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!

Front Run: The Bitcoin Treasuries Pre-Party

The conversations that matter don't happen on conference stages.

Front Run gathers the CFOs, allocators, and founders actually deploying capital into Bitcoin treasuries, the day before Bitcoin conference week begins.

This is where a treasury CEO using a capital markets strategy compares notes with the miner producing its own Bitcoin treasury. Where the allocator who just wrote a $10 million SATA check meets the CFO figuring out how to issue preferred at 0.8x mNAV.

Hosted by Bitcoin Treasuries Media and BitcoinTreasuries.net — this is the place for the people building Bitcoin balance sheets, talking about what actually works.

When: Sunday, April 26 | 2:00 PM – 11:00 PM PDT
Where: Stadium Swim, Las Vegas

In the past seven days, 7 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,130,823 BTC worth roughly $77 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 Ltd (DDC) 🇺🇸

• BTC added: 100 BTC

• Estimated value: ~$6.9 million

• New total holdings: 1,988 BTC

• Funding source: Not disclosed

• Current Ranking: #36 globally

• % of total supply: ~0.0095%

• Market cap: $60 million (Basic)

• Enterprise value: $32 million

• mNAV: 0.44x (Basic)

DDC Enterprise Limited added 100 BTC, pushing the company’s holdings to 1,988 BTC valued at around $136 million while maintaining the #36 spot globally. The Asian food platform executed its fifth consecutive week of triple-digit Bitcoin purchases — 200 BTC, 200 BTC, 100 BTC, 105 BTC, and now 100 BTC — demonstrating what CEO Norma Chu describes as "long-term execution framework deliberately designed to be insensitive to day-to-day market sentiment." 

Investors attracted to the company’s 40% year-to-date Bitcoin yield should note that it masks deepening underwater positions. DDC sits on an unrealized loss of -19.71% after buying at an average cost basis of $85,75, which indicates most accumulation occurred during Bitcoin’s $80,000-to-$95,000 range.

Meanwhile, the 0.44x basic mNAV — a 56% discount to Bitcoin NAV — improved slightly from last week’s 0.42x as the stock marginally outperformed Bitcoin’s recovery from its $60,000 lows. Markets value DDC's $60 million market cap against $136 million in Bitcoin holdings, creating persistent arbitrage where investors can theoretically buy $1 of Bitcoin for $0.44 by purchasing DDC stock.

Track DDC's five-week accumulation program: monitor whether the company maintains 100+ BTC weekly pace and watch for SEC filings revealing capital sources behind the most sustained mid-tier treasury buying in the sector.

#2 — Parataxis Korea (288330.KQ) 🇰🇷

• BTC added: 50 BTC

• Estimated value: ~$3.4 million

• New total holdings: 200 BTC

• Funding source: Not disclosed

• Current Ranking: #87 globally

• % of total supply: ~0.00095%

• Market cap: N/A

• Enterprise value: N/A

• mNAV: N/A

Parataxis Korea added 50 BTC, pushing holdings to 200 BTC valued at around $13 million while maintaining the #87 spot globally. The South Korean publicly traded company, which entered the treasury space last August, executed a substantial 33% weekly increase — one of the largest percentage gains among all treasury companies this week. 

The 50 BTC purchase represents aggressive accumulation for a company that previously held just 150 BTC, demonstrating either renewed commitment to treasury strategy or opportunistic buying during Bitcoin's recent correction to $60,000.

However, the complete absence of market cap, enterprise value, and mNAV data prevents any assessment of whether Parataxis Korea trades at premium or discount to Bitcoin NAV. Without knowing the company's market capitalization or operational business model, investors cannot determine if the 200 BTC treasury represents a meaningful strategic asset or a speculative side project for an otherwise unrelated Korean business.

Still, the 200 BTC milestone positions Parataxis Korea among the smallest dedicated treasury holders globally. Yet the 33% weekly growth rate suggests ambitions beyond micro-scale accumulation. If the company maintains even half this pace going forward, it could reach 500-1,000 BTC within months, potentially climbing into the top 50 global rankings. 

Track Asian treasury adoption beyond Japan: monitor whether South Korean companies accelerate Bitcoin strategies and identify emerging treasury adopters in markets with less developed data infrastructure.

#3 — Canaan Inc. (CAN) 🇸🇬

• BTC added: 28 BTC

• Estimated value: ~$1.9 million

• New total holdings: 1,778 BTC

• Funding source: Mining operations (ASIC manufacturing/self-mining)

• Current Ranking: #39 globally

• % of total supply: ~0.0085%

• Market cap: $3 billion (Basic)

• Enterprise value: $3 billion

• mNAV: 22.4x (Basic)

Canaan added 28 BTC through a combination of self-mining operations and Bitcoin received as payment for ASIC hardware sales, pushing holdings to 1,778 BTC valued at about $122 million while maintaining the #39 spot globally. The Singapore-based Bitcoin mining hardware manufacturer executes a modest 1.6% weekly increase, continuing its pattern of slow, steady accumulation as a byproduct of its core ASIC manufacturing business rather than deliberate treasury strategy. 

The extraordinary 22.4x basic mNAV — a 2,140% premium to Bitcoin NAV — positions Canaan as one of the most expensive treasury companies globally on a per-Bitcoin basis among significant holders. Markets value the company's $3 billion market cap primarily for ASIC manufacturing and future hardware sales rather than the 1,778 BTC treasury representing just $122 million (4%) of the company’s total valuation. 

The extreme premium demonstrates how operational businesses holding Bitcoin as byproduct trade on fundamentally different economics than pure-play treasury companies. Moreover, the 22.401x mNAV creates absurd arbitrage opportunities in theory: investors pay $22.40 for every $1 of Bitcoin held by buying Canaan stock. But the premium isn't irrational. It reflects that Canaan operates a legitimate $2.8 billion hardware business that happens to accumulate Bitcoin incidentally. 

Explore hardware manufacturer treasury accumulation: monitor whether Canaan's Bitcoin holdings grow meaningfully or remain a side effect of core manufacturing operations, and compare operational business premiums vs. pure treasury discounts.

#4 — The Smarter Web Company 🇬🇧

• BTC added: 15 BTC

• Estimated value: ~$1.1 million

• New total holdings: 2,689 BTC

• Funding source: Treasury

• Current Ranking: #30 globally

• % of total supply: ~0.0128%

• Market cap: N/A

• Enterprise value: N/A

• mNAV: N/A

The Smarter Web Company added 15 BTC at a $71,647 average price, pushing holdings to 2,689 BTC valued at about $185 million while maintaining the #30 spot globally. The UK-based company executed a modest 0.6% weekly increase as part of what management calls "The 10 Year Plan.”

The -39.02% unrealized loss at a $112,865 average cost basis indicates poor timing. The company accumulated most of its holdings during Bitcoin's November-December 2025 peak above $100,000, leaving the treasury underwater by approximately $72 million despite Bitcoin's recent recovery to the $68,000-to-$70,000 range.

The -0.54% quarter-to-date Bitcoin yield signals that recent accumulation hasn't generated meaningful per-share Bitcoin growth — likely because purchasing pace has slowed dramatically. 

The 15 BTC purchase at $71,647 average — substantially below the $112,865 portfolio cost basis — represents textbook averaging down strategy. Management is dollar-cost averaging into a position now 39% underwater, betting that Bitcoin's long-term appreciation will eventually vindicate purchases made at $100,000+ levels. The $1.1 million deployment seems modest relative to 2,689 BTC already held, suggesting either capital constraints limiting accumulation pace or strategic patience waiting for Bitcoin to fall further before deploying larger amounts.

Review UK treasury performance during Bitcoin corrections: monitor whether British small-cap treasuries like Smarter Web survive extended underwater periods or face forced liquidations, and compare European vs. U.S. treasury resilience.

#5 — Vanadi Coffee, SA (VANA.MC) 🇪🇸

• BTC added: 7 BTC

• Estimated value: ~$488,000

• New total holdings: 200 BTC

• Funding source: Not disclosed

• Current Ranking: #87 globally

• % of total supply: ~0.00095%

• Market cap: N/A

• Enterprise value: N/A

• mNAV: N/A

Vanadi Coffee added 7 BTC this week, pushing its total holdings to 200 BTC valued at nearly $14 million, while maintaining its #87 spot globally. The Spanish publicly traded coffee company executed a 3.6% weekly increase this week, likely through cash reserves. 

The 7 BTC purchase represents a modest buy for a company that has held Bitcoin for over eight months, suggesting either severe capital constraints, operational cash flow limitations from its coffee business, or strategic hesitation about deploying additional capital into an asset that was trading at too high prices. 

Another company without market cap, enterprise value, or mNAV data, Vanadi Coffee doesn’t allow for investors to evaluate whether the 200 BTC treasury creates shareholder value or simply represents a speculative side bet by a struggling coffee operation. Indeed, the data vacuum mirrors other micro-cap treasuries where basic financial information remains virtually unavailable to international investors. 

The parallel between Vanadi and Parataxis demonstrates how treasury strategies have globalized across sectors and regions, with operational businesses from food and beverage services to manufacturing adding Bitcoin regardless of the firm’s core competency. 

Track European food service treasury adoption: monitor whether restaurant and hospitality companies beyond Vanadi Coffee adopt Bitcoin strategies, and compare operational business synergies vs. pure financial speculation in treasury holdings.

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.

For more information:

Leaderboard Snapshot

With Strategy’s weekly numbers still pending, the sector’s non-Saylor accumulation barely crossed the 200 BTC mark across six companies (France-based Capital B added 6 BTC this week). This figure represents the weakest non-Strategy buying period since early January, suggesting that equity-dependent treasuries continue to pause during Bitcoin’s volatility. 

One pattern defined this week: small-cap treasuries from Spain, South Korea, Singapore, and the UK deployed capital during Bitcoin’s correction while mid-tier and mega-cap peers largely sat out. Whether this reflects superior timing by founder-controlled small-caps or merely desperation buying by undercapitalized companies will be tested if Bitcoin heads back up to $100,000 or falls to $50,000. 

Key Takeaways

• Geographic treasury data gaps create information asymmetry favoring informed local investors. Parataxis Korea (50 BTC purchase, 200 BTC total), Smarter Web Company (15 BTC, 2,689 BTC total), and Vanadi Coffee (7 BTC purchase, 200 BTC total) both operate without disclosed market caps, enterprise values or mNAV data, leaving international investors blind to basic valuation metrics. Some small-cap treasuries trade on local exchanges with minimal data infrastructure for cross-border tracking, creating advantages for domestic investors with access to local financial reporting while penalizing international capital. As treasury strategies globalize, the sector bifurcates into transparent US/Canada markets (real-time mNAV, disclosed cost basis, quarterly filings) versus opaque international markets where basic valuation requires local expertise and language capabilities.

• Coinbase's 841 BTC purchase in Q4 2025 signals institutional treasury adoption beyond pure-play strategies. The cryptocurrency exchange's buy pushed total holdings to 15,389 BTC and demonstrated that operational crypto businesses continue accumulating despite sector-wide mNAV compression. Unlike pure treasury companies facing 50%+ dilution when issuing equity at 0.3x to 0.8x mNAV, Coinbase benefits from exchange revenues and transaction fees providing non-dilutive capital for Bitcoin purchases. The company's 43x mNAV — among the highest globally — reflects markets valuing the exchange business at approximately $222 billion while the 15,389 BTC treasury represents just $1.06 billion (0.5% of total valuation). The Q4 timing matters: Coinbase accumulated while Bitcoin ranged $90,000-$108,000, likely creating substantial unrealized losses as Bitcoin corrected to $63,000 in early 2026. Yet the company faces no pressure to liquidate or pause buying because treasury holdings represent a rounding error relative to core exchange operations generating billions in annual revenue.

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 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

• 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

Our events calendar:

• Front Run: The Bitcoin Conference Pre-Party. ​Before the main stage lights up, the people actually shaping Bitcoin treasury strategy gather here. This is where operators, allocators, CFOs, founders, and board-level decision-makers connect off-agenda, drinks in hand, signals uncensored. Hosted by Bitcoin Treasuries Media, BitcoinTreasuries.net, and other co-hosts. Sunday, April 26

  2:00 PM, Stadium Swim, Las Vegas.

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.

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