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 Conference Pre-Party

The real Bitcoin treasury conversations happen before the conference even starts.

Front Run gathers the operators, allocators, and CFOs actively deploying capital into Bitcoin balance sheets — off-stage and ahead of the noise.

It’s where a treasury CEO testing capital markets strategies compares frameworks with a miner stacking its own reserves. Where the allocator writing eight-figure SATA checks meets the CFO engineering preferred at compressed mNAV.

Hosted by Bitcoin Treasuries Media and BitcoinTreasuries.net, this is where the people shaping Bitcoin balance sheets connect before the lights come on.

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

In the past seven days, 4 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,133,256 BTC worth roughly $74 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 — Strategy 🇺🇸

• BTC added: 592 BTC

• Estimated value: $39.8 million

• New total holdings: 717,722 BTC

• Funding source: Common stock sales only ($39.7 million net proceeds)

• Current Ranking: #1 globally

• % of total supply: ~3.42%

• Market cap: $42 billion (Basic)

• Enterprise value: $59 billion

• mNAV: 0.893x (Basic)

Strategy added 592 BTC at a $67,286 average purchase price, pushing its holdings to 717,722 BTC (valued at around $47 billion) and maintaining its #1 global position. The Virginia-based company raised just $39.7 million through 297,940 MSTR common shares, which represents a 76% reduction from the prior week's $169 million raise. 

Notably, Strategy issued zero preferred equity (STRC, STRF, STRK, or STRD) for the third consecutive week, suggesting persistent challenges in preferred markets or strategic preference for common stock at current valuations.

The BTC bought at $67,286 average price is substantially below Strategy's $76,020 overall cost basis across all 717,722 BTC. The company continues averaging down its position, acquiring at prices 11.5% cheaper than its aggregate purchase cost. This tactical buying during Bitcoin's consolidation in the $66,000 to $70,000 range slowly reduces the $6 billion in unrealized losses incurred from heavy accumulation during Bitcoin's $80,000 to $108,000 peak in late 2025. 

The 0.893x mNAV — a 10.7% discount to Bitcoin NAV — deteriorated from last week's 0.99x as Bitcoin declined and the stock underperformed. Markets value Strategy's $42 billion market cap against $47.6 billion in Bitcoin holdings, creating a significant $5.6 billion discount and suggesting investors remain cautious about the sustainability of perpetual equity dilution even when the company buys below its cost basis. The fact that Strategy’s mNAV continues to compress despite favorable entry prices indicates the market is penalizing dilution regardless of tactical execution. 

Additionally, the three-week preferred equity drought raises strategic questions about Strategy's capital structure evolution. After pioneering Bitcoin-backed digital credit with four preferred series and generating $829 million in weekly trading volume last week, the company has issued zero new preferred for three consecutive weeks, instead relying entirely on dilutive common stock at 0.89x mNAV instead. 

Some possible explanations:

• Institutional appetite has dried up temporarily

• STRC pricing below $100 earlier this month has made new issuance uneconomical

• Management views 0.89x mNAV common stock as cheaper than 10% perpetual preferred obligations

• This week’s $39 million raise was simply too small to justify preferred issuance infrastructure.

Track Strategy's capital structure shifts: monitor whether preferred equity returns or if the company has permanently pivoted to common-stock-only funding despite the dilutive impact on Bitcoin per share metrics.

#2 — Hyperscale Data (GPUS) 🇺🇸

• BTC added: 4.6 BTC

• Estimated value: ~$305,00

• New total holdings: 600.5 BTC

• Current Ranking: #62 globally

• % of total supply: ~0.00029%

• Market cap: $34 million (Basic)

• Enterprise value: $122 million

• mNAV: 0.85x (Basic)

Hyperscale Data added 4.6 BTC, pushing estimated holdings to approximately 600.5 BTC valued at around $39 million while maintaining the #62 ranking globally. The U.S.-based company executed a minimal 0.8% weekly increase, while reducing by 58% the amount purchased compared to last week’s 11 BTC buy.

The 4.6 BTC deployment — approximately $305,000 in capital — signals either severe capital constraints, strategic hesitation about deploying during Bitcoin's volatility, or a fundamental shift away from treasury accumulation toward other business priorities. That $305,000 weekly deployment represents one of the smallest nominal purchases by any tracked treasury company, dwarfed even by micro-cap European and Asian treasuries that typically deploy between $500,000 to $1 million weekly. 

For context, Hyperscale's 4.6 BTC purchase equals what Strategy acquires every 2.3 hours at its recent pace, highlighting the extraordinary scale disparity across the treasury sector. The deceleration from ~135 BTC monthly in Q4 2025 to 15.6 BTC across the past two weeks suggests Hyperscale has effectively paused any sort of meaningful accumulation.

The 0.85x basic mNAV — a 14.1% discount to Bitcoin NAV — improved from last week's 0.97x, though this appears driven by Bitcoin's price decline compressing the discount rather than outperformance by the stock. 

Markets value Hyperscale's $34 million market cap against $39 million in estimated Bitcoin holdings, creating a modest $5.8 million discount. The near-parity mNAV suggests investors view Hyperscale's operational business as roughly neutral in value — neither premium nor deep discount — positioning the company among the sector's more fairly valued small-cap treasuries.

Track micro-cap treasury sustainability: monitor whether Hyperscale resumes meaningful accumulation or joins the growing list of companies that paused buying indefinitely during Bitcoin's 2026 correction.

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Leaderboard Snapshot

Strategy's 592 BTC purchase represented 99.2% of total weekly treasury accumulation, which constitutes the highest single-company concentration since tracking began. The remaining sector contributed just 4.6 BTC from Hyperscale, with two additional companies (Stacking Sats with 0.14 BTC and West Main Self Storage with 0.21 BTC) accumulating marginal amounts. The combined 596.88 BTC weekly total marks the weakest sector-wide accumulation in 2026, signaling that Bitcoin's consolidation in the $66,000 to $70,000 range has frozen capital deployment across all tracked participants but Strategy.

The near-total absence of buying reveals the sector’s fragility. Mining companies — typically responsible for 200-400 BTC weekly through operational production — contributed zero, with one miner, Bitdeer, effectively selling its entire treasury. Mid-tier treasuries like Strive, DDC, and others that maintained 100+ BTC weekly purchases during Bitcoin's crash to $63,000 sat out entirely. Micro-cap international treasuries from Spain, Korea, UK, and Singapore that collectively deployed 200+ BTC two weeks ago vanished from activity. 

Key Takeaways

• Treasury sector buying collapses to 597 BTC as only Strategy deploys capital: The 99.2% concentration in a single company marks the most extreme buying centralization yet, with Strategy's 592 BTC dwarfing Hyperscale's 4.6 BTC and two insignificant 0.14 BTC purchases elsewhere. The complete absence of mining companies (zero BTC despite operational production), mid-tier treasuries (Strive, DDC paused), and micro-cap international buyers signals capital markets have effectively frozen for all but mega-cap players. 

• Three-week preferred equity drought suggests Strategy has abandoned digital credit temporarily: Zero STRC, STRK, STRF, or STRD issuance for three consecutive weeks indicates fundamental shift in capital structure strategy. Strategy raised just $39.7 million through common stock at 0.89x mNAV (10.7% discount), accepting dilution rather than committing to 10% perpetual preferred obligations. The drought raises questions about whether Bitcoin-backed digital credit works only during Bitcoin rallies, or if the model requires sustained above-par pricing unavailable during corrections.

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

Over To You: What Do You Track?

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