Bitcoin Balance Sheet #031

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.

For more information: 

In the past seven days, 12 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,051,740 BTC, worth roughly $114 billion at press time.

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

Top 6 Bitcoin Buys This Week

#1 — Coinbase (COIN) 🇺🇸

• BTC added: 2,700 BTC

• Estimated value: ~$291 million

• New total holdings: 14,548 BTC

• Average cost basis: $71,465 per BTC

• Funding source: Operational revenue

• Current Ranking: #9 globally

• % of total supply: ~0.069%

• Market cap: $92B (Basic) / $96B (Diluted)

• mNAV: 58.91x

• Unrealized gain: +50.82%

Coinbase added 2,700 BTC — the week’s largest purchase — pushing holdings to 14,548 BTC valued at $1.57 billion. The 22% growth represents operational accumulation power: the exchange bought $291 million in Bitcoin from trading profits, not dilutive equity raises.

What makes Coinbase notable is its funding source: operational revenue beats equity dilution for sustainable accumulation. While pure treasury companies like Strategy rely on capital markets that may close during times of market distress, Coinbase’s exchange profits fund systematic buying without destroying per-share value. This self-sustaining model — revenue funds accumulation, which compounds equity value, thus attracting more users — creates the ultimate treasury hybrid.

With an average cost of $71,465 against current prices around $108,000, Coinbase sits on about 50% unrealized gains. The company accumulated during 2023-2024 bear market lows rather than chasing peaks, proving disciplined timing distinguishes operational buyers from speculative treasuries showing losses.

Since the 58 mNAV reflects Coinbase’s $92 billion market cap against just $1.57 billion in Bitcoin, that means markets are valuing the exchange platform, custody services, and institutional infrastructure at roughly $90 billion. The Bitcoin treasury is essentially bonus exposure.

Track operational Bitcoin accumulators on our live dashboard: Compare companies funding purchases through revenue versus equity dilution.

#2 — Strategy (MSTR) 🇺🇸

• BTC added: 397 BTC

• Estimated value: ~$45.6 million

• Average acquisition price: $114,771 per bitcoin

• New total holdings: 641,205 BTC

• Total acquisition cost: ~$47.49 billion

• Average cost basis: $74,064 per bitcoin

• Funding source: ATM equity and convertible debt proceeds

• Current Ranking: #1 globally

• % of total supply: ~3.05%

• Market cap: $77B (Basic) / $86B (Diluted)

• Enterprise value: $92B

• mNAV: 1.12x (Basic)

Strategy added 397 BTC at $114,771 per coin, pushing total holdings to 641,205 BTC and extending its unchallenged dominance as the world’s largest corporate Bitcoin treasury at over 3% of circulating supply and counting.

The 397 BTC addition signals disciplined capital deployment even as Bitcoin trades consistently above $100,000. With a $74,064 average cost basis across the entire 641,205 BTC treasury (total acquisition cost: $47.49 billion), Strategy holds 45.31% unrealized gain 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.

At 1.122x basic mNAV with a $77 billion market cap, Strategy trades as one of the sector’s tightest premium for a mega-cap treasury. The compressed multiple reflects market efficiency. Investors can buy Bitcoin exposure through Strategy at near 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 Inc (CANG) 🇨🇳

• BTC added: 136 BTC

• Estimated value: ~$14.7 million

• New total holdings: 6,394 BTC

• Funding source: Corporate reserves

• Current Ranking: #16 globally

• % of total supply: ~0.030%

• Market cap: $691M (Basic)

• mNAV: 1.002x (Basic)

Cango added 136 BTC, maintaining #16 globally for the third consecutive week in our top buys, and remains the most consistent buyer — Strategy aside — in our top 20, with 428 Bitcoin over three weeks.

But what makes Cango interesting is its disciplined accumulation combined with geographic arbitrage: China’s strict crypto regulations prevent most citizens from easily accessing Bitcoin, yet Cango provides Nasdaq-listed exposure without the regulatory risk that comes with direct ownership. Meanwhile, Hong Kong’s recent easing of restrictions on Bitcoin and crypto trading creates a regional regulatory divergence—mainland restrictions persist while Hong Kong opens access, positioning Cango as a bridge between jurisdictions.

The operational automotive business — connecting car buyers, dealers, and financial institutions — generates cash flow funding organic Bitcoin purchases without dilutive PIPE structures that destroyed value at competitors.

With a $691 million market cap against $689 million in Bitcoin, Cango trades at 1.002x mNAV — perfect parity. Investors pay spot for Bitcoin exposure plus receive the operational business free.

Track Chinese Bitcoin treasuries on our live dashboard: Compare Cango's three-week streak against regional peers.

#4 — Prenetics (PRE) 🇰🇾

• BTC added: 110 BTC

• Estimated value: ~$11.9 million

• New total holdings: 378 BTC

• Funding source: Corporate reserves

• Current Ranking: #72 globally

• % of total supply: ~0.0018%

• Market cap: $195M (Basic / Diluted)

• Enterprise value: $175M

• mNAV: 4.7x (Basic)

Prenetics added 110 BTC in its first top-buys appearance, bringing holdings to 378 BTC valued at $40 million. The Cayman Islands-incorporated health sciences company became a Bitcoin treasury in June 2025, making this one of the sector’s newest aggressive accumulators.

The 41% growth from 268 BTC previously shows extraordinary velocity for a five-month-old treasury. Prenetics operates consumer health (IM8 wellness brand), clinical cancer detection (Insighta, $200 million venture), and DNA testing (CircleDNA). With $195 million market cap against $40 million in Bitcoin, the 4.7x mNAV reflects either speculative premium or recognition the health sciences business carries value beyond Bitcoin.

The 4.2x EV mNAV suggests a net cash position, with $175 million enterprise value sitting $20 million below market cap. Prenetics holds cash beyond Bitcoin, providing runway for additional accumulation. Whether operational cash flow funds purchases or equity dilution remains unclear. Ultimately, the sustainability of its purchases depends on funding sources.

Track emerging Bitcoin treasuries on our live dashboard: Monitor which new entrants sustain velocity beyond announcements.

#5 — ZOOZ Power (ZOOZ) 🇮🇱

• BTC added: 94 BTC

• Estimated value: ~$10.1 million

• New total holdings: 1,036 BTC

• Funding source: Corporate reserves

• Current Ranking: #50 globally

• % of total supply: ~0.0049%

• Market cap: $16M (Basic / Diluted)

• Enterprise value: $18M

• mNAV: 0.146x (Basic)

ZOOZ Power added 94 BTC, bringing holdings to 1,036 BTC valued at $111 million and climbing to #50 from #53 globally. The Israel-based flywheel energy storage company trades at 0.146x mNAV — an 85% discount to Bitcoin NAV.

At the core of ZOOZ’s model is an extreme valuation anomaly: the 0.146x mNAV represents one of the sector’s most distressed pricing outside explicit bankruptcies, compressing further from 0.22x EV mNAV when we last covered the company just two weeks ago. The 85% discount signals might hold the ultimate contrarian opportunity — buy stock at 15 cents per dollar of Bitcoin.

ZOOZ’s flywheel systems enable ultra-fast EV charging where grids lack power capacity, solving a critical infrastructure bottleneck in the EV transition. Yet markets are currently assigning very little value to management or operations despite $111 million in Bitcoin holdings.

The 0.146x mNAV means investors can theoretically buy the entire $16 million market cap and liquidate $111 million in Bitcoin for an immediate profit of $95 million. That this arbitrage persists — and has deepened from 0.22x previously — suggests either broken liquidity where price discovery fails, or markets correctly pricing imminent value destruction that shareholders won’t capture.

Track extreme mNAV discounts on our live dashboard: Analyze whether sub-0.2x valuations represent opportunity or warnings.

#6 — Bitplanet (049470.KQ) 🇰🇷

• BTC added: 50 BTC (across 4 separate purchases)

• Estimated value: ~$5.4 million

• New total holdings: 151.7 BTC

• Average cost basis: $119,140 per BTC

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

• Current Ranking: #92 globally

• Unrealized loss: -9.54%

Bitplanet added 50 BTC across four separate purchases, demonstrating systematic daily accumulation backed by Metaplanet CEO Simon Gerovich. Holdings reached 151 BTC, climbing from outside the top 100 to #92 globally in just two weeks.

Execution cadence is what makes Bitplanet especially notable. Four distinct purchases prove that the daily accumulation model works beyond announcement hype. Systematic buying — similar to dollar-cost averaging — smooths entry prices and demonstrates disciplined execution rather than opportunistic speculation. If sustained, this approach could accumulate hundreds of BTC monthly without creating market impact from single large orders, validating daily DCA as institutional-grade strategy.

The 49% growth proves management commitment to velocity, though the $119,140 average cost shows -9.54% unrealized loss as the company bought near recent $115,000+ peaks. Short-term timing isn’t ideal, but systematic strategies accept drawdowns in exchange for long-term compounding discipline.

Bitplanet targets 10,000 BTC using a $40 million budget. At 151.7 BTC (just 1.5% of target), the company faces years of sustained accumulation. Whether Gerovich can replicate Metaplanet’s Japanese success in Korea depends on maintaining this weekly velocity through multiple cycles.

Track Bitplanet's daily accumulation toward 10,000 BTC on our live dashboard.

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.

For more information:

Leaderboard Snapshot

The top 20 remains remarkably stable with no position changes this week. Coinbase maintained #9 at 14,548 BTC after its 2,700 BTC addition, while Cango held #16 with 6,394 BTC following 136 BTC of continued accumulation.

The gap between mega-holders (top 10 above 10,000 BTC) and mid-tier companies (ranks 11-20 between 5,000-8,700 BTC) continues widening, with Coinbase alone adding more Bitcoin this week (2,700 BTC) than ranks #14-20 hold in total. Among the lower ranks there was some notable movements: Bitplanet climbed to #92 from outside top 100 just two weeks ago, demonstrating the fastest percentage growth among micro-caps executing systematic daily accumulation.

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

• Operational revenue beats equity dilution for sustainable accumulation: Coinbase’s 2,700 BTC addition ($291 million) funded entirely from exchange profits demonstrates that companies generating operational cash flow can accumulate Bitcoin at scale without destroying per-share value through dilution.

• Systematic daily buying continues validating dollar-cost averaging at scale: Bitplanet’s four separate 50 BTC purchases across the week, following last week’s pattern, proves the daily accumulation model executes in practice beyond announcement hype.

• Extreme mNAV discounts signal either opportunity or catastrophe, rarely middle ground: ZOOZ Power’s 0.146x mNAV (85% discount) on $111.69 million Bitcoin holdings against just $16 million market cap represents the sector’s most distressed valuation — either the ultimate contrarian value play or a warning that sub-0.2x mNAV reflects justified expectations of value destruction.

• Strategy’s premium compression signals market maturation: The company's 1.12x basic mNAV — down from historical premiums exceeding 2x to 3x — reflects investors increasingly treating MSTR as efficient Bitcoin exposure rather than speculative leverage.

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

• Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations. Learn more: Secure Digital Markets (SDM)

Over To You: What Do You Track?

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