Bitcoin Balance Sheet #035

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!

Bitcoin: A Competitive Advantage

Friday, 21 November 2025 — The West Mill, Derby, UK. Hosted by The BitcoinCollective

This isn’t another marathon of panels and jargon. It’s a focused gathering for entrepreneurs, investors, and executives ready to see how Bitcoin can protect businesses against inflation, currency risk, and policy uncertainty.

Inside a beautifully restored 19th-century cotton mill, you’ll spend a full afternoon and evening learning and connecting with 200 operators, founders, and investors.

Sessions are concise, breaks are deliberate, and networking carries through a buffet lunch, coffee chats, and a three-course dinner where the best conversations happen.

On stage:

• Liz Truss — Former British Prime Minister

• Peter McCormack — Chairman, Real Bedford Football Club

• Sam Roberts — Cartwright, advised the first UK pension firm to buy Bitcoin

• Joe Bryan — Author: “What’s The Problem?”

Walk away with: strategies to protect your balance sheet from inflation and FX shocks, insights on why UK firms are quietly adding Bitcoin to their treasuries, a regulatory outlook shaping European capital markets.

Subscriber Perk: Bitcoin Treasuries readers save 10% with code DOTNET.

Seats are limited — secure your advantage before the premium closes.

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

The top 100 now jointly hold 1,061,783 BTC, worth roughly $97 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: 8,178 BTC

• Estimated value: ~$835.6 million

• Average acquisition price: $102,171 per bitcoin

• New total holdings: 649,870 BTC

• Total acquisition cost: ~$48.37 billion

• Average cost basis: $74,433 per bitcoin

• Funding source: Preferred equity (STRC, STRF, STRK, STRD, STRE)

• Current Ranking: #1 globally

• % of total supply: ~3.10%

• Unrealized gain: ~38%

• BTC Yield YTD 2025: 27.8%

Strategy added 8,178 BTC at $102,171 per coin — the largest single-week purchase since July — pushing total holdings to 649,870 BTC and solidifying its #1 global position with over 3.1% of circulating supply.

The $835 million capital raise came entirely through preferred equity issuance across five tranches (STRC, STRF, STRK, STRD, STRE), with zero common stock dilution, demonstrating the preferred equity model now operates at scale.

What makes Strategy notable this week is its the BTC Yield acceleration to 27.8%. The metric jumped to 27.8% from 26.1% last week, confirming Strategy is adding Bitcoin significantly faster than any dilution from preferred conversion rights. The 8,178 BTC addition represents the company’s most aggressive weekly accumulation since mid-2025, funded by the recently launched STRE euro-denominated preferred stock alongside existing dollar-denominated tranches.

This multi-currency preferred equity strategy unlocks European institutional fixed-income capital while maintaining the non-dilutive structure that preserves Bitcoin per share for MSTR common holders.

Track Strategy's BTC Yield and preferred equity funding on our live dashboard.

#2 — Strive 🇺🇸

• BTC added: 1,567 BTC

• Estimated value: ~$161.9 million

• Average acquisition price: $103,315 per bitcoin

• New total holdings: 7,525 BTC

• Funding source: SATA perpetual preferred stock IPO ($160 million raised)

• Current Ranking: #14 globally

• % of total supply: ~0.036%

Strive added 1,567 BTC following the successful November 10 Nasdaq debut of its SATA perpetual preferred stock, which raised $160 million through an oversubscribed and upsized IPO. The company sold 2 million shares at $80 per share — up from the initially targeted 1.25 million shares — demonstrating strong investor demand despite Bitcoin dipping below $100,000 during the offering period.

The company went public through what it called “the largest ever equity-only financing for a Bitcoin Treasury Company” in September, then immediately followed with SATA preferred equity, executing the fastest capital structure build among new entrants.

From now on, Strive will eliminate any common stock dilution and move toward an all-preferred capital structure. While Strategy pioneered Bitcoin-backed preferred equity and executed its first preferred-only week in early November, Strive has committed to financing all Bitcoin accumulation through preferred securities as permanent strategy rather than tactical choice.

CEO Matt Cole emphasized this distinction: “Strive is the first Bitcoin treasury company to finance its Bitcoin amplification exclusively through perpetual preferred equity, and the second overall, after Strategy, to issue a publicly traded perpetual preferred equity security.” The SATA stock pays variable-rate dividends starting at 12% annually (paid monthly), targeting a $95-$105 trading range through active dividend management.

Track Strive's preferred-equity-only treasury model on our live dashboard.

#3 — Bitdeer Technologies Group (BTDR)🇸🇬

• BTC added: 202 BTC

• Estimated value: ~$21 million

• New total holdings: 2,268 BTC

• Funding source: Mining operations

• Current Ranking: #33 globally

• % of total supply: ~0.011%

• mNAV: 9.4x

Bitdeer added 202 BTC, pushing holdings to 2,268 BTC valued at $215 million and maintaining its #33 global ranking.

The Singapore-based mining company continues systematic accumulation funded through operational hash rate rather than capital markets, representing the pure mining-as-treasury model.

Unlike hybrid models that combine mining with capital raises (American Bitcoin Corp, MARA), or pure treasuries requiring continuous equity issuance (Strategy), Bitdeer accumulates Bitcoin exclusively through mining operations. Every BTC added to treasury costs only the electricity and operational expenses to mine it, creating permanent cost advantages over companies buying at over $100,000 spot prices for Bitcoin.

The 2,268 BTC treasury positions Bitdeer among the top 35 corporate holders globally despite no promotional announcements or capital raises typical of treasury companies. Mining-based accumulation compounds silently: hash rate produces Bitcoin, which gets held as strategic reserve, creating natural BTC per share growth as long as operations remain profitable.

Track mining-based Bitcoin treasuries on our live dashboard. Compare operational accumulation models.

#4 — Cango Inc (CANG) 🇨🇳

• BTC added: 122.9 BTC

• New total holdings: 6,643.5 BTC

• Funding source: Mining operations

• Current Ranking: #17 globally

• % of total supply: ~0.032%

• Market cap: $529 million (Basic / Diluted)

• Enterprise value: $1B

• mNAV: 0.840x

Cango mined 122.9 BTC, pushing holdings to 6,643 BTC valued at $629 million and dropping one position to #17 globally. The Chinese automotive services platform continues its pivot from car transaction facilitator to hybrid Bitcoin miner-treasury, now accumulating through operational hash rate rather than cash purchases.

Cango’s operational pivot to mining enabling systematic accumulation continues despite compressed valuations. The 0.840x mNAV (16% discount to Bitcoin NAV) would theoretically prevent capital raises — why issue shares at $0.84 per dollar of Bitcoin? — but mining-based accumulation bypasses capital markets entirely. Cango now generates Bitcoin through hash rate deployment rather than buying on spot markets, creating self-sustaining growth independent of stock price. .

With $529 million market cap against $629.86 million in Bitcoin holdings, the 16% discount persists despite five consecutive weeks of accumulation. Yet Cango continues mining Bitcoin weekly, proving management conviction transcends short-term market skepticism.

Track Cango's mining transition and compressed valuations on our live dashboard.

#5 — Matador Technologies (MATA) 🇨🇦

• BTC added: 92 BTC

• Estimated value: $9.5 million

• Average acquisition price: $102,752 per bitcoin

• New total holdings: 175 BTC

• Funding source: $10.5 million initial draw from $100 million secured convertible note facility

• Current Ranking: #91 globally

• % of total supply: ~0.00083%

• Market cap: $20 million

• Enterprise value: $17 million

• mNAV: 1.2x

Matador Technologies doubled its Bitcoin holdings to 175 BTC through a $10.5 million initial draw from a newly closed $100 million secured convertible note facility with ATW Partners. The Canadian micro-cap also filed an amended CAD $500 million short-form base shelf prospectus, signaling aggressive expansion plans despite ranking #91 globally with just 175 BTC.

The firm’s $100 million secured debt facility legally restricts proceeds to Bitcoin acquisition only — creating a forced-accumulation mechanism where every dollar drawn must buy Bitcoin. The $10.5 million initial draw represents just 10.5% of available capacity, however, leaving $89.5 million for future purchases that could add more than 850 BTC at current prices. This structure mirrors Strategy’s 2020-2021 convertible debt playbook but at micro-cap scale, betting that Bitcoin appreciation will make the debt trivial relative to treasury value while conversion rights provide lenders upside participation.

The company doubled holdings from ~83 BTC to 175 BTC with this single purchase, demonstrating the explosive percentage growth possible at small scale.

Track micro-cap treasury acceleration on our live dashboard: Monitor which small companies execute on ambitious targets versus promotional announcements.

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.

For more information: 

Leaderboard Snapshot

The top 20 doesn’t show much movement with Strategy continuing its lead to 649,870 BTC — now over 12x larger than #2 MARA at 53,250 BTC — following its massive 8,178 BTC weekly addition.

Geographic uniformity persists with U.S. companies holding 18 of top 20 positions, Japan’s Metaplanet at #4 with 30,823 BTC, and two firms from China, Cango at #17 and Next Technology at #18, represent the only non-U.S. presence in the top tier. 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 as Strategy alone added more Bitcoin this week than most top-20 companies hold in total.

Track the complete global Bitcoin treasury leaderboard on our live dashboard: Monitor real-time ranking changes and identify which treasuries are accumulating most aggressively.

Key Takeaways

• Preferred equity financing achieves institutional scale with Strategy’s $835 million single-week deployment. The company’s 8,178 BTC purchase funded entirely through STRC, STRF, STRK, STRD, and STRE preferred stock — with zero common stock dilution — proves “Bitcoin Credit” has evolved from experimental concept to operational reality, as fixed-income investors now provide hundred-million-dollar weekly capital for Bitcoin accumulation at yields of 8% to 12%.

• Mining-based accumulation models demonstrate superior unit economics as spot prices exceed $100,000. Bitdeer’s 202 BTC and Cango’s 122.9 BTC additions through operational hash rate cost approximately $40,000-$60,000 per coin in electricity and expenses versus Strategy's $102,171 spot purchase price, creating permanent 40% to 60% cost advantages that compound over time.

• Micro-cap treasuries leverage secured debt facilities to achieve triple-digit percentage growth impossible at scale. Matador’s doubling to 175 BTC from 83 BTC (111% growth) using a $10.5 million debt draw with $89 million remaining capacity demonstrates that companies ranked #80 to #100 can execute explosive relative gains through leverage, while mega-caps like Strategy require $835M deployments to achieve 1.3% holdings growth—creating a barbell structure where the largest treasury (Strategy) dominates absolute accumulation while micro-caps lead percentage velocity.

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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