MetaPlanet Makes History: A Bitcoin Treasury First at the Top of the Leaderboard

Welcome to the Bitcoin Balance Sheet.

Each Friday, we recap the week's key developments and share our leading stories.

Markets closed Thursday for Good Friday — but STRC still made the shortened week count. After going quiet following March's ex-dividend date, STRC Bitcoin Accumulation erupted with an estimated 2,724 BTC purchased on $367 million in buy volume on Tuesday alone. By Thursday's close, STRC had added an estimated 4,535 BTC for the week, its 11.50% monthly dividend pulling buyers back with force.

For the second week in a row, there were significant leaderboard shake-ups. MARA Holdings' March sale of 15,133 BTC — used to repurchase convertible notes — had consequences that crystallized this week. MetaPlanet claimed 3rd place with 40,177 BTC after adding 5,075 BTC in Q1 at an average of $79,898 per coin. It's the first time a non-US company has broken the top three.

Away from the leaderboard, Illinois Senator Steve McClure introduced SB3672, a bill allowing public agencies to put up to 5% of funds into Bitcoin treasury equities — provided those companies hold at least 25% of assets in Bitcoin. Pension funds and municipal treasuries could follow.

MARA sold to restructure. MetaPlanet bought to climb. Illinois wants in. It’s all a reminder: the race has no finish line.

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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.

Building a Bitcoin Business from the Ground Up

Scott Ellam, founder and CEO of XCE Connecting Excellence Group, walked Tyler Rowe through a thesis that most Bitcoin treasury companies haven't attempted: using a publicly listed recruitment firm as the operating engine for Bitcoin accumulation.

The numbers from XCE's first interim filing tell the story: 9.28 BTC pre-IPO grew to 40.36 BTC by period end, and now sits at 52.42 BTC, funded through operating profits and a novel Bitcoin-denominated convertible bond program designed with input from Adam Back and structured so that conversion prices follow the Bitcoin price.

Listen for Scott's full thoughts on the XCE model and whether the Bitcoin-standard operating company is the structure that outlasts them all.

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The Taxman Cometh

Jordan Guess, owner of Trusted Advisor CPA and co-founder of Bitmin, joined O21 Solutions founder Matt Agee for a pre-April breakdown of what businesses actually need to know before putting Bitcoin on the balance sheet.

The two experts talked about the biggest compliance mistakes they see regularly related to bitcoin buying and AI-based tax filings.

Subscribe for Jordan's full breakdown of Bitcoin tax treatment for mining, payments, and balance sheet accounting — and whether the no-wash-sale window will stay open.

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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