Bitcoin Balance Sheet #025

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!

Stacking Sats Inc

Official IT partner at BitcoinTreasuries, 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.

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In the past seven days, 15 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,042,693 BTC, worth roughly $119 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 (MSTR) 🇺🇸

• BTC added: 220 BTC

• Estimated value: ~$27.2 million

• New total holdings: 640,250 BTC

• Funding source: ATM equity and convertible debt proceeds

• Current Ranking: #1 globally

• % of total supply: ~3.05%

• mNAV: 1.19x (Basic) / 1.32x (Diluted) / 1.38x (EV)

• BTC Yield YTD 2025: 25.9%

Strategy is back this week by adding 220 BTC at $123,561 per coin, pushing total holdings past 640,250 BTC and maintaining its unchallenged #1 global ranking.

The 220 BTC addition — small by Strategy’s historical standards — reflects deliberate pacing rather than reduced conviction. With 640,250 total BTC now representing over 3% of circulating supply, even incremental purchases require significant capital deployment.

The critical metric is BTC Yield: 25.9% year-to-date in 2025. This measures the percentage change in the ratio of Strategy’s Bitcoin holdings to its diluted shares outstanding. While the stock price fluctuates with Bitcoin and market sentiment, BTC Yield quantifies management’s core objective — maximizing Bitcoin per share through accretive capital raises. At 25.9% YTD, Strategy is adding Bitcoin faster than share dilution, compounding shareholder exposure regardless of price action.

Track Strategy’s BTC Yield and accumulation strategy on our live dashboard: See every purchase, calculate dilution impact, and monitor the world's largest corporate Bitcoin treasury in real time.

#2 — Cango Inc (CANG) 🇨🇳

• BTC added: 154 BTC

• Estimated value: ~$17.6 million

• New total holdings: 6,005 BTC

• Funding source: Corporate reserves

• Current Ranking: #16 globally

• % of total supply: ~0.029%

• mNAV: 1.31x (Basic) / 3.14x (Diluted) / 2.47x (EV)

Cango added 154 BTC, pushing holdings to 6,005 BTC and climbing to #16 globally with a $685 million position.

Trading at 1.31x basic mNAV but with a 3.14x diluted mNAV, means investors are paying a $209 million premium for the operational business and future accumulation potential. Additionally, the 154 BTC weekly addition demonstrates disciplined accumulation. For a company operating in a jurisdiction where direct crypto ownership faces restrictions, Cango’s treasury strategy offers Chinese investors their cleanest Bitcoin proxy.

The question is whether the 3.14x diluted mNAV reflects genuine dilution risk or whether markets are simply pricing in execution uncertainty given the regulatory environment.

Explore our live dashboard tracking Bitcoin treasuries in China: Compare Cango's holdings against regional competitors and monitor Asia's growing treasury landscape in real time.

#3 — The Smarter Web Company (SWC) 🇬🇧

• BTC added: 100 BTC

• Estimated value: ~$11.4 million

• New total holdings: 2,650 BTC

• Funding source: Not disclosed

• Current Ranking: #30 globally

• % of total supply: ~0.013%

• mNAV: 1.05x (Basic) / N/A (Diluted) / 0.03x (EV)

The Smarter Web Company added 100 BTC, pushing holdings to 2,650 BTC valued at $302 million and ranking #30 globally.

The UK-based company trades at 1.05x basic mNAV — essentially NAV parity — with a $316 million market cap. But the 0.03x EV mNAV stands out as unusually low, indicating negative enterprise value when accounting for debt. This signals either significant liabilities on the balance sheet or aggressive leverage that markets are pricing cautiously.

For investors, this creates a potential arbitrage opportunity: buying Bitcoin at essentially spot price through equity, assuming the company can manage its capital structure without forced selling.

Track UK Bitcoin treasuries on our live dashboard: Monitor Smarter Web's near-NAV valuation, compare against European peers, and identify arbitrage opportunities in real time.

#4 — Canaan (CAN) 🇺🇸

• BTC added: 92 BTC

• Estimated value: ~$10.5 million

• New total holdings: 1,582 BTC

• Funding source: Mining operations and corporate reserves

• Current Ranking: #39 globally

• % of total supply: ~0.008%

• mNAV: 2.69x (Basic) / 2.20x (Diluted) / 42.31x (EV)

Canaan added 92 BTC, bringing total holdings to 1,582 BTC valued at $180 million and ranking #39 globally.

With an $8 billion enterprise value and a 42.31x EV mNAV, markets are pricing Canaan primarily as a hardware business with treasury upside and not a pure bitcoin play. Even so, the Bitcoin mining hardware manufacturer trades at 2.69x basic mNAV with a $486 million market cap — a substantial premium that reflects its dual revenue model: selling ASIC miners globally while accumulating Bitcoin from proprietary mining operations.

The company’s strategic positioning differs from pure miners or treasuries. Canaan benefits from hardware sales during bull markets when mining profitability drives equipment demand, then uses cash flow to accumulate Bitcoin during both cycles.

Adding 92 Bitcoin this week demonstrates this hybrid approach: part operational mining, part strategic purchases with hardware revenue.

Explore our live dashboard tracking Bitcoin mining hardware companies: Compare Canaan's treasury strategy against pure miners and monitor the hardware-to-holdings playbook in real time.

#5 — Hyperscale Data (GPUS) 🇺🇸

• BTC added: 66 BTC

• Estimated value: ~$7.5 million

• New total holdings: 90.61 BTC

• Funding source: Not disclosed

• Current Ranking: #106 globally

• % of total supply: ~0.0004%

• mNAV: 5.07x (Basic) / 5.30x (Diluted) / 10.18x (EV)

Hyperscale Data debuts with 66 BTC added this week, bringing total holdings to 90 BTC and ranking #106 globally with just $10 million in Bitcoin.

The U.S.-based data center infrastructure company trades at extreme premiums: 5.07x basic mNAV with a $52 million market cap against $10.34 million in Bitcoin holdings. Investors are paying $41.66 million above NAV for a company with minimal treasury scale — a valuation that only makes sense if Hyperscale aggressively scales accumulation or generates extraordinary operational returns.

The 10.18x EV mNAV suggests markets are pricing the data center business and future Bitcoin strategy, not current holdings. With just 90 BTC, Hyperscale ranks outside the top 100 — but the premium implies expectations of rapid accumulation or plans to leverage data center operations for Bitcoin mining integration.

Track emerging Bitcoin treasuries on our live dashboard: Monitor new entrants like Hyperscale, compare extreme valuations, and identify speculation versus fundamentals in real time.

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:

Leaderboard Snapshot

The top 20 remains remarkably stable this week, with Strategy’s dominance at 640,250 BTC pretty much mathematically unassailable.

For another week, U.S. companies continue to absolutely dominate, holding 17 of the top 20 positions. International momentum continues to build, however. China’s Cango at #16, UK’s Smarter Web Company at #30, and a group of smaller firms debuting signal that the treasury playbook is expanding. Each jurisdiction offers unique arbitrage opportunities — tax efficiency in the UK, proxy access in China, and regulatory clarity in Japan.

Meanwhile, the leaderboard increasingly segments into tiers: mega-holders above 10,000 BTC (top 12), mid-tier accumulators between 1,000-10,000 BTC (ranks 13-50), and emerging players below 1,000 BTC experimenting with treasury strategies.

Key Takeaways

• Valuation dispersion creates arbitrage opportunities: Smarter Web trades at 1.05x mNAV while Hyperscale commands 5.07x with minimal holdings — the spread between established treasuries near NAV and speculative newcomers at extreme premiums offers obvious long/short pairs for sophisticated investors willing to exploit sector inefficiencies.

• Strategy’s BTC Yield metric reframes the accumulation game: The 25.9% YTD BTC Yield demonstrates that maximizing Bitcoin per share matters more than absolute purchase volume — Strategy’s 220 BTC addition at $123,561 looks modest until you realize it’s increasing per-share Bitcoin exposure faster than dilution.

• International treasury adoption validates global playbook: Seven companies across four jurisdictions with vastly different regulatory environments all accumulated this week, proving Bitcoin treasury strategies transcend local restrictions.

Special thanks to our partners

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

• 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, 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

• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

Over To You: What Do You Track?

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