Bitcoin Balance Sheet #027

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!

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

The top 100 now jointly hold 1,045,696 BTC worth roughly $116 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 —MARA Holdings (MARA) 🇺🇸

• BTC added: 400 BTC

• Estimated value: ~$44.4 million

• New total holdings: 53,250 BTC

• Funding source: Mining operations and operational cash

• Current Ranking: #2 globally

• % of total supply: ~0.254%

• mNAV: 1.20x (Basic) / 1.23x (Diluted) / 1.63x (EV)

MARA added 400 BTC, maintaining its #2 global position with 53,250 total holdings valued at $5.9 billion.

The miner-turned-treasury hybrid continues trading near NAV parity on basic metrics (1.20x), but the 1.63x EV mNAV reveals operational leverage markets are beginning to get priced in. Unlike pure treasury plays, MARA generates Bitcoin through mining while accumulating strategically — dual exposure that compounds during bull markets without requiring constant capital raises.

At current valuations, the $7 billion market cap against $5.9 billion in Bitcoin holdings leaves approximately $1.09 billion attributed to the entire mining operation and future production capacity. For a company that added 400 BTC this week primarily through operational cash flow, that’s remarkable efficiency. The mining infrastructure essentially pays for itself while building the treasury.

Moreover, the compressed premium suggests markets still view MARA primarily as a miner rather than recognizing the treasury transformation already underway.

Explore our live dashboard tracking MARA's complete mining and treasury operations: Monitor hash rate growth, Bitcoin accumulation, and mNAV compression in real time.

#2 — Strategy (MSTR) 🇺🇸

• BTC added: 168 BTC

• Estimated value: ~$18.8 million

• New total holdings: 640,418 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)

Strategy added 168 BTC at $112,051 per coin, pushing total holdings past 640,418 BTC and maintaining its unchallenged #1 global ranking.

With a $74,010 average cost basis across the entire 640,418 BTC treasury (total acquisition cost: $47.40 billion), Strategy now holds an unrealized gain exceeding 50% on its cumulative position. This validates the systematic accumulation strategy: buying consistently through all market conditions compounds long-term returns regardless of short-term entry prices.

BTC Yield reached 26.0% year-to-date confirming Strategy continues maximizing Bitcoin per share faster than dilution. This metric, not stock price or Bitcoin’s spot value, defines Strategy’s execution success.

At 1.19x basic mNAV with 640,418 BTC, the company trades at the sector's tightest premium for a mega-cap treasury. The compressed multiple reflects market efficiency: investors can buy Bitcoin exposure through Strategy at essentially spot prices with the added benefit of Saylor’s financial engineering and perpetual accumulation strategy.

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.

#3 — Cango 🇨🇳

• BTC added: 133.9 BTC

• Estimated value: ~$14.9 million

• New total holdings: 6,119.3 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 increased holdings by 133.9 BTC, pushing total to 6,119.3 BTC and climbing to #16 globally.

What makes Cango notable is geography: China maintains strict crypto regulations that prevent most citizens from easily accessing Bitcoin, yet Cango provides mainland investors with indirect exposure through a Nasdaq-listed vehicle. The company’s steady weekly additions — 133.9 BTC this week following 154 BTC last week — confirm persistent corporate conviction behind the scenes.

The 133.9 BTC addition represents aggressive accumulation momentum for a company that trades at just 1.31x basic mNAV. With an $895 million market cap against $685 million in Bitcoin holdings, investors pay only a $210 million premium for the operational business and future treasury growth potential. For Chinese investors lacking direct Bitcoin access, Cango offers the cleanest proxy available, sustaining its position as the nation's leading public Bitcoin treasury despite regulatory headwinds.

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.

#4 — ZOOZ Power (ZOOZ) 🇮🇱

• BTC added: 88 BTC

• Estimated value: ~$9.8 million

• New total holdings: 942 BTC

• Funding source: Not disclosed

• Current Ranking: #53 globally

• % of total supply: ~0.0045%

• mNAV: 2.68x (Basic) / 3.14x (Diluted) / 0.22x (EV)

ZOOZ Power debuts in this weekly recap with an 88 BTC buy, pushing holdings to 942 BTC valued at $104 million and ranking #53 globally.

Investors are paying $175 million above Bitcoin NAV for a business providing flywheel-based energy storage systems for ultra-fast EV charging. ZOOZ allows its operators to install fast chargers in locations where existing electrical grids lack sufficient power, solving a critical infrastructure bottleneck in the EV transition.

The 0.22x EV mNAV stands out as unusually low, indicating the enterprise value is dramatically lower than Bitcoin holdings alone — suggesting either negative net debt or market confusion about the company’s capital structure. This creates a potential arbitrage opportunity for investors willing to analyze the balance sheet: buying Bitcoin at a discount through equity if the operational business has value, or recognizing the company trades primarily as a treasury with energy storage operations as optionality.

At 942 BTC total, ZOOZ holds enough scale to matter — roughly 7x larger than Hyperscale’s 130 BTC but still far from dedicated accumulators.

Track emerging Bitcoin treasuries on our live dashboard: Monitor ZOOZ Power's accumulation pace, compare against other energy sector treasuries, and identify valuation anomalies in real time.

#5 — Bitdeer Technologies 🇸🇬

• BTC added: 86 BTC

• Estimated value: ~$9.5 million

• New total holdings: 2,127 BTC

• Funding source: Mining operations

• Current Ranking: #35 globally

• % of total supply: ~0.010%

• mNAV: 17.27x (Basic) / 21.79x (Diluted) / 18.63x (EV)

Bitdeer added 86 BTC, bringing total holdings to 2,127 BTC valued at $235 million and ranking #35 globally with a $4 billion market cap.

The Singapore-based mining company trades at astronomical 17.27x basic mNAV — among the highest multiples in the entire sector. With $4 billion in market capitalization against just $235 million in Bitcoin holdings, investors are paying $3.76 billion above NAV for the mining operations and future treasury growth. The 21.79x diluted mNAV suggests either significant convertible debt or warrants that would substantially increase share count, adding dilution risk to an already extreme valuation.

Meanwhile, the 17.27x mNAV only makes sense if investors view Bitdeer as a leveraged bet on Bitcoin mining profitability, not a treasury play. For a company with 2,127 BTC — meaningful but not massive — the valuation appears to price in perfection across mining operations, with the treasury providing NAV support rather than driving the investment thesis.

Explore our live dashboard tracking Bitcoin mining companies: Compare Bitdeer's treasury strategy, hash rate growth, and mNAV against mining sector peers in real time.

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: 

Leaderboard Snapshot

This week saw modest movement in the top 20, with Strategy and Cango the only firms to add Bitcoin to their balance sheets.

Meanwhile, the mid-tier remains fiercely competitive — positions 11 through 20 span just 6,488 BTC (Tesla’s 11,509 down to Semler’s 5,021), meaning a single large purchase can shift multiple rankings.

What’s notable this week is the velocity gap between tiers. While mega-caps like MARA added 400 BTC (0.75% growth), micro-caps showed explosive percentage gains: Parataxis Korea grew 50%, Japan’s Convano rose 9%, and Israel’s ZOOZ added 10%. The math favors small treasuries for short-term equity upside — a company with 150 BTC adding 50 weekly can 10x holdings in five months, versus Strategy needs 640,000+ BTC in purchases for equivalent percentage growth.

Track the complete global Bitcoin treasury leaderboard on our live dashboard: Monitor real-time ranking changes, compare holdings across 100+ companies, and identify which treasuries are accumulating most aggressively.

Key Takeaways

• Micro-cap percentage growth rates exceed mega-cap absolute additions: small treasuries can compound faster than large ones, creating explosive equity upside if management sustains accumulation velocity despite starting from minimal scale.

  Extreme mNAV premiums cluster in tax-advantaged jurisdictions: Bitdeer (17.27x), Convano (7.19x), and Parataxis (5.44x) all operate in markets with favorable tax treatment for equity-based Bitcoin exposure.

• Extreme valuation dispersion signals sector immaturity: The spread from ZOOZ’s 0.22x EV mNAV to Bitdeer’s 18.63x EV mNAV — an 84x difference — reveals a sector still discovering price discovery.

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

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