Bitcoin Balance Sheet #048

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!

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AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writes specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind.

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In the past seven days, 11 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,091,435 BTC worth roughly $98 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 🇺🇸

• BTC added: 13,627 BTC

• Estimated value: ~$1.25 billion

• New total holdings: 687,410 BTC

• Funding source: Preferred and common stock sales ($1.25B net proceeds)

• Current Ranking: #1 globally

• % of total supply: ~3.28%

• Market cap: $45 billion (Basic)

• Enterprise value: $59 billion

• mNAV: 0.725x (Basic)

Strategy added 13,627 BTC this week, pushing holdings to 687,410 BTC valued at $62 billion and maintaining its #1 global position. The Virginia-based business intelligence software company raised $1.25 billion through a combination of preferred stock (STRC: $119 million) and common stock (MSTR: $1.13 billion) sales under its at-the-market program, deploying proceeds at a $91,519 average purchase price.

The 2% weekly increase represents Strategy's continued dominance of treasury accumulation, capturing 98% of all Bitcoin bought by public companies this week — up from the typical 85% to 90% range. With $51 billion aggregate purchase price across 687,410 BTC, Strategy maintains a $75,355 average cost basis and holds +20.28% unrealized gains despite Bitcoin's recent pullback from all-time highs.

The $1.25 billion capital raise through ATM sales demonstrates Strategy's privileged access to institutional capital markets that remains unavailable to virtually every other treasury company. While mid-tier treasuries face mostly shuttered equity markets and severe mNAV discounts preventing them from executing accretive share issuances, Strategy continues deploying its "Bitcoin yield" strategy by issuing equity at 0.725x mNAV to buy Bitcoin at spot prices — creating approximately 37% immediate accretion to Bitcoin per share despite trading at a discount to NAV.

Track Strategy's accumulation pace and ATM program deployment on our live dashboard: monitor whether the 97.5% weekly buying share represents peak concentration or if non-Strategy treasury accumulation permanently collapses to negligible levels.

#2 — Cango Inc (CANG) 🇨🇳

• BTC added: 223 BTC

• Estimated value: ~$20.2 million

• New total holdings: 7,643 BTC

• Funding source: Mining operations

• Current Ranking: #14 globally

• % of total supply: ~0.036%

• Market cap: $255 million (Basic)

• Enterprise value: $1 billion

• mNAV: 0.368x (Basic)

Cango mined 223 BTC this week, pushing holdings to 7,643 BTC valued at $692 million and maintaining the #14 spot globally. The Chinese automotive services platform continues to be the sector’s most reliable mid-tier accumulation through mining operations that bypass capital markets entirely, adding approximately 32 BTC daily regardless of equity market conditions or mNAV compression.

The 3% weekly increase through operational production represents the second-largest contribution this week after Strategy’s equity-funded purchases, highlighting mining’s structural advantage as equity markets remain mostly closed for capital-dependent treasuries.

Cango’s tenth consecutive week of top-five appearances proves mining-based models provide accumulation consistency that equity-dependent treasuries cannot match. While companies relying on share sales have added marginal amounts of BTC outside Strategy this week, Cango's 223 BTC through operational production demonstrates that hash rate-backed accumulation continues functioning regardless of sentiment, mNAV valuations, or capital markets access.

Track mining-based treasury accumulation consistency on our live dashboard: compare operational production vs. capital-markets-funded purchases across market cycles and identify which companies maintain buying through mNAV compression.

#3 — DMG Blockchain Solutions Inc. (DMGI) 🇨🇦

• BTC added: 23 BTC

• Estimated value: ~$2.1 million

• New total holdings: 403 BTC

• Funding source: Mining operations

• Current Ranking: #74 globally

• % of total supply: ~0.0019%

• Market cap: CA$56 million / $40 million USD (Basic)

• Enterprise value: $41 million

• mNAV: 1.103x (Basic)

DMG Blockchain Solutions added 23 BTC through mining operations, pushing holdings to 403 BTC valued at $36 million since the Canadian mining company began holding Bitcoin on September 14, 2022. The 6.1% weekly increase represents modest but consistent operational production, adding approximately 3.3 BTC daily through hash rate deployment.

Markets are valuing the company's $40 million market cap against $36 million in Bitcoin holdings, assigning minimal premium beyond the treasury’s value, which either reflects operational mining infrastructure value, expectations of continued accumulation through production, or simply efficient price discovery on the Canadian listing.

The 23 BTC weekly addition through mining represents significantly smaller scale than Cango's 223 BTC production, positioning DMG as a micro-scale mining operation that’s reaching a roughly 3.3 BTC daily output. The modest production rate suggests either limited hash rate deployment, higher electricity costs that reduce the firm’s profitability, or strategic allocation where mining revenues partially fund operations rather than pure treasury accumulation.

Still, the company's tiny treasury scale (403 BTC worth $36 million) limits institutional interest and creates questions about whether micro-mining operations can successfully adopt the treasury strategy long-term. Unlike mid-cap miners combining thousands of BTC with operational scale, DMG's position tests whether small Canadian mining companies can build meaningful Bitcoin exposure through production alone.

Track emerging mining-based treasury companies on our live dashboard: monitor which micro-scale miners maintain consistent accumulation and whether Canadian-listed treasuries achieve better mNAV valuations than U.S. or Asian peers.

#4 — BITFUFU (FUFU) 🇸🇬

• BTC added: 16 BTC

• Estimated value: ~$1.5 million

• New total holdings: 1,780 BTC

• Funding source: Mining operations

• Current Ranking: #38 globally

• % of total supply: ~0.0085%

• Market cap: $534 million (Basic)

• Enterprise value: $647 million

• mNAV: 3.308x (Basic)

BITFUFU added 16 BTC through mining operations, pushing holdings to 1,780 BTC valued at $161 million while maintaining the #38 spot globally. The Singapore-based cloud mining platform’s 0.9% weekly increase represents minimal accumulation, adding approximately 2.3 BTC daily through hash rate deployment — yet the company trades at the week’s highest mNAV multiple.

The 3.308x basic mNAV — a 231% premium to Bitcoin NAV — positions BITFUFU as a top-tier treasury globally on a per-Bitcoin basis, with markets valuing the company's $534 million market cap against just $161 million in Bitcoin holdings. Investors effectively pay $3.31 for every $1 of Bitcoin NAV, creating a $372 million premium that either reflects massive operational business value, expectations of exponential accumulation growth, or speculative excess disconnected from any sort of fundamental treasury metrics.

The 231% premium defies rational valuation frameworks when compared to sector peers. Strategy trades at 0.725x mNAV with 687,410 BTC and institutional credibility, Cango at 0.368x with 7,643 BTC through proven mining operations, yet BITFUFU commands 3.308x with just 1,780 BTC and approximately 2.3 BTC daily production.

Meanwhile, the 9.0x spread between BITFUFU's 3.308x and Cango's 0.368x suggests either geographic arbitrage opportunities where Singapore listings trade at massive premiums to China exchanges, data quality issues preventing accurate price discovery, or complete market inefficiency.

Track extreme mNAV premiums on our live dashboard: monitor whether BITFUFU's 3.308x valuation compresses toward sector averages or if Singapore-listed mining treasuries maintain structural premiums over U.S. and Asian peers.

#5 — Vanadi Coffee, SA (VANA) 🇪🇸

• BTC added: 12 BTC

• Estimated value: ~$1.1 million

• New total holdings: 183 BTC

• Funding source: Corporate treasury

• Current Ranking: #88 globally

• % of total supply: ~0.00087%

• Market cap: N/A

• Enterprise value: N/A

• mNAV: N/A

Vanadi Coffee added 12 BTC, pushing holdings to 183 BTC valued at $16.62 million while climbing to #88 globally. The Spanish publicly listed company on the BME Growth market continues its modest but consistent accumulation since making its first Bitcoin treasury purchase on May 22, 2025, now executing eight months of treasury strategy at restaurant-business scale.

The 7.0% weekly increase represents smaller deployment than the company's previous 32 BTC purchase but demonstrates continued commitment to the hybrid model combining traditional restaurant operations with Bitcoin reserve accumulation.

Vanadi’s restaurant business adds some unusual context. Unlike mining operations with operational Bitcoin production or tech companies with software revenues, Vanadi operates physical restaurants and food service locations — businesses with thin margins, high fixed costs, and operational complexity that typically discourage volatile treasury allocations. The decision to deploy restaurant cash flows into Bitcoin represents either extraordinary conviction in the treasury model or financial desperation where management views Bitcoin as the only growth strategy available to a struggling European restaurant chain.

What’s more, the BME Growth market listing compounds obscurity. While U.S. Nasdaq-listed treasuries benefit from institutional analyst coverage, liquid trading, and transparent reporting, Spanish small-cap markets lack the infrastructure to support treasury company analysis. Investors seeking European treasury exposure face fundamental challenges accessing data, executing trades, or even verifying whether Vanadi's reported 183 BTC holdings exist on-chain.

Track emerging European treasury companies on our live dashboard: monitor which BME Growth and small European markets adopt Bitcoin strategies and whether data quality improves as the treasury model globalizes beyond U.S. and Asian markets.

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Leaderboard Snapshot

Strategy's 13,627 BTC purchase — 98% of all weekly buying — demonstrates that the sector mostly depends on a single entity's capital deployment while the majority of other global treasuries combined contributed just 363 BTC. Further down, the concentration intensifies dramatically. Strategy typically represents 85-90% of weekly buying, but this week's 98% share reveals that non-Strategy accumulation has collapsed to nearly negligible levels — just 363 BTC across Cango (223 BTC), BITFUFU (16 BTC), DMG Blockchain (23 BTC), Vanadi (12 BTC)plus a smattering of sub-1 Bitcoin buys.

Meanwhile, the mNAV spectrum continues to mostly compress. Strategy trades at 0.725x basic mNAV (27.5% discount), Cango languishes at 0.368x (63.2% discount), and BITFUFU trades at an extraordinary 3.308x (231% premium) — a 9.0x valuation spread suggesting markets apply wildly inconsistent frameworks even as most treasuries suffer brutal discounts.

Key Takeaways

• Strategy's monopolization of treasury buying exposes lack of capital markets access: The 98% weekly share — up from the typical 85-90% — reveals that capital markets have mostly closed for nearly all but the most established treasury operators. With just 363 BTC added by the remaining 46 global treasuries combined, the sector demonstrates very little diversification of accumulation sources. If Strategy pauses buying due to dilution fatigue, mNAV compression, or capital markets constraints, weekly treasury accumulation could collapse to triple-digit levels.

• Mining-based treasuries maintain minimal but consistent production while equity-funded models freeze: Cango's 223 BTC through mining operations and DMG's 23 BTC represent approximately 32 BTC daily combined output, demonstrating that operational production continues regardless of mNAV valuations or investor sentiment. In contrast, equity-dependent treasuries outside Strategy added zero BTC through capital raises this week. The bifurcation suggests that as mNAV compression persists, mining-hybrid models may prove the only sustainable accumulation method for mid-tier companies lacking Strategy's premium access to institutional capital.

• Extreme mNAV divergence persists despite sector-wide distress: BITFUFU commands 3.308x basic mNAV (231% premium) while Cango trades at 0.368x (63% discount) — a 9.0x spread that defies rational valuation frameworks. Even Strategy, with $62 billion in Bitcoin holdings and institutional credibility, trades at 0.725x (27.5% discount). Markets simultaneously assign massive premiums to Singapore-listed micro-treasuries while crushing U.S. mid-caps and Chinese miners, suggesting geographic arbitrage opportunities, data quality issues across exchanges, or complete market inefficiency that prevents any coherent pricing mechanism from emerging.

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 writes 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, with 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 best-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. An 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

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