Bitcoin Treasury Buys: Who’s Still Accumulating

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

The top 100 now jointly hold 1,105,750 BTC, worth roughly $102 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 — DDC Enterprise Limited (DDC) 🇺🇸

• BTC added: 200 BTC

• Estimated value: ~$18.6 million

• New total holdings: 1,383 BTC

• Funding source: Not disclosed

• Current Ranking: #44 globally

• % of total supply: ~0.0066%

• Market cap: $82 million (Basic)

• Enterprise value: $53 million

• mNAV: 0.636x (Basic)

DDC Enterprise Limited added 200 BTC, pushing holdings to 1,383 BTC valued at $128 million while maintaining the #44 spot globally. The global Asian food platform and digital asset treasury company executed its first Bitcoin purchase of 2026, delivering a massive 16% weekly increase — the largest percentage gain among all treasuries this week — through what management describes as "disciplined, systematic" capital deployment.

The company reports 0.046482 BTC per 1,000 DDC shares at an $88,998 average cost basis, creating +4.48% unrealized gains. Meanwhile, DDC’s 0.63x basic mNAV — a 36% discount to Bitcoin NAV — positions the company among treasuries trading at significant discounts despite buying. Markets value the company’s $82 million market cap against $128 million in Bitcoin holdings, creating a theoretical arbitrage where investors can buy $1 of Bitcoin for $0.64 by purchasing DDC stock.

The 200 BTC purchase labelled as DDC’s "first Bitcoin purchase of 2026" suggests the company plans to continue buying throughout the year, potentially establishing DDC as a consistent mid-tier accumulator. The negative enterprise value ($53 million EV vs. $82 million market cap) indicates a net cash position of approximately $29 million, suggesting the purchase likely came from existing reserves rather than new debt, supporting management's claim of "disciplined" capital deployment within its existing financial capacity.

Track emerging Asian food platform treasury adoption on our live dashboard: monitor whether DDC maintains 100+ BTC quarterly purchases and identify other operational businesses combining traditional revenue streams with Bitcoin treasury strategies.

#2 — Strive (ASST) 🇺🇸

• BTC added: 123 BTC

• Estimated value: ~$11.4 million

• New total holdings: 12,798 BTC

• Current Ranking: #13 globally

• % of total supply: ~0.061%

• Market cap: $853 million (Basic)

• Enterprise value: $987 million

• mNAV: 0.717x (Basic)

Strive added 123 BTC, pushing holdings to 12,798 BTC valued at $1.19 billion and climbing to #11 globally from #15 last week. The company’s 1.0% weekly increase follows its completed merger with Semler Scientific, which combined the two companies' Bitcoin treasuries and included a 1-for-20 reverse stock split to align share prices with institutional participation standards.

Strive's perpetual preferred equity (SATA) traded above the $100 par level for the first time on Friday, mirroring Strategy's STRC preferred stock, which also broke par last week with $755 million in volume, including $582 million traded above $100. The SATA preferred stock breaking par suggests improved access to capital markets for preferred equity issuance.

Chairman and CEO Matt Cole emphasized that the company plans to "issue substantially more SATA over the next 12 months and intend to maintain amplification exclusively through preferred equity," while monetizing Semler's medical diagnostics business to retire approximately $120 million in debt.

Track post-merger treasury performance on our live dashboard: monitor whether Strive's SATA preferred issuance sustains accumulation and compare merger-driven consolidation vs. standalone treasury models facing mNAV compression.

#3 — Cango Inc 🇨🇳

• BTC added: 115 BTC

• Estimated value: ~$10.7 million

• New total holdings: 7,758 BTC

• Funding source: Mining operations

• Current Ranking: #15 globally+

• % of total supply: ~0.037%

• Market cap: $243 million (Basic)

• Enterprise value: $1 billion

• mNAV: 0.337x (Basic)

Cango mined 115 BTC this week, pushing holdings to 7,758 BTC valued at $721 million and maintaining the #15 spot globally. The Chinese automotive services platform continues its eleventh consecutive week of top-five appearances through mining operations that bypass capital markets entirely, adding approximately 16 BTC daily through hash rate deployment.

The 0.33x basic mNAV — a 66.3% discount to Bitcoin NAV — deepened from last week's 0.36x, expanding the discount by 3.1 percentage points as the stock underperformed Bitcoin. The extreme discount suggests markets assign virtually no value beyond Bitcoin holdings, with investors either considering some form of forced liquidation to fund automotive operations or facing structural barriers where the Nasdaq listing trades with such low liquidity that price discovery fails entirely.

What makes Cango's positioning critical is the mining-based accumulation model's proven resilience. While equity-dependent treasuries outside Strategy have added minimal BTC through capital raises over the past two weeks, Cango's operational production delivered 115 BTC this week and 223 BTC the prior week through hash rate alone, demonstrating that mining treasuries maintain steady accumulation regardless of sentiment, mNAV valuations, or capital markets access.

Track mining-based treasury accumulation consistency on our live dashboard: monitor whether Cango maintains weekly production above 100 BTC and compare operational mining output vs. capital-markets-funded purchases across market cycles.

#4 — Canaan Inc. (CAN) 🇸🇬

• BTC added: 20 BTC

• Estimated value: ~$1.9 million

• New total holdings: 1,750 BTC

• Funding source: Mining operations

• Current Ranking: #38 globally

• % of total supply: ~0.0083%

• Market cap: $4 billion (Basic)

• Enterprise value: $4 billion

• mNAV: 26.102x (Basic)

Canaan added 20 BTC through mining operations, pushing holdings to 1,750 BTC valued at $162 million while maintaining the #38 spot globally. The Singapore-based Bitcoin mining hardware manufacturer and mining operator executes a 1.2% weekly increase through modest operational production, adding approximately 2.9 BTC daily through hash rate deployment.

The extraordinary 26.1x basic mNAV — a 2,510% premium to Bitcoin NAV — positions Canaan as one of the most expensive treasury globally on a per-Bitcoin basis. Markets value the company's $4 billion market cap against just $162 million in Bitcoin holdings, assigning $3.84 billion in value beyond the treasury. The massive premium suggests markets value Canaan primarily as a mining hardware manufacturer rather than Bitcoin treasury company, with the $4 billion enterprise value reflecting manufacturing business, intellectual property, customer relationships, and mining infrastructure rather than the 1,750 BTC position.

The inclusion as a treasury company creates a valuation absurdity when compared to pure-play treasuries. BITFUFU trades at 3.3x mNAV with 1,780 BTC (nearly identical holdings), while Canaan commands a 26.1x premium — a 7.9x spread proving that treasury tracking must distinguish between companies adopting Bitcoin as primary strategy versus operational businesses holding Bitcoin as byproduct of mining activities.

Track hardware manufacturer treasury positions on our live dashboard: distinguish between companies pursuing strategic Bitcoin accumulation versus operational businesses holding Bitcoin as byproduct of mining activities.

#5 — Hyperscale Data (GPUS) 🇺🇸

• BTC added: 2 BTC

• Estimated value: ~$186,000

• New total holdings: 539.6 BTC

• Current Ranking: #66 globally

• % of total supply: ~0.0026%

• Market cap: $56 million (Basic)

• Enterprise value: $151 million

• mNAV: 1.120x (Basic)

Hyperscale Data added 2 BTC, pushing holdings to 539.6 BTC valued at $50 million while maintaining the #66 spot globally. The U.S.-based company executes a minimal 0.4% weekly increase through cash reserves, representing one of the smallest nominal purchases among active treasuries this week. The modest 2 BTC addition suggests either limited available capital, tactical patience waiting for lower Bitcoin prices, or strategic shift away from aggressive accumulation.

The 1.1x basic mNAV — a 12% premium to Bitcoin NAV — positions Hyperscale among the rare treasuries trading above 1.0x despite micro-scale operations and minimal weekly buying. Markets value the company's $56 million basic market cap against $50.09 million in Bitcoin holdings, assigning just $6 million in value beyond the treasury. The modest 12% premium makes equity issuance marginally accretive.

The September 2025 treasury adoption date marks Hyperscale as a relatively recent entrant, accumulating 539.6 BTC across four months at an average pace of approximately 135 BTC monthly. The dramatic deceleration to just 2 BTC this week — a 98.5% reduction from the implied monthly run rate — signals either completed initial treasury buildout, exhausted available capital from prior raises, or management decision to pause accumulation as the sector faces widespread mNAV compression and capital markets constraints.

Track micro-cap treasury accumulation consistency on our live dashboard: monitor whether Hyperscale's 2 BTC purchase represents temporary pause or permanent shift to minimal buying.

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Leaderboard Snapshot

Without Strategy’s purchase announcement, the remaining global treasuries combined contributed just 458 BTC across five companies: Cango (115 BTC), Strive (123 BTC), DDC (200 BTC), Canaan (20 BTC), and Hyperscale (2 BTC). This marks one of the weakest non-Strategy accumulation weeks on record, with equity-dependent treasuries outside the Strive-Semler merger adding virtually zero Bitcoin through capital raises.

The concentration crisis deepens. Strategy typically represents 85% to 90% of weekly buying, but recent weeks show non-Strategy accumulation collapsing to negligible levels — just 446 BTC this week from more than 200 global treasuries. Meanwhile, the mNAV spectrum reveals extreme divergence. Canaan trades at a staggering 26.1x (2,510% premium) as a hardware manufacturer, while Cango languishes at 0.3x (66% discount) despite consistent mining production.

Track the complete global Bitcoin treasury leaderboard on our live dashboard: monitor real-time ranking changes, mNAV spreads, and accumulation patterns across 100+ companies.

Key Takeaways

• Mining-based accumulation remains consistent while equity-funded models pause: Cango's 115 BTC through operational production represents 25% of all non-Strategy buying this week, demonstrating that hash rate-backed treasuries maintain accumulation regardless of mNAV valuations or equity market conditions. In contrast, equity-dependent treasuries added minimal BTC through capital raises outside the Strive-Semler combination.

• Extreme mNAV divergence reflects valuation framework confusion rather than systematic pricing: Canaan commands a 26.1x basic mNAV (2,510% premium) while Cango trades at 0.337x (66% discount) — a 77x valuation spread demonstrating that markets apply completely different frameworks to treasury companies. The spectrum suggests investors struggle to distinguish between companies pursuing strategic Bitcoin accumulation versus operational businesses holding Bitcoin as secondary asset, creating potential opportunities for those able to identify mispriced treasuries.

• Consolidation and alternative capital structures emerge as responses to common stock compression: DDC's aggressive 200 BTC purchase despite 0.63x mNAV and Chairman Matt Cole's commitment to "issue substantially more SATA over the next 12 months" indicate that treasuries facing common stock pressure may find alternative funding mechanisms through preferred equity, strategic mergers, or operational cash flows.

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• 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

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• 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

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