Elon Musk’s SpaceX Reveals Massive Bitcoin Stack in Latest Filing

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Last week delivered fresh proof that Bitcoin treasury adoption is moving from niche strategy to institutional playbook. SpaceX disclosed 18,712 BTC in its S-1 filing, State Street revealed a billion-dollar MSTR position, and Strive’s SATA posted its biggest weekly purchase ever. Here’s what mattered.

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.

SpaceX Discloses 18,712 BTC in IPO Filing

Elon Musk’s SpaceX disclosed 18,712 BTC on its corporate balance sheet in an S-1 filing submitted to the SEC. The position, worth roughly $1.45 billion, is more than double prior market estimates of 8,285 BTC and will rank SpaceX as the seventh-largest public company Bitcoin holder once its June 12 IPO closes.

The filing marks the first time SpaceX has been required to itemize digital assets under standard disclosure rules. It also positions SpaceX ahead of Tesla’s 11,509 BTC, making it Musk’s largest corporate Bitcoin holder by more than 7,000 coins. Musk is expected to retain over 85% voting control post-offering, keeping treasury decisions firmly in his hands.

The reveal confirms that accumulation continued quietly behind the scenes even as Musk’s public comments on Bitcoin have varied. It is now the single largest new treasury disclosure of 2026.

Strive’s SATA Buys an Estimated 794 BTC

Strive’s SATA perpetual preferred stock bought a estimated 794 BTC last week, its largest weekly haul ever and the second record-setting week in a month. The purchases — funded by roughly $61 million in net ATM volume — lifted Strive’s total treasury to an estimated 15,391 BTC and delivered a 5.16% week-over-week gain, outpacing Strategy’s 3.04% increase.

Daily figures showed momentum building: Friday alone delivered ~259 BTC, the single largest day in SATA history. The company also confirmed plans to shift to daily dividend payments starting in mid-June, a first for any stock on Wall Street.

Michael Saylor called the rise of SATA “the most interesting story in Bitcoin right now.” The move validates the preferred-stock engine as a lower-dilution alternative to common equity raises.

State Street discloses billion-dollar MSTR position

State Street, the world’s third-largest asset manager with $5.6 trillion in AUM, disclosed it purchased another 893,625 shares of Strategy (MSTR) for $147.9 million. The addition brings its total to 7 million shares worth more than $1 billion — a 14.5% increase in its already sizable position.

The filing underscores growing institutional comfort with Bitcoin proxies. State Street joins a lengthening list of traditional asset managers rotating into MSTR exposure rather than direct Bitcoin.

Either way, it signals that the largest conservative capital pools are no longer on the sidelines.

River discloses 437 BTC treasury

Bitcoin-only U.S. exchange River voluntarily disclosed a 437 BTC corporate treasury as of year-end 2025. The holdings, valued at roughly $68 million, place River as the ninth-largest private company Bitcoin holder. The company funds its stack entirely from operating revenue and carries zero debt.

River also custodies more than 25,000 BTC for clients with a reserve ratio above 100%. Its own treasury disclosure reflects the same “Bitcoin-first” discipline it offers customers.

A look at the leaderboard

Corporate Bitcoin accumulation remained steady this week, headlined by strong additions from established miners and consistent flows from both public companies and smaller international names keeping the treasury momentum intact.

American Bitcoin Corp, the Eric Trump–affiliated miner, added 200 BTC to reach 7,500 BTC. Capital B continued its steady accumulation, adding 192 BTC to reach 3,135 BTC, while DDC Enterprise picked up 200 BTC to hit 2,583 BTC. U.K.-based Smarter Web Company stacked an additional 19 Bitcoin

Smaller but consistent additions came from:

• OranjeBTC +10 BTC → 3,737 BTC

• LQWD Technologies +5 BTC → 267 BTC

• West Main Self Storage +0.129 BTC → 14.491 BTC

• Farmhouse +1 BTC → 1.209 BTC

No major sellers stood out this week, preserving the net positive tone across the Bitcoin 100.

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

• Apyx. is the first dividend‑backed stablecoin protocol that turns preferred equity from Digital Asset Treasury (DAT) companies into programmable, high‑yield digital dollars. Apyx delivers sustainable double‑digit yield with institutional transparency, daily NAV visibility, and verifiable on‑chain reserves. Learn more: Apyx

• 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

• BitGo. BitGo is the leading institutional-grade digital asset custody, trading, and finance platform, trusted by exchanges, hedge funds, and corporations worldwide to secure and manage their crypto holdings. As the pioneer of multi-signature wallet technology, BitGo provides unmatched security, regulatory compliance, and deep liquidity solutions for serious digital asset operations. Learn more: BitGo

• 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 manufacturing 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