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

What started on Monday with H100 Group announcing it had signed an LOI to acquire two entities, with plans to expand its treasury to approximately 3,500 Bitcoin, continued as Jack Mallers’ XXI Capital and gaming giant GameStop saw their positions in the Bitcoin Treasuries’ Bitcoin 100 rankings change abruptly this week.

The week’s biggest loser was GameStop, which revealed it had pledged all but one of its 4,710 BTC for a covered-call strategy with Coinbase. Thereafter, the company dropped sharply on our rankings — from 21st to 190th — a move that sparked significant debate in our community.

In its SEC filing, GameStop explained that because Coinbase now has control of the BTC (including the right to sell it), the company had to de-recognize its holdings from its balance sheet, officially leaving it with just 1 BTC. (The point of contention: this does not mean GameStop has lost all exposure to its Bitcoin, it retains economic exposure through the options strategy and now records these as “digital assets receivable.”)

It would not be the only firm to make a drastic accounting change –– ending the week, MARA Holdings announced it had sold 15,133 BTC to repurchase approximately $957 million of its zero-coupon convertible notes. This move allowed Twenty One Capital to overtake MARA in the rankings, becoming the 2nd largest corporate Bitcoin treasury in the world.

Secure Digital Markets | SDM.co

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.

Not to be outdone, Strategy revealed plans to raise over $42 billion through STRC and MSTR securities to fund future purchases. In theory, this could propel them well beyond 1 million Bitcoin –– even if prices rise sharply due to the buying pressure.

Even so, as the week shows, the race to challenge Saylor for supremacy is on.

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mNAV Is Sentiment — Not A Formula

Long-time Bitcoin investor and MSTR equity analyst Adrian Morris joined our podcast this week to argue that mNAV cannot be objectively calculated because markets are forward-looking and the future remains unknowable. Any drift above or below the natural parity of 1.0 is therefore driven by sentiment—the interplay of perception, judgment, and conviction.

He called Strategy’s own mNAV issuance guidance a faux pas the market quickly punished and stressed that robust options volume ––consistently ranking MSTR in the global top 10 alongside Tesla, Nvidia, Palantir, and Microsoft ––provides the real justification for continued share issuance even in a bear market.

Listen and subscribe for Adrian’s full thoughts on STRC and how this bear market ends.

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One Bull Market Away From Escape Velocity

Andrew Webley and Jesse Myers from SmarterWeb joined our usual crew (Tyler Rowe and Alexandre Laizet) to discuss index inclusion, retail community strength, and Bitcoin per share discipline

SmarterWeb celebrated its entry into the FTSE All Share and Small Cap indices — the first Bitcoin treasury company to do so in the UK — bringing passive pension exposure and flipping the default for many portfolios.

Listen to the full podcast for the group’s thoughts on Morgan Stanley’s entrance into Bitcoin, and how digital credit acts as a capital pump, pulling from equities, bonds, and money market buckets into Bitcoin.

• Watch on Youtube
• Listen on Spotify 
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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 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