Bitcoin Balance Sheet #029

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, 14 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,046,633 BTC, worth roughly $120 billion at press time.

Below, we break down the five most aggressive buyers this week — along with how their moves impact the leaderboard.

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Top 5 Bitcoin Buys This Week

#1 — American Bitcoin Corp (ABTC) 🇺🇸

• BTC added: 1,414 BTC

• Estimated value: ~$157 million

• New total holdings: 3,865 BTC

• Funding source: ATM equity offering

• Current Ranking: #24 globally

• % of total supply: ~0.018%

• Bitcoin holdings value: ~$446 million

American Bitcoin added 1,414 BTC this week — the largest single purchase among public companies. The company executes a high-leverage, long-duration treasury model without significant debt, while it’s funding mostly comes from controlled ATM equity offerings.

American Bitcoin emerged from an unusually complex March 2025 deal between the Trump sons — Eric and Donald Jr. — and Hut 8, one of the largest publicly traded Bitcoin miners. The structure left Wall Street observers puzzled: Hut 8 transferred its entire fleet of 61,000 mining rigs to a Trump-controlled entity, receiving in return just an 80% stake in the newly formed American Bitcoin. The mining outfit essentially forfeited equipment it owned 100% to partner with the president’s sons for a smaller percentage.

In any case, this week’s 1,414 BTC addition demonstrates the dual revenue model in action: mining generates Bitcoin operationally while ATM equity programs fund additional purchases at market prices. With 908 million shares outstanding, the per-share Bitcoin exposure compounds rapidly when accumulation outpaces dilution.

Track mining-treasury hybrid models on our live dashboard: Compare American Bitcoin's accumulation velocity against pure miners and pure treasuries, analyzing which model generates superior BTC-per-share growth.

#2 — Strategy (MSTR) 🇺🇸

• BTC added: 390 BTC

• Estimated value: ~$43.4 million

• Average acquisition price: $111,053 per bitcoin

• New total holdings: 640,808 BTC

• Total acquisition cost: ~$47.44 billion

• Funding source: ATM equity and convertible debt proceeds

• Current Ranking: #1 globally

• % of total supply: ~3.05%

Strategy added 390 BTC at $111,053 per coin, pushing total holdings to 640,808 BTC and extending its unchallenged dominance as the world’s largest corporate Bitcoin treasury.

The 390 BTC addition maintains Strategy’s disciplined capital deployment even as Bitcoin trades near all-time highs. With a $74,032 average cost basis across the entire 640,808 BTC treasury (total acquisition cost: $47.44 billion), Strategy 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 remains steady at 26% year-to-date — the metric that defines Strategy’s execution success. This measures the percentage change in the ratio of Bitcoin holdings to diluted shares outstanding, quantifying whether management is maximizing Bitcoin per share through accretive capital raises. At 26% YTD, Strategy is adding Bitcoin significantly faster than share dilution, compounding shareholder exposure regardless of stock price volatility.

While the stock fluctuates with Bitcoin sentiment, BTC Yield tracks the core objective: every shareholder owns more Bitcoin per share today than at the start of 2025, demonstrating that Saylor’s financial engineering is working as designed.

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 Inc (CANG) 🇨🇳

• BTC added: 138 BTC

• Estimated value: ~$15.3 million

• New total holdings: 6,396 BTC

• Funding source: Corporate reserves

• Current Ranking: #16 globally

• % of total supply: ~0.030%

• mNAV: 1.007x (Basic)

Cango added 138 BTC, pushing total holdings to 6,396 BTC valued at $722 million and maintaining its #16 global ranking.

The 138 BTC addition follows last week’s 134 BTC purchase, demonstrating consistent momentum. With a $727 million market cap against $722 million in Bitcoin holdings, Cango trades at 1.007x basic mNAV — essentially at parity with its Bitcoin NAV. This tight premium reflects efficient pricing. Investors are paying almost exactly spot price for Bitcoin exposure while also receiving the operational automotive business for free.

Meanwhile, the 2x EV mNAV suggests substantial enterprise value beyond just Bitcoin holdings, likely reflecting the core automotive transaction platform still generates cash flow.

What makes Cango notable is disciplined accumulation pace combined with geographic arbitrage. China maintains strict crypto regulations preventing most mainland citizens from easily accessing Bitcoin, yet Cango provides Nasdaq-listed exposure without the regulatory risk of direct ownership.

Track Chinese Bitcoin treasuries on our live dashboard: Compare Cango's accumulation pace against regional peers and monitor Asia's growing treasury landscape in real time.

#4 — Bitplanet (049470.KQ) 🇰🇷

• BTC added: 92 BTC

• Estimated value: ~$10.2 million

• New total holdings: 93 BTC

• Funding source: Daily accumulation program backed by $40M budget

• Current Ranking: #100+ globally

• % of total supply: 0.000443%

Bitplanet debuts this week with a 92 BTC buy as the first tranche of a daily accumulation program. It’s the first Bitcoin purchase by a public Korean firm executed through infrastructure that is regulatory compliant.

Backed by Metaplanet CEO Simon Gerovich and Sora Ventures, the KOSDAQ-listed company targets 10,000 BTC using a $40 million dedicated budget. The 92 BTC represents just 0.9% of the ambitious 10,000 BTC target. At current prices around $115,000, reaching 10,000 BTC requires $1.15 billion in capital — nearly 8x the company’s $154 million market cap

Gerovich’s backing signals serious intent, however. As Metaplanet CEO, he’s accumulated over 30,000 BTC through systematic bond issuances, proving the Asian treasury playbook works. His involvement with Bitplanet, alongside Sora Ventures building a consortium of Asian public companies aligned in digital asset treasury construction, suggests this is coordinated regional expansion rather than isolated speculation.

Bitplanet operates as an IT services and systems integration firm specializing in cybersecurity, network infrastructure, and embedded software for government and enterprise clients

Explore Asian Bitcoin treasuries on our live dashboard: Track Bitplanet's daily accumulation progress toward 10,000 BTC, compare against Metaplanet's proven Japanese strategy, and monitor Gerovich's Asian expansion.

#5 — RSXYZ PCL (XYZ) 🇹🇭 

• BTC added: 19 BTC

• Estimated value: ~$2.1 million

• New total holdings: 74.97 BTC

• Funding source: Corporate reserves

• Current Ranking: #112 globally

• % of total supply: ~0.00036%

• mNAV: 5.071x (Basic)

RSXYZ added 19 BTC, bringing total holdings to 74.97 BTC valued at $8.6 million and ranking #112 globally. The Thailand-listed company operates across hospitality, pet and community services, education, and tech retail — positioning itself as Thailand’s premier Bitcoin treasury leader.

This week’s buy represents a 34% increase in holdings from approximately 56 BTC previously, demonstrating aggressive percentage growth despite small scale. With a $44 million market cap against $8.6 million in Bitcoin, RSXYZ trades at 5x basic mNAV — a substantial premium reflecting Thailand’s limited Bitcoin access options for retail investors. The company bought at an average cost of $112,578 per BTC and currently shows +2.49% unrealized gain, indicating better timing than many competitors who accumulated near cycle highs.

For Thai investors seeking Bitcoin exposure through regulated equity markets, RSXYZ offers the cleanest domestic option. Thailand’s crypto regulations create friction for direct ownership, while RSXYZ provides Stock Exchange of Thailand listed access with standard equity taxation.

At 75 BTC, the treasury remains tiny — but the 34% weekly growth rate suggests management commitment to aggressive scaling. Whether RSXYZ can maintain this velocity as the treasury grows from double digits to hundreds or thousands of BTC will determine if the 5x premium compresses or sustains.

Explore Asian Bitcoin treasuries on our live dashboard: Track RSXYZ's accumulation velocity, compare premiums across Thailand, Japan, and Korea, and identify regional arbitrage opportunities.

Leaderboard Snapshot

The top 20 remains stable with Strategy’s 390 BTC addition solidifying its #1 position at 640,808 BTC, while Cango climbed to #16 this week with 6,258 BTC.

Geographic diversity expands with this week’s top buys spanning four countries across four continents: U.S. (Strategy, American Bitcoin), China (Cango), South Korea (Bitplanet), and Thailand (RSXYZ). The leaderboard’s top 20 remains U.S.-dominated with 17 of 20 positions, but international representation grows in the ranks below as Asian treasuries like Bitplanet (#100+) and RSXYZ (#112) execute aggressive percentage growth from small bases.

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

Key Takeaways

• Geographic diversification accelerates beyond traditional markets: This week featured companies from four countries, demonstrating the Bitcoin treasury playbook’s global adoption regardless of local regulatory frameworks.

• Micro-cap percentage growth continues outpacing mega-cap absolute additions: Bitplanet grew holdings from near-zero to 93 BTC, and RSXYZ increased 34% in one week, while Strategy’s 390 BTC represented just 0.06% growth. Small treasuries can compound faster when starting from low bases, creating explosive equity upside if management sustains velocity.

• Daily accumulation programs emerge as new best practice: Bitplanet’s systematic daily Bitcoin buying represents a disciplined alternative to sporadic large purchases, smoothing entry prices and demonstrating institutional-grade execution that could become the standard for credible treasury operations.

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

• Cadena Bitcoin. A p2p bitcoin lending marketplace with a unique emphasis on working with treasury firms and businesses, as well as the savvy bitcoin-native investors who visit our website. Learn more: Cadena Bitcoin

Over To You: What Do You Track?

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