Bitcoin Balance Sheet #033

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!

Secure Digital Markets (SDM) 

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.

For more information:

In the past seven days, 9 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,051,276 BTC, worth roughly $112 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: 487 BTC

• Estimated value: ~$49.9 million

• Average acquisition price: $102,557 per bitcoin

• New total holdings: 641,692 BTC

• Total acquisition cost: ~$47.54 billion

• Average cost basis: $74,079 per bitcoin

• Funding source: Preferred equity

• Current Ranking: #1 globally

• % of total supply: ~3.05%

• Unrealized gain: ~43% (based on current BTC price ~$106,000)

• BTC Yield YTD 2025: 26.1%

Strategy added 487 BTC at $102,557 per coin using $50 million raised entirely through preferred equity issuance — marking the first time STRC was used to fund Bitcoin purchases on the open market without diluting common shareholders. This validates Saylor’s preferred equity strategy, raising capital through fixed-income securities that don’t destroy per-share Bitcoin exposure for MSTR holders.

The company led by Michael Saylor has been successfully executing its non-dilutive Bitcoin accumulation model. The $50 million buy came from four preferred tranches (STRC: $26.2 million, STRF: $18.3 million, STRK: $4.5 million, STRD: $1 million) with zero common stock sold during November 3-9. This proves Strategy can now fund Bitcoin purchases through preferred dividends paying 8-10% yields rather than issuing MSTR shares — a critical evolution as the stock’s compressed premium makes equity raises less attractive.

Moreover, STRC’s successful debut as funding source — contributing over half the $50 million raised — validates the “Bitcoin Credit” model where fixed-income investors fund treasury growth without touching common equity.

Track Strategy's BTC Yield and accumulation on our live dashboard.

#2 — American Bitcoin Corp (ABTC) 🇺🇸

• BTC added: 139 BTC

• Estimated value: ~$14.7 million

• New total holdings: 4,004 BTC

• Funding source: Mining operations and strategic accumulation

• Current Ranking: #25 globally

• % of total supply: ~0.020%

American Bitcoin Corp added 139 BTC, pushing holdings to 4,004 BTC valued at around $438 million. Formed in partnership with Eric Trump’s American Data Centers, the company operates as a Hut 8 majority-owned subsidiary focused on industrial-scale mining and strategic reserve development.

What makes American Bitcoin notable is mining-based self-sustaining accumulation. Hash rate generates Bitcoin regardless of capital markets access, creating organic growth without dilutive equity raises that destroy per-share value. The controversial March 2025 origin story — Hut 8 transferred 61,000 rigs for just 80% equity — left analysts “dumbfounded,” and the Trump family’s involvement creates both premium branding potential and regulatory scrutiny. Yet 139 BTC weekly additions prove operational execution at scale.

The 4,004 BTC accumulated in six months since the May 2025 launch demonstrates the mining-plus-treasury hybrid model. Operations generate Bitcoin while simultaneously holding as strategic reserve. Unlike pure treasuries requiring continuous capital raises, this model sustains growth through cycles as long as mining remains profitable.

Track all US-based Bitcoin mining treasuries on our live dashboard.

#3 — Cango Inc (CANG) 🇨🇳

• BTC added: 126 BTC

• Estimated value: ~$13.3 million

• New total holdings: 6,521 BTC

• Funding source: Corporate reserves

• Current Ranking: #16 globally

• % of total supply: ~0.031%

• Market cap: $603M (Basic / Diluted)

• Enterprise value: $1B

• mNAV: 0.873x (Basic / Diluted) / 1.982x (EV)

Cango added 126 BTC, maintaining #16 globally for the fourth consecutive week in top buys. Holdings reached 6,521 BTC valued at around $690 million. The company has added 554 BTC over four weeks — the most consistent mid-tier velocity.

While Cango’s premium continues to compress, the company has maintained its disciplined accumulation. The 0.873x mNAV means investors buy stock for 87 cents per dollar of Bitcoin NAV — a 13% discount to liquidation value. Yet Cango continues weekly buying, demonstrating conviction when markets refuse premium valuations. This separates serious treasuries from promotional plays that only buy when mNAV exceeds 2x. China’s strict crypto regulations prevents mainland citizen access to Bitcoin, positioning Cango as the cleanest Nasdaq-listed proxy. Hong Kong’s recent easing creates regional regulatory divergence — Cango bridges restricted mainland and opening Hong Kong.

With $603 million market cap against $690 million in Bitcoin, the discount reflects skepticism about management or Chinese regulatory risk. The 1.982x EV mNAV reveals substantial operational automotive platform value beyond Bitcoin. For patient investors, Cango offers 13% discount Bitcoin exposure if weekly accumulation sustains.

Track Cango's four-week streak on our live dashboard.

#4 — Block, Inc (XYZ) 🇺🇸

• BTC added: 88 BTC

• Estimated value: ~$9.3 million

• New total holdings: 8,780 BTC

• Average cost basis: $32,063 per BTC

• Funding source: Operational revenue

• Current Ranking: #13 globally

• % of total supply: ~0.042%

• Market cap: $40B (Basic) / $41B (Diluted)

• Enterprise value: $38B

• mNAV: 42.774x (Basic) / 43.567x (Diluted) / 40.391x (EV)

• Unrealized gain: +230.29%

Block added 88 BTC, pushing holdings to 8,780 BTC valued at about $929 million. The Jack Dorsey-founded payments company has held since October 2020, accumulating at an average cost of $32,063 — creating 230.29% unrealized gains at current $106,000 prices.

Block is especially interesting because Bitcoin is part of its corporate identity rather than a fully-fledged treasury speculative play. Cash App Cash App enables millions to buy, sell, hold Bitcoin, Square offers point-of-sale accepts payments, and Bitkey delivers a self-custodial wallet. For Block, Bitcoin isn’t financial engineering — it’s foundational to the business model. The 42x mNAV reflects markets valuing Block as payments and fintech company with Bitcoin as a bonus. With a $40 billion market cap against $929 million in Bitcoin, the treasury represents under 2.5% of enterprise value — essentially rounding error despite being #13 globally.

Block’s $32,063 cost basis — accumulated during 2020-2021 at $10,000 to $60,000 levels — demonstrates early conviction predating the treasury wave. The 230% gain proves timing matters. Companies buying at $30,000 to $50,000 enjoy permanent advantages over those chasing $100,000 Bitcoin. Operational cash flow funds systematic accumulation without dilution.

Track operational Bitcoin integrators on our live dashboard.

#5 — Bitplanet (049470.KQ) 🇰🇷

• BTC added: 63 BTC (across 4 separate purchases)

• Estimated value: ~$6.7 million

• New total holdings: 200 BTC

• Average cost basis: $115,750 per BTC

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

• Current Ranking: #87 globally

• % of total supply: ~0.00095%

• Unrealized loss: -8.51%

Bitplanet added 63 BTC across four purchases, continuing systematic daily accumulation from the company that has among its top investors Metaplanet CEO Simon Gerovich. Holdings reached 200 BTC valued at $21 million, climbing from #92 to #87 as the fastest percentage growth trajectory among micro-caps.

Bitplanet’s daily dollar-cost-average execution is noteworthy. Three consecutive weeks in top buys (92 BTC, 50 BTC, 63 BTC) with four distinct purchases weekly prove systematic buying hasn’t just been promotional hype. Daily accumulation smooths entry costs and demonstrates institutional discipline rather than opportunistic speculation. At 50 to 60 BTC weekly velocity, Bitplanet can reach an annual rate of more than 2,600 BTC without large sporadic raises that destroy per-share value. The $115,750 average cost shows -8.51% loss as Bitcoin pulled back, but systematic strategies accept short-term drawdowns for long-term compounding.

The 200 BTC represents just 2% of the 10,000 BTC target. At $106,000 prices, reaching 10,000 BTC requires $1.06 billion — over 50x current holdings. With a $40 million budget covering ~377 BTC, Bitplanet faces a massive funding gap between ambitions and resources. Gerovich’s Metaplanet success (30,000+ BTC) validates the Asian playbook, but Bitplanet must sustain velocity or revise targets downward.

Track Bitplanet's daily accumulation on our live dashboard.

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:

Leaderboard Snapshot

The top 20 remains stable although there were some notable movers, including Notable including Riot Platforms climbing to #7 at 19,324 BTC, Hut 8 advancing to #10 with 13,696 BTC, Block rising to #13 at 8,780 BTC following its 88 BTC addition, and Cango holding #16 with 6,521 BTC after four consecutive weeks making top buys.

Geographic diversity continues with this week’s top buys spanning three countries: U.S. (Strategy, American Bitcoin Corp, Block), China (Cango), and South Korea (Bitplanet). The leaderboard’s top 20 remains consistently U.S.-dominated with 17 of 20 positions, though international representation grows in lower ranks as Asian treasuries like Bitplanet (#87) execute aggressive percentage growth from small bases. The gap between mega-holders (top 3 above 40,000 BTC) and mid-tier accumulators (ranks 4-20 between 5,000-30,000 BTC) continues widening, with Strategy alone holding more Bitcoin than positions #2-20 combined.

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

• Mining-based accumulation creates self-sustaining growth independent of capital markets. American Bitcoin Corp’s 139 BTC addition funded entirely through operational hash rate demonstrates how mining operations generate Bitcoin regardless of equity market sentiment or debt availability.

• Compressed valuations reveal which treasuries have conviction versus promotional hype. Cango’s 0.873x mNAV (13% discount to liquidation value) combined with four consecutive weeks of top-5 accumulation proves serious management buys Bitcoin regardless of stock price — this separates institutional-grade execution from promotional plays that only accumulate when mNAV exceeds 2x and media attention peaks.

• Opportunistic timing within systematic strategies compounds long-term returns. Strategy’s 487 BTC acquisition at $102,557 — notably below recent weeks' $110,000 to $115,000 purchases — demonstrates that systematic accumulation doesn’t mean buying blindly at any price, but rather maintaining consistent capital deployment while opportunistically increasing position size during pullbacks.

• Early conviction creates permanent cost advantages impossible to replicate: Block’s 230% unrealized gains from a $32,063 average cost basis proves that companies entering the treasury space in 2024-2025 at $80,000 to $120,000 prices will never achieve the same cost structure as early movers, creating a first-mover advantage where pioneers like Block, Strategy (2020), and Tesla (2021) enjoy permanently superior unit economics.

Join us at the following events:

• Bitcoin Treasuries Digital Conference. On November 20, join prolific podcaster Tim Kotzman and other top leaders from the Bitcoin Treasuries ecosystem for an exclusive digital conference covering the latest in corporate Bitcoin adoption trends, strategies, and data. Expect insightful interviews, real-world case studies, and interactive sessions with experts shaping how capital is stored and managed in Bitcoin. Get tickets at: Bitcoin Treasuries Digital Conference

• Bitcoin: A Competitive Advantage. Join us on November 21, and unlock high-impact business insights and real-world strategies for leveraging Bitcoin as a competitive edge, at an intimate, curated event in Derby’s stunning West Mill venue. Meet pioneering leaders and institutional innovators driving Bitcoin adoption — plus enjoy focused panels, networking, and a community dinner designed for true connections. Take 10% off tickets with the discount code ‘DOTNET’ at Bitcoin: A Competitive Advantage

• Wall Street Bets Live. WallStreetBets Live is a major three-day event taking place January 28–30, 2026, at the Miami Beach Convention Center, where traders, builders, and meme creators from the internet’s most notorious finance communities gather for networking, live talks, and entertainment. Get tickets here: Wall Street Bets Live

• Bitcoin Investor Week. Join us February 9–13 in NYC for Bitcoin Investor Week 2026 — the world’s largest gathering of Bitcoin investors and institutional leaders. Hosted by Anthony Pompliano, the event brings together allocators, hedge fund managers, family offices, executives, and policymakers for a high-conviction look at Bitcoin’s role in global markets. Get 15% off GA tickets with code DOTNET here: Bitcoin Investor Week

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

• 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?

We want to make this the go-to resource for corporate Bitcoin strategy — and that means learning from our readers.

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