BTC under management, Oranje is now the region’s largest corporate Bitcoin holder. Why it matters:

• First-mover advantage: Oranje is the largest pure-play Bitcoin treasury company in a market where slowing economic growth and persistent inflation are harming savers.

• Liquidity on B3: B3 is Latin America’s largest and most liquid stock exchange, providing access to millions of investors and a robust infrastructure that makes equity trading efficient and secure. Listing on B3 means strong liquidity and global visibility.

• Proven leadership: Oranje is backed by Eric Weiss (early Strategy investor, Blockchain Investment Group), Gui Gomes (CEO, ex-Bridgewater, Swan), and Sam Callahan (widely followed Bitcoin researcher, ex-Swan lead analyst).

• Exceptional investors: The Oranje cap table includes regional heavyweights like Mexican billionaire Ricardo Salinas, Gemini co-founders Cameron and Tyler Winklevoss, and Bitcoin Standard Treasury Company CEO Adam Back.

“Taking OranjeBTC public marks the beginning of a new chapter for Bitcoin in Latin America. Our goal is to accelerate the transition to the Bitcoin Standard, giving institutions and communities across Latin America the financial foundation to thrive,” said Guilherme Gomes, founder and CEO of OranjeBTC.

Shares are now live on B3 — don’t miss the opportunity.

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 $128 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 — Metaplanet (MTPLF) 🇯🇵

• BTC added: 5,268 BTC

• Estimated value: ~$655 million

• New total holdings: 30,823 BTC

• Funding source: Combination of bond issuances and operational capital

• Current Ranking: #4 globally

• % of total supply: ~0.147%

• mNAV: 1.28x (Basic) / 1.62x (Diluted) / 1.30x (EV)

Metaplanet delivered the week’s largest addition with 5,268 BTC, pushing total holdings past 30,000 and cementing its position as Japan’s undisputed Bitcoin treasury leader at #4 globally.

The timing lines up with the company’s Phase II unveiling — a strategic pivot from pure accumulation to an all-encompassing revenue-generating infrastructure. With Bitcoin Income Generation already delivering $16.25 million in Q3 2025 revenues (up 115% quarter-over-quarter), Metaplanet is proving the business model works beyond just holding.

The real innovation, however, sits in perpetual preferred shares targeting 25% of NAV capacity. Add the country’s punitive 55% tax on direct crypto holdings versus standard equity treatment, and Metaplanet’s preferreds become the most tax-efficient Bitcoin exposure vehicle in Japan.

Explore our live dashboards tracking every Bitcoin treasury in Japan: See holdings, market value, and mNAV updates in real time — all in one place.

#2 — MARA Holdings (MARA) 🇺🇸

• BTC added: 373 BTC

• Estimated value: ~$46 million

• New total holdings: 52,850 BTC

• Funding source: Mining operations and corporate reserves

• Current Ranking: #2 globally

• % of total supply: ~0.252%

• mNAV: 1.04x (Basic) / 1.06x (Diluted) / 1.42x (EV)

MARA added 373 BTC, maintaining its #2 global position with 52,850 total holdings valued at $6.57 billion.

The miner-turned-treasury hybrid trades near NAV parity on basic metrics (1.04x), but the 1.42x EV mNAV reveals hidden operational leverage. Unlike pure treasury plays, MARA generates Bitcoin through mining while accumulating strategically. It’s a dual exposure strategy that compounds during bull markets.

At current valuations, investors pay minimal premium for the treasury while getting hash rate growth basically for free. The $7 billion market cap against $6.57 billion in Bitcoin holdings leaves just $430 million attributed to the entire mining operation — a considerably cheap trade given MARA’s expanding infrastructure footprint.

Explore our live dashboards tracking every public Bitcoin miner: Compare hash rate, holdings, and mNAV across the industry in real time.

#3 — CleanSpark (CLSK) 🇺🇸

• BTC added: 308 BTC

• Estimated value: ~$38 million

• New total holdings: 13,011 BTC

• Funding source: Mining operations

• Current Ranking: #9 globally

• % of total supply: ~0.062%

• mNAV: 2.89x (Basic) / 5.91x (Diluted) / 3.25x (EV)

CleanSpark added 308 BTC, climbing to #9 globally with 13,011 total holdings against a $5 billion market cap.

The valuation metrics are telling: 2.89x basic mNAV expanding to 5.91x diluted. That 2x spread signals either significant dilution risk or complex capital structure markets are pricing cautiously. The $1.62 billion in Bitcoin holdings represents just 32% of market cap — investors are paying $3.38 billion for the mining operation itself.

Unlike MARA’s compressed premium, CleanSpark commands a substantial multiple despite smaller treasury holdings. The differentiation likely stems from hash rate efficiency and expansion trajectory. Still, CleanSpark has been aggressively building out low-cost mining capacity, betting on operational leverage as hashprice dynamics evolve.

Explore our live dashboards for real-time insights into Bitcoin mining treasuries, leverage, and mNAV dispersion.

#4 — S-Science (5721) 🇯🇵

• BTC added: 265 BTC

• Estimated value: ~$33 million

• New total holdings: 296.2 BTC

• Funding source: Corporate reserves

• Current Ranking: #78 globally

• % of total supply: ~0.0014%

• mNAV: 4.32x (Basic) / 4.42x (Diluted) / 3.91x (EV)

S-Science debuts in today’s newsletter with a 265 BTC buy this week, now ranking #78 globally.

The Japanese diversified conglomerate — spanning nickel, real estate, and education — trades at extreme premiums: 4.32x basic mNAV with $159 million market cap against $36.86 million in Bitcoin. Investors are paying $122 million for the underlying businesses, but the Bitcoin addition signals strategic repositioning.

The timing is strategic — entering as Metaplanet validates the revenue-generating treasury model and Japanese retail recognizes the tax efficiency play. S-Science’s diversified business portfolio provides operational cash flow to fund accumulation without immediate dilution pressure.

At $159 million market cap, this is a micro-cap speculation on Japan’s Bitcoin treasury wave. Meanwhile, the 4.32x premium prices in aggressive accumulation expectations.

Japan’s corporate Bitcoin wave is accelerating: Track every listed company’s treasury on our website — live, updated, and ranked.

#5 — Convano (6574) 🇯🇵

• BTC added: 85 BTC

• Estimated value: ~$10.6 million

• New total holdings: 605.8 BTC

• Funding source: Corporate reserves

• Current Ranking: #58 globally

• % of total supply: ~0.0029%

• mNAV: 9.53x (Basic) / 10.64x (Diluted) / 8.35x (EV)

Convano added 85 BTC, pushing holdings to 605.8 BTC with a $718 million market cap — and one of the most extreme valuations in the entire sector.

At 9.53x basic mNAV, investors are paying $643 million above Bitcoin NAV for a company holding just $75 million in BTC. The 10.64x diluted mNAV suggests heavy dilution overhang.

Japan’s tax arbitrage explains why some of that premium exists, but not 9.53x. For context, Metaplanet — with 30,823 BTC, proven revenue streams, and infrastructure ambitions — trades at 1.28x. Convano commands 7.5x higher multiples with 1/50th the holdings and no visible differentiation.

The 85 BTC addition suggests management recognizes the need to grow treasury holdings to justify valuations, but even aggressive accumulation might not be enough to close a 9.53x premium quickly.

Explore our live mNAV dashboards following every Bitcoin Treasuries in Asia: live mNAVs, leverage plays, and more.

Leaderboard Snapshot

The top 20 shows notable movement this week as Metaplanet surges to #4, displacing Bitcoin Standard Treasury to #5. CleanSpark climbed one position to #9, while Riot slipped to #7.

Geographic concentration persists with U.S. companies holding 17 of the top 20 positions.

Japan’s emergence as the second treasury hub accelerates with three companies in the top 100: Metaplanet (#4), S-Science (#78), and Convano (#58). The Japanese cohort’s combined premium multiples signal structural demand from yield-starved domestic capital seeking tax-efficient Bitcoin exposure.

Key Takeaways

• Japan’s treasury wave intensifies: Three Japanese companies in this week’s top five, all trading at substantial premiums (Metaplanet 1.28x, S-Science 4.32x, Convano 9.53x). The 55% crypto tax is clearly creating structural demand for equity-based Bitcoin exposure. Track every Japanese Bitcoin treasury.

• Valuation dispersion creates opportunities: MARA at 1.04x mNAV versus Convano at 9.53x reveals massive mispricing. Investors can buy established miners with proven accumulation discipline at near-NAV, or chase speculative Japanese micro-caps at 9x+ premiums. Spot mNAV mispricing in real time.

• Perpetual preferreds emerge as next financing innovation: Metaplanet’s 25% NAV-targeted perpetual preferred structure solves convertible debt refinancing risk while providing permanent leverage. With Japanese household savings seeking 6%+ yields versus -0.5% domestic rates, Bitcoin-backed fixed income could become the dominant capital raising mechanism for Asian treasuries. Explore Bitcoin-backed fixed income plays.

Special thanks to our partners:

• Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio

• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writers specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

• Stacking Sats Inc. Official IT partner at BitcoinTreasuries.net, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing bet-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. 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?

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