Hello and welcome to Bitcoin Balance Sheet, the new 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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Bitcoin Treasuries Cross 1 Million BTC

For the first time in history, public companies tracked by BitcoinTreasuries.net collectively hold more than 1,000,000 Bitcoin — a psychological threshold that marks Bitcoin’s shift from corporate experiment to balance sheet standard.

In just five years, the institutional Bitcoin market has scaled from Strategy’s inaugural purchase to seven-figure holdings distributed across countries, sectors, and jurisdictions.

Roughly 184 companies and a handful of ETFs now control nearly 5% of total supply — more than $110 billion in corporate treasuries.

In many ways, the concentration of Bitcoin on corporate balance sheets echoes the way gold reserves are clustered among sovereigns. The United States alone controls over 8,000 tonnes — three quarters of its official reserves — while Germany, Italy, and France round out the top tier with 2,400–3,300 tonnes each.

Together, the five largest holders control about a quarter of the world’s above-ground gold. Corporates now sit at a similar scale with Bitcoin: one in every twenty coins in circulation is effectively institutionally owned.

Against broader capital markets, the scale remains small but telling. The S&P 500 represents nearly $50 trillion in equity value, and global public markets exceed $130 trillion.

Yet a corporate Bitcoin position of $110 billion — achieved in half a decade — demonstrates how quickly an asset can graduate from speculation to treasury allocation.

The Math Behind the Milestone

Although 184 public companies report Bitcoin holdings, the distribution is highly concentrated.

Strategy alone controls more than 636,000 BTC, equivalent to 63% of corporate reserves and nearly 3% of all supply. Strip Saylor’s firm out of the dataset, and the average company still holds roughly 2,000 BTC — a material figure that would place each among the top individual holders globally.

But that concentration also creates opportunity.

Take Metaplanet. With 20,000 BTC or about $2.2 billion, the company has become Japan’s de facto Bitcoin proxy. In a jurisdiction where direct crypto ownership faces punitive tax rates — up to 55% on gains treated as miscellaneous income, without offsetting deductions — the firm’s stock offers a regulatory detour.

Shareholders receive yen-denominated, exchange-traded exposure, taxed at a standard 20% capital gains rate. Unsurprisingly, the stock has commanded premiums as high as 2.0x NAV, although it currently trades around 1.6x.

What happens when every jurisdiction with hostile Bitcoin tax treatment spawns its own Metaplanet equivalent? The answer is scale — structural demand for listed proxies, each reinforcing Bitcoin’s footprint in regulated markets.

Meanwhile, ETFs have added $144 billion in just 18 months, dwarfing corporate inflows over five years. The entry of a G7 nation-state or sovereign wealth fund would move the dynamic from corporate strategy to systemic shift.

Corporate Adoption Timeline

By current growth trajectories, corporate Bitcoin adoption could reach 10,000 companies by 2030.

Today, corporate Bitcoin adoption is growing at a 78% annual growth rate, with an 18-fold increase to 184 companies from less than 10 in 2020.

Our projections model a deceleration curve by 50% every two years as the market matures, which translates to 500 companies by 2026, 1,500 by 2027, and 5,000 by 2028.

The key catalysts include a Fortune 100 company breaking the ice in 2025, triggering further institutional deluge by 2026. Big Four accounting standardization in 2027 makes Bitcoin allocation a CFO checkbox item. By 2028, supply scarcity forces companies to explore mining partnerships and synthetic exposure.

These projections assume no black swan events.

Five years ago, the corporate Bitcoin space didn’t exist. Now, balance sheets are being rewired around Bitcoin. Saylor has demonstrated how to compound reserves through capital engineering, Asian corporates are testing NAV-linked equity structures, and miners have pivoted from forced sellers to disciplined treasury managers.

The competitive implications are clear.

Firms integrating Bitcoin into their capital base are accessing cheaper funding, sustaining mNAV premiums, and aligning long-term investors. For those that do not, the opportunity cost is rising.

Yet, despite the one-million milestone, institutional Bitcoin adoption remains in its infancy.

Fewer than 0.5% of the world’s 50,000 publicly listed companies have exposure, while Sovereign wealth funds, managing trillions in assets, remain entirely unallocated.

Gold took millennia to become a reserve asset. The U.S. dollar required decades of Bretton Woods consensus. Bitcoin is advancing in years. With corporate treasuries as its transmission mechanism, supply math as its accelerant, and financial engineering as its lever, the adoption curve seems to be pointing only upward.

What can you do on BitcoinTreasuries.net?

Users and reporters can:

• Visualize Historic Growth: Access interactive charts showing sector-wide accumulation from the early days of corporate adoption to today’s seven-figure threshold.

• Track Contributions by Sector: Break down the 1,000,000+ BTC total by public companies, ETFs, and government holdings, with transparent, source-linked data.

• Compare Institutions, Companies & Countries: Benchmark leading holders and view side-by-side stats across all major treasury categories.

• Analyze Market Impact: Use real-time valuation tools and downloadable graphics to illustrate how large-scale treasury buying is influencing both Bitcoin’s price and perception as an asset class.

• Export and Embed Data: Journalists and analysts can download verified data sets, infographics, and historical archives for use in reporting, research, and presentations.

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?

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