Bitcoin Balance Sheet #041

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!

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.

For more information:

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

The top 100 now jointly hold 1,073,365 BTC, worth roughly $96 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: 10,645 BTC

• Estimated value: ~$980.3 million

• Average acquisition price: $92,098 per bitcoin

• New total holdings: 671,268 BTC

• Total acquisition cost: ~$50.33 billion

• Average cost basis: $74,978 per bitcoin

• Funding source: Mixed. MSTR common stock ($888 million), STRD preferred ($82 million), STRF preferred ($18 million), STRK preferred ($600,000)

• Current Ranking: #1 globally

• % of total supply: ~3.20%

• Unrealized gain: +19.42%

• mNAV: 0.843x (Basic)

Strategy added 10,645 BTC at $92,098 per coin during December 8-14, pushing total holdings to 671,268 BTC and maintaining unchallenged #1 global position with 3.20% of circulating supply.

The $980 million capital deployment came through a mixed funding approach: $888 million from MSTR common stock (4.79 million shares), $82 million from STRD preferred equity, $18 million from STRF preferred, and $0.6 million from STRK preferred. This represents a 90% common stock / 10% preferred equity split — continuing last week’s shift away from the preferred-equity-only approach.

The weekly purchase marks Strategy's largest single-week addition since early November, demonstrating sustained accumulation despite Bitcoin's 25% decline from $120,000 peaks.

Issuing 4.79 million shares at this valuation creates a 15% Bitcoin accumulation inefficiency: every $1 of equity issued buys only $0.843 of Bitcoin value, mathematically reducing Bitcoin per share despite total holdings growing. The company's willingness to execute another $888 million common stock raise at compressed valuations suggests either (1) management believes maintaining accumulation velocity through times of volatility justifies short-term per-share dilution, or (2) preferred equity markets remain tight enough that dilutive common issuance represents the path of least resistance.

Track Strategy's funding mix evolution and mNAV compression on our live dashboard: see how the preferred-to-common ratio shifts week-by-week.

#2 — American Bitcoin Corp (ABTC) 🇺🇸

• BTC added: 677 BTC (two purchases: 261 + 416)

• Estimated value: ~$62.3 million

• New total holdings: 5,044 BTC

• Funding source: Bitcoin mining and corporate treasury

• Current Ranking: #21 globally (up from #23)

• % of total supply: ~0.024%

• Market cap: $2 billion

• Enterprise value: $2 billion

• mNAV: 3.627x (Basic)

American Bitcoin Corp added 677 BTC across two separate transactions, pushing holdings to 5,044 BTC valued at $451 million and climbing two positions to #21 globally.

The 15.5% single-week increase represents the largest percentage gain among top-25 treasuries, demonstrating aggressive accumulation that rivals Strategy's velocity on a relative basis. The two-transaction structure (261 BTC + 416 BTC) suggests either opportunistic buying during Bitcoin's intraweek volatility or staged capital deployment from a larger raise.

What makes American Bitcoin notable is the sustained 3.6x basic mNAV — investors continue paying over $3.60 for every dollar of Bitcoin NAV despite the sector-wide mNAV compression. With a $2 billion market cap against $451 million in Bitcoin holdings, the market assigns $1.55 billion in value beyond the treasury, either to the operational business, future accumulation expectations, or speculative premium.

Alternatively, the company may have deployed existing cash reserves opportunistically as Bitcoin dipped, demonstrating the flexibility that comes with maintaining liquidity rather than deploying every dollar immediately. The 677 BTC weekly addition at mid-tier treasury scale ($451 million holdings) represents roughly 13.4% growth — a velocity that would add 7,000+ BTC annually if sustained, potentially pushing American Bitcoin toward top-15 rankings by mid-2026.

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

#3 — Canaan (CAN) 🇸🇬

• BTC added: 189 BTC

• Estimated value: ~$17.4 million

• New total holdings: 1,730 BTC

• Funding source: Mining operations + corporate treasury

• Current Ranking: #39 globally

• % of total supply: ~0.008%

• Market cap: $5 billion (Basic / Diluted)

• Enterprise value: $5 billion

• mNAV: 29.208x (Basic)

Canaan added 189 BTC, pushing holdings to 1,730 BTC valued at $154 million while maintaining the #39 spot globally. The Bitcoin mining hardware manufacturer demonstrates a hybrid treasury approach: accumulating Bitcoin both through mining operations and direct purchases funded by hardware sales revenue.

Notably, Canaan has one of the highest valuation multiples among all measured treasuries, with a 29.2x mNAV. Investors are paying $29.21 for every $1 of Bitcoin NAV, assigning $4.85 billion in value beyond the $154 million treasury. This valuation reflects that the market is pricing Canaan primarily as a mining hardware business (Avalon ASIC miners) with a Bitcoin treasury as a secondary component, rather than as a pure treasury play. The company supplies mining machines to operations worldwide, generating revenue that funds both business operations and Bitcoin accumulation.

The extreme mNAV demonstrates that operational businesses with Bitcoin treasuries trade on fundamentally different metrics than pure treasury companies — validating Roy Kashi's observation that mNAV is “fundamentally incomplete for companies that produce revenue and profit."

Canaan's model represents a middle path between pure spot-buying treasuries (Strategy) and pure mining-based accumulation (MARA, Riot), suggesting that equipment manufacturers with diversified revenue streams may sustain accumulation through complete market cycles better than single-strategy approaches.

Track hybrid treasury models on our live dashboard: compare mining-based vs. spot-buying vs. combined accumulation strategies.

#4 — Cango Inc (CANG) 🇨🇳

• BTC added: 131 BTC

• Estimated value: ~$12 million

• New total holdings: 7,164 BTC

• Funding source: Mining operations

• Current Ranking: #16 globally

• % of total supply: ~0.034%

• Market cap: $221 million (Basic)

• Enterprise value: $987 million

• mNAV: 0.344x (Basic)

Cango mined 131 BTC, pushing holdings to 7,164 BTC valued at $641 million and maintaining the #16 spot globally. The Chinese automotive services platform continues its eighth consecutive week of top-five appearances, demonstrating the most consistent mid-tier accumulation in the sector through mining operations that bypass capital markets entirely.

The 1.9% weekly growth represents steady production from Cango's mining infrastructure, avoiding the volatility of capital-markets-dependent treasuries.

Cango’s persistent mNAV discount suggests either that the firm bought Bitcoin at too-high prices, investors have expectations of distressed selling, or there’s a complete market disbelief in management’s Bitcoin conviction. For investors willing to accept China-listed company risk and potential regulatory uncertainty, CANG offers Bitcoin exposure at 34 cents per dollar—the cheapest valuation in public markets.

The company's eighth consecutive week in top-five buyers demonstrates mining's reliability advantage: regardless of capital markets conditions, mNAV compression, or investor sentiment, miners produce Bitcoin continuously.

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

#5 — Lion Group Holding (LGHL) 🇸🇬

• BTC added: 88.49 BTC

• Estimated value: ~$8.1 million

• New total holdings: 88.49 BTC

• Funding source: Corporate treasury

• Current Ranking: #107 globally

• % of total supply: ~0.0004%

• Market cap: $2 million (Basic)

• mNAV: 0.271x (Basic)

Lion Group Holding made its inaugural Bitcoin treasury purchase, acquiring 88.49 BTC last week, and immediately entering global rankings at #107. The Singapore-based financial services firm operates a trading platform for retail and institutional clients across China and Southeast Asia, offering CFD & futures brokerage, OTC options, and total return swaps.

The 88.49 BTC initial purchase represents a modest nearly $8 million deployment — testing treasury strategy without committing substantial capital. This conservative entry mirrors how other large companies began: small initial allocation to test operational processes, accounting treatment, and investor reception before scaling.

If Lion Group's brokerage business generates sufficient cash flow and the treasury experiment proves successful with investors, the company could deploy significantly more capital into Bitcoin.

Track the newest treasury entrants and their initial purchases on our live dashboard: identify which experimental strategies gain investor support.

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.

For more information:

Leaderboard Snapshot

Strategy extends dominance to 671,268 BTC — 12.6x larger than #2 MARA at 53,250 BTC, after its 10,645 BTC weekly addition representing 85-90% of all treasury buying. The concentration of weekly buying (Strategy: ~90%, others: ~10%) demonstrates that capital markets access during mNAV compression separates survivors from the field — companies with strong equity issuance capacity continue accumulating while others pause or abandon strategies entirely.

Geographic diversity continues evolving with Singapore companies (Lion Group, Canaan) demonstrating increased Asian participation beyond Japan's Metaplanet. U.S. companies still hold 18 of top 20 positions, but the entry of new Southeast Asian participants suggests the treasury model globalizes beyond early American/Japanese pioneers.

Key Takeaways

• Strategy's accumulation velocity remains unmatched despite mNAV compression: The 10,645 BTC weekly purchase represents 85% to 90% of all treasury buying and exceeds the combined November additions of 99 other companies, demonstrating that capital markets access during times of price downturns separates mega-treasuries from the field. The company's continued common stock issuance at 0.843x mNAV (15.7% Bitcoin accumulation inefficiency) signals either conviction that maintaining its buying velocity through times of volatility justifies per-share dilution or acknowledgment that preferred equity markets have tightened enough to force dilutive paths.

• Extreme mNAV divergence reveals market confusion about treasury valuation frameworks: Canaan trades at 29x mNAV while Lion Group debuts at 0.27x — a 107x spread representing unprecedented valuation chaos. Markets apply completely different frameworks to operational businesses with Bitcoin treasuries (Canaan valued as hardware manufacturer, Lion Group as brokerage) versus pure treasury plays (Strategy), suggesting the sector hasn't established consistent pricing methodology, and is creating opportunities for sophisticated investors who can identify mispriced assets.

• New treasury entrants emerge despite sector-wide accumulation slowdown: Lion Group's debut marks a financial services firm testing the treasury strategy during mNAV compression, contrasting with many companies who have paused accumulation or even sold. Whether new entrants launching during market stress prove to be more resilient (buying at better prices) or face immediate skepticism (0.271x mNAV suggests market disbelief) will help to test if the treasury model attracts disciplined operators or remains dominated by early movers with established investor bases.

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: