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.

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

The top 100 now jointly hold 1,061,605 BTC, worth roughly $91.3 billion at press time.

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

Top 4 Bitcoin Buys This Week

#1 — Cango Inc (CANG) 🇨🇳

• BTC added: 129 BTC

• Estimated value: ~$10.6 million

• New total holdings: 6,773 BTC

• Funding source: Mining operations

• Current Ranking: #17 globally

• % of total supply: ~0.032%

• Market cap: $216M (Basic / Diluted)

• Enterprise value: $982M

• mNAV: 0.382x

Cango mined 129 BTC last week, pushing holdings to 6,773 BTC valued at around $565 million and maintaining #17 globally. The Chinese automotive services platform continues its sixth consecutive week of top-buys appearances, demonstrating consistent accumulation despite brutal market conditions.

The Chinese-based company has an extremely low 0.38x mNAV discount, which has been compounding by ongoing stress in the mining sector. Investors can buy the stock for 38 cents per dollar of Bitcoin NAV — a 62% discount to liquidation value. With $216 million market cap against $565 million in Bitcoin holdings, the market either expects catastrophic value destruction or has mispriced the equity entirely.

Adding to the pressure is the fact that industry-wide mining production costs now exceed $90,000 per Bitcoin while spot trades at $82,000, meaning Cango’s mining operations likely run at a loss on new production. The company continues mining and holding rather than selling, absorbing short-term losses while betting on Bitcoin recovery.

Despite compressed valuations and underwater mining economics, Cango continues adding 120+ BTC weekly — proving management conviction transcends both market skepticism and operational losses.

Track Cango's compressed valuations on our live dashboard.

#2 — Prenetics (PRE) 🇰🇾

BTC added: 109 BTC
Estimated value: ~$9.2 million
New total holdings: 498 BTC
Average cost basis: $106,700 per BTC
Funding source: Corporate treasury
Current Ranking: #69 globally
% of total supply: ~0.00237%
Market cap: $213 million
mNAV: 2.28x (Basic / Diluted) / 2.3x (EV)
Unrealized loss: -19.44%

Prenetics added 109 BTC in its first top-buys appearance, bringing holdings to 498 BTC valued at $42 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 2.3x EV mNAV suggests a net cash position, with $98 million enterprise value sitting $115 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.

#3 — Convano (6574) 🇯🇵

• BTC added: 97 BTC

• Estimated value: ~$8.1 million

• New total holdings: 762.7 BTC

• Average cost basis: $109,510 per BTC

• Funding source: Corporate treasury

• Current Ranking: #59 globally

• % of total supply: ~0.0036%

• Market cap: $403 million

• mNAV: 6.336x (Basic / Diluted) / 5.171x (EV)

• Unrealized loss: -23.83%

Convano added 97 BTC, pushing holdings to 762 BTC valued at $63 million and maintaining #59 globally. The Japanese company continues accumulating despite sitting on -23.83% unrealized losses from a $109,510 average cost basis.

The -23.83% unrealized loss represents one of the deeper paper losses among active accumulators, yet management added 97 BTC this week rather than pausing or capitulating. This conviction through volatility separates serious treasuries from promotional plays that abandon strategy when prices turn against them. The 6.3x basic mNAV suggests markets value Convano’s operational business significantly above its Bitcoin holdings.

Convano has held Bitcoin only since July 2025 — just four months — making this one of the newer treasury strategies being stress-tested by Bitcoin's recent decline to $83,000 from $108,000 Whether management maintains accumulation velocity through extended drawdowns will determine if Convano represents durable conviction or eventual capitulation like Sequans demonstrated weeks ago.

Track Japanese Bitcoin treasuries on our live dashboard.

#4 — Anap Holdings 🇯🇵

• BTC added: 34 BTC

• Estimated value: ~$2.8 million

• New total holdings: 1,146 BTC

• Average cost basis: $95,811 per BTC

• Funding source: Corporate treasury

• Current Ranking: #46 globally

• % of total supply: ~0.0055%

• Market cap: $106 million

• mNAV: 1.1x

• Unrealized loss: -12.94%

Anap Holdings added 34 BTC, pushing holdings to 1,146 BTC valued at $95 million and maintaining #46 globally. The Japanese company shows more moderate losses (-12.94%) compared to Convano’s -23.83%, reflecting a lower $95,811 cost basis from accumulation starting in April 2025.

Anap’s tight 1.111x basic mNAV reflecting efficient market pricing. Unlike Convano’s 6.3x premium or Cango’s 0.3x discount, Anap trades near fair value — investors pay essentially spot price for Bitcoin exposure plus minimal premium for the operational business. This compressed premium suggests markets view Anap primarily as a Bitcoin proxy rather than an operating company with treasury strategy, similar to how Strategy’s premium has compressed toward 1.0x as the model matures.

The 34 BTC addition demonstrates continued accumulation despite -12.94% unrealized losses, though the smaller purchase size compared to Convano’s 97 BTC suggests more measured capital deployment. Japanese treasuries like Anap and Convano are experiencing their first real stress test as Bitcoin declined 25%+ from cycle highs—their behavior over coming weeks will reveal whether conviction matches rhetoric.

Track Japanese Bitcoin treasuries on our live dashboard.

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.

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Leaderboard Snapshot

Cango climbed to #17 with 6,773 BTC following its sixth consecutive week of accumulation, demonstrating that mining-based treasuries continue adding Bitcoin regardless of market conditions. 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 smaller companies struggle to maintain velocity during Bitcoin's drawdown.

Geographic diversity shows strain: U.S. companies dominate with 17 of top 20 positions, Japan's Metaplanet holds #4 at 30,823 BTC, and China's Cango maintains #17. The Japanese micro-treasuries (Convano #59, Anap #46) face their first real conviction test as Bitcoin trades 25% below their cost bases.

Track the complete global Bitcoin treasury leaderboard on our live dashboard.

Key Takeaways

• KindlyMD’s 367 BTC sale exposes the gap between treasury branding and treasury conviction. A company that rebranded to “Nakamoto” — Bitcoin’s creator — sold 6.4% of holdings just weeks later when prices dropped 25%, proving that promotional naming strategies don't guarantee hodl discipline. The sale echoes Sequans' November capitulation and reinforces that investors must evaluate management behavior through volatility, not marketing materials.

• Mining-based treasuries demonstrate structural resilience during market stress: Bitdeer (202 BTC) and Cango (129 BTC) continued systematic accumulation through mining operations while capital markets-dependent treasuries face fundraising challenges as Bitcoin dropped 25%+ from cycle highs. This operational model doesn't require investor confidence to sustain accumulation velocity.

• Japanese treasuries face their first real stress test with mixed results: Convano (-23.83% unrealized loss) and Anap (-12.94% unrealized loss) both continued accumulating despite significant paper losses, demonstrating early conviction through volatility. However, these companies have held Bitcoin for less than eight months—the true test comes if Bitcoin remains suppressed for 12-24 months while they continue paying operational expenses and potentially servicing debt.

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?

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