Strategy Crosses 720,000 BTC: Massive 3,015 BTC Buy Leads Another Strong Week

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!

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The top 100 now jointly hold 1,134,004 BTC, worth roughly $76 billion at press time.

Below, we break down the five most aggressive buyers this week

Top 5 Bitcoin Buys This Week

#1 — Strategy 🇺🇸

• BTC added: 3015 BTC

• Estimated value: $204 million

• New total holdings: 720,737

• Funding source: Preferred and common stock sales

• Current Ranking: #1 globally among public companies

• % of total supply: 3.43%

• Market cap: $43B

• Enterprise value: $59B

• mNAV: 0.903x

Strategy's latest acquisition of 3,015 BTC for $204.1 million (at an average of $67,700 per BTC) was funded through net proceeds of $237.1 million from ATM sales, including $7.1 million from 71,590 STRC shares and $229.9 million from 1,730,563 MSTR common shares. This move continues the company's established pattern of leveraging equity and preferred issuances to amplify Bitcoin per share exposure, pushing holdings to a new high and widening its lead as the dominant corporate treasury.

Track Strategy's updates on the live dashboard.

#2 — MARA Holdings (MARA) 🇺🇸

• BTC added: 572 BTC

• Estimated value: $38,000,000

• New total holdings: 53,822 BTC

• Funding source: Operational cash flows

• Current Ranking: #2 globally among public companies

• % of total supply: 0.27%

• Market cap: $3B

• Enterprise value: $6B

• mNAV: 0.95x

MARA added 572 BTC through a combination of mining output and strategic purchases, further solidifying its role as the second-largest public Bitcoin holder behind Strategy. The company maintains a long-term holding strategy, treating Bitcoin as a core reserve asset while also leveraging its mining operations and capital raises to expand holdings opportunistically. With total holdings now at 53,822 BTC valued $3.58 billion, MARA continues to prioritize Bitcoin accumulation even as it explores synergies with AI infrastructure and energy assets.

Track MARA's updates on the live dashboard.

#3 — Block, Inc. (XYZ) 🇺🇸

• BTC added: 103 BTC

• New total holdings: 8,883 BTC

• Funding source: Corporate cash

• Current Ranking: #14 globally among public companies

• % of total supply: 0.042%

• Market cap: $39B

• Enterprise value: $36B

• mNAV: 65x

Block disclosed in its recent SEC Form 10-K an addition of 103 BTC during the period, bringing its treasury to 8,883 BTC with a cost basis of approximately $292.6 million and fair value significantly higher. This move aligns with Jack Dorsey-led Block's longstanding conviction in Bitcoin as a transformative reserve asset and enabler of open financial systems. The company has held Bitcoin since 2020, consistently adding to its position as part of a broader strategy focused on financial inclusion, decentralization, and innovation in fintech and digital assets.

Track Block's Bitcoin holdings on the live dashboard.

#4 — DDC Enterprise Limited (DDC) 🇨🇳

• BTC added: 50 BTC

• New total holdings: 2,118 BTC

• Funding source: Capital allocation

• Current Ranking: #34 globally among public companies

• % of total supply: 0.01%

• Market cap: $57M

• Enterprise value: $28M

• mNAV: 0.40x

DDC announced its latest purchase of 50 BTC, continuing a streak of consecutive weekly accumulations as part of its disciplined Bitcoin treasury buildup. Now holding 2,118 BTC, the company views Bitcoin as a strategic long-term reserve to complement its core operations, with ongoing incremental buys aimed at enhancing shareholder value amid market conditions.

Track DDC's accumulation on the live dashboard.

#5 — Bitplanet (049470.KQ) 🇰🇷

• BTC added: 35 BTC

• Estimated value: Not specified

• New total holdings: 300 BTC

• Funding source: Not disclosed

• Current Ranking: #78 among public companies

• % of total supply: ~0.0014%

South Korean-listed Bitplanet wrapped a structured, multi-day buying program on Upbit to add these 35 BTC, pushing them to a clean 300 BTC milestone and into Asia's top 20 corporate holders. Backed by Sora Ventures and pivoting from traditional IT/cybersecurity roots, this deliberate accumulation highlights emerging treasury adoption in Korea's regulated crypto market.

Track Bitplanet's updates on the live dashboard.

Key Takeaways

• Strategy dominates with equity-fueled scale: The 3,015 BTC buy, funded via ATM sales of STRC preferred and MSTR common stock, exemplifies Strategy's capital-raising engine converting traditional equity into Bitcoin treasury growth at an accelerating pace.

• Miners remain key accumulators: MARA's mining-sourced addition reinforces the sector's role in driving steady, organic inflows to corporate Bitcoin treasuries.

• Diversified participation persists: From fintech giant Block to smaller entities like DDC and international Bitplanet, buys span sectors and geographies, showing resilient adoption momentum.

• Top ranks stay concentrated: Large holders continue to pull away, with the week's moves reinforcing the leaderboard's established hierarchy amid ongoing accumulation.

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

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