Bitcoin Balance Sheet #039

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!

Turning Executive Talent Into Bitcoin Treasury – XCE

Connecting Excellence Group Plc (“XCE”) is preparing to list on the Aquis Stock Exchange Growth Market in London, giving UK investors direct equity exposure to a profitable executive recruitment business running a Bitcoin treasury strategy.

With a decade of executive search experience and four years of Bitcoin accumulation behind it, XCE is now one of the UK’s first specialist corporate Bitcoin treasuries, pairing cash‑generative headhunting with disciplined BTC reserves.

Why it matters:

BTCT 2.0 model: XCE combines a proven operating business with a Bitcoin treasury, using a global platform, human capital, recurring revenues, and performance‑linked equity incentives to grow cash flows and systematically convert surplus into BTC.

Recruitment engine: Through its flagship firm Spencer Riley, XCE works with globally recognizable brands across engineering, logistics, life sciences, technology, and professional services, placing senior talent and building diversified income.

Specialist governance: XCE is led by an experienced leadership team and a specialist board and advisory group with deep Bitcoin and capital‑markets experience, focused on structuring the treasury and governance to benefit long‑term shareholders.

Connecting Excellence Group is designed as a Bitcoin‑powered growth engine: a profitable, cash‑generative recruitment platform that uses cycles to accumulate more BTC while serving global clients.

In the past seven days, 8 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,059,453 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: 10,624 BTC

• Estimated value: ~$962 million

• Average acquisition price: $90,615 per bitcoin

• New total holdings: 660,624 BTC

• Total acquisition cost: ~$49.35 billion

• Average cost basis: $74,696 per bitcoin

• Funding source: ATM equity (MSTR common stock: 5,127,684 shares sold for $928 million) + Preferred equity (STRD: $34 million)

• Current Ranking: #1 globally

• % of total supply: ~3.15%

• Unrealized gain: +23.00%

Strategy added 10,624 BTC at $90,615 per coin, pushing total holdings to 660,624 BTC and maintaining its unchallenged #1 global position with 3.15% of circulating supply.

The nearly $1 billion capital deployment came primarily through ATM equity issuance — 5.1 million MSTR common shares generating $928 million — plus around $34 million from STRD preferred stock. This marks a significant strategic shift: Strategy deployed 96% of capital through common stock dilution versus the preferred-equity-only approach.

What makes Strategy notable is the return to aggressive common stock issuance despite sub-1.0x mNAV. With an mNAV at 0.84x (trading 15.3% below Bitcoin NAV), Strategy diluted existing holders to buy Bitcoin at effectively spot prices through the market rather than at the premium embedded in MSTR stock. This reverses, albeit could be just temporary, the elegant capital structure Strategy spent 2025 building, since preferred equity was supposed to eliminate common dilution. The company appears to be prioritizing accumulation velocity over per-share Bitcoin preservation, trying to make the most of lower prices.

At 660,624 BTC, and an average cost of $74,696 average cost basis, Strategy has a 23% unrealized gains at current $92,000 prices. But the willingness to issue common stock at 0.84x mNAV suggests that either management believes current valuations are temporary and accumulation at any price builds long-term value, or that preferred equity markets have tightened, forcing Strategy back to common stock despite the dilutive cost. Either interpretation signals that the "Bitcoin Credit" era of non-dilutive accumulation may have limits.

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

#2 — American Bitcoin Corporation (ABTC) 🇺🇸

• BTC added: 360 BTC

• Estimated value: ~$33.1 million

• New total holdings: 4,367 BTC

• Funding source: Undisclosed

• Current Ranking: #23 globally

• % of total supply: ~0.021%

• Market cap: $2 billion

• Enterprise value: $2 billion

• mNAV: 5.1x

American Bitcoin Corp added 360 BTC, pushing holdings to 4,367 BTC valued at about $401 million and maintaining #23 globally. The 9% single-week increase represents one of the largest percentage gains among mid-tier treasuries, demonstrating aggressive accumulation despite the company's relatively small scale.

The firm’s significant 5.1x mNAV means investors are paying over $5 for every dollar of Bitcoin NAV. With a $2 billion market cap against its $401 million in Bitcoin holdings, the market assigns $1.6 billion in value which can be the mining operations, future accumulation expectations, or speculative premium. This 410% premium to Bitcoin NAV ranks among the highest valuations in the among mid cap treasuries.

The 360 BTC addition at current scale represents roughly 9% holdings growth in a single week — a velocity that would add 4,680 BTC annually if sustained.

Track mid-tier treasury growth rates on our live dashboard: compare percentage velocity across companies targeting 5,000-10,000 BTC.

#4 — Cango Inc (CANG) 🇨🇳

• BTC added: 130 BTC

• Estimated value: ~$12.0 million

• New total holdings: 7,033 BTC

• Funding source: Mining operations

• Current Ranking: #16 globally (up from #17)

• % of total supply: ~0.034%

• Market cap: $208 million

• Enterprise value: $975 million

• mNAV: 0.32x

Cango mined 130 BTC, pushing holdings to 7,033 BTC valued at around $647 million and climbing one position to #16 globally. The Chinese automotive services platform continues its seventh consecutive week of top-five appearances, demonstrating the most consistent mid-tier accumulation in the sector through mining operations that bypass capital markets entirely.

But Cango’s 0.32x mNAV means that its discount to Bitcoin NAV deepend from last week’s 0.38x. Investors can theoretically buy CANG stock at 32 cents per dollar of Bitcoin, liquidate the treasury, and capture a 68% spread. Yet the discount widened as Bitcoin continues to suffer volatile price swings to the downside. The $208 million market cap against $647 million in Bitcoin creates one of the sector’s most extreme mispricings.

The 1.5x EV mNAV reveals substantial debt to liabilities ratio, which explains some discount. But even accounting for leverage, the basic mNAV discount persists at levels suggesting distressed selling, Bitcoin bought at too high prices, or complete market disbelief in management’s Bitcoin conviction.

Track Cango's mNAV compression and mining accumulation on our live dashboard.

#4 — Genius Group (GNS) 🇸🇬

• BTC added: 42 BTC

• Estimated value: ~$3.9 million

• New total holdings: 180 BTC

• Average cost basis: $102,819 per BTC

• Funding source: Corporate treasury

• Current Ranking: #90 globally

• % of total supply: ~0.00086%

• Market cap: $42 million

• mNAV: 2.5x

• Unrealized loss: -10.76%

Genius Group added 42 BTC, pushing holdings to 180 BTC valued at about $16 million and maintaining #90 globally. The Singapore-based AI-powered education company continues accumulating despite sitting on -10.76% unrealized losses from a $102,819 average cost basis.

Despite being a micro-cap treasury, Genius Group boasts a 2.5x basic mNAV, which translates to a 153% premium to Bitcoin NAV. With a $42 million market cap against $16 million in Bitcoin holdings, investors pay $2.50 for every dollar of Bitcoin — valuing the education and AI business at roughly $25 million above treasury value. This premium exceeds most mid-tier treasuries trading at discounts or modest premiums, suggesting markets believe Genius Group’s operational business justifies the valuation or that future Bitcoin accumulation will be substantial.

Genius Group shows a -10.76% unrealized loss, which is testing whether management maintains conviction through drawdowns after nearly 13 months of operations. Continued 42 BTC accumulation at $92,000 while underwater at $102,819 cost basis demonstrates sustained commitment, although the real test comes if Bitcoin remains suppressed for 6-12 months and those losses deepen.

Track the newest treasury entrants and their conviction through volatility on our live dashboard.

#5 — Hyperscale Data 🇺🇸 

• BTC added: 38 BTC

• Estimated value: ~$3.5 million

• New total holdings: 421.7 BTC

• Funding source: Corporate treasury

• Current Ranking: #71 globally

• % of total supply: ~0.0020%

• Market cap: $53 million

• Enterprise value: $145 million

• mNAV: 1.35x

Hyperscale Data added 38 BTC, pushing holdings to 421.7 BTC valued at $38 million and maintaining #71 globally. The company held Bitcoin since September 22, 2025 — just 77 days — representing one of the newest treasury strategies getting rattled by the current market stress.

Notably, Hyperscale has a 1.35x basic mNAV that expands to a 3.74x EV mNAV — suggesting substantial operational assets beyond its Bitcoin treasury. With a $53 million market cap against $38 million in Bitcoin, the company trades at a 36% premium to Bitcoin NAV, indicating markets value the data center and infrastructure business at about $14 million.

But an enterprise value of $145 million — nearly 4x Bitcoin holdings — reveals significant debt or other liabilities tied to the operational business. This leveraged structure creates both opportunity and risk. If Bitcoin appreciates, equity holders capture levered upside, but if operational cash flows falter, the treasury could face liquidation pressure.

The 2.5x diluted mNAV (150% premium) versus 1.35x basic mNAV (36% premium) signals massive dilution overhang from outstanding warrants, options, or convertible securities. When these instruments convert, per-share Bitcoin exposure might compress dramatically — existing shareholders would see their Bitcoin ownership diluted by nearly half. This makes Hyperscale's treasury strategy particularly dependent on aggressive continued accumulation to offset dilution from capital structure complexity.

Track dilution risk across Bitcoin treasuries on our live dashboard: compare basic vs. diluted mNAV to identify which companies face conversion pressure.

Arch Lending 

Get instant, secure loans backed by your Bitcoin, Ethereum, or Solana—no need to sell your assets. Arch Lending offers fast approvals and trusted custody for both individuals and institutions.

For more information:

Leaderboard Snapshot

The top 20 shows Strategy extending its lead to 660,624 BTC — now 12x larger than #2 MARA at 53,250 BTC — following its 10,624 BTC weekly addition funded primarily through common stock rather than preferred equity. Cango climbed one position to #16 with 7,033 BTC, displacing Galaxy Digital (#17 at 6,894 BTC) through consistent mining-based accumulation. The shift demonstrates that mid-tier mining operations can outpace spot-buying treasuries when capital markets tighten.

American Bitcoin Corp maintains #23 with 4,367 BTC despite the 360 BTC weekly addition — highlighting how crowded the 4,000-5,000 BTC range has become. Micro-caps Genius Group (#90, 180 BTC) and Hyperscale Data (#71, 421.7 BTC) demonstrate that new treasury entrants continue launching despite Bitcoin’s 15% decline from November peaks, though their elevated mNAV premiums suggest these companies trade more on operational business value than treasury holdings.

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

Key Takeaways

• Strategy's return to common stock issuance signals preferred equity limits: The company deployed 96% of capital ($928 million) through 5.1 million MSTR share sales despite trading at 0.847x mNAV, reversing the preferred-equity-only approach championed throughout 2025. This suggests preferred equity markets have tightened as Bitcoin declined 15%, or that Strategy prioritizes accumulation velocity over avoiding dilution.

• Extreme mNAV dispersion reveals market confusion about treasury valuation: American Bitcoin trades at 5.1x mNAV (410% premium) while Cango trades at 0.32x (68% discount). This suggests markets haven't established consistent frameworks for pricing Bitcoin treasuries, creating opportunities for sophisticated investors but signaling that treasury investing remains speculative rather than rational.

• New micro-cap treasuries face their first real stress test: Genius Group (386 days old, -10.76% unrealized loss) and Hyperscale Data (77 days old) represent treasury strategies experiencing their first sustained drawdowns, testing whether they maintain accumulation if Bitcoin stays suppressed at $85,000-$95,000 for 12-18 months.

Special thanks to our partners:

• 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

• Arch Lending. Get instant, secure loans backed by your Bitcoin, Ethereum, or Solana—no need to sell your assets. Arch Lending offers fast approvals and trusted custody for both individuals and institutions. Learn more: Arch Lending

• 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

• Coinkite. Coinkite is a leader in security and hardware manufacturer and the maker of some of the most iconic Bitcoin products, such as OPENDIME, COLDCARD, BLOCKCLOCK, SATSCARD, TAPSIGNER and SATSCHIP. Learn more: Coinkite

• 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

• The Hemisphere Foundation. Hemisphere develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, withe benefits of self-custody and Bitcoin native deployment. Learn more: The Hemisphere Foundation

• 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

• 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

• Psalion. Psalion is a Bitcoin and digital-asset yield manager that offers institutional‑style investment strategies to professional investors, family offices, corporates, and private clients via separately managed accounts and yield funds. Learn more: Psalion

• 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)

• 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

• XCE. A executive recruitment group that combines a profitable recruitment business with a Bitcoin treasury strategy. The company turns over a decade of executive recruitment experience and four years of Bitcoin accumulation into a public Bitcoin‑powered growth engine, using a proven operating business to drive Bitcoin treasury accumulation. Learn more: XCE

• Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite

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.

• What metrics or dashboards do you rely on to track the space?

• Which signals would you like us to explore in more depth?

• What tools would you like to see us integrate?

You can help shape the direction of this newsletter in 10 seconds.

Just hit reply, we read everything.

For more information: