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

Front Run is the definitive kickoff to Bitcoin conference week — hosted by Bitcoin Treasuries Media, BitcoinTreasuries.net, and True North.

Before the main stage lights up, it brings together operators, CFOs, allocators, founders, and board-level decision-makers. Meet the Bitcoin treasury legend leading the filings, the strategies, and the conviction. No panels, no pitches, just real conversations, drinks in hand.

If Bitcoin on the balance sheet matters to you, this is where the week starts.

When: Sunday, April 26, from 2:00 PM - 11:00 PM PDT

Where: Stadium Swim, Las Vegas

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

The top 100 now jointly hold 1,132,926 BTC worth roughly $88.3 billion at press time.

Below, we break down the five most aggressive buyers this week and assess how their moves the leaderboard.

Top 5 Bitcoin Buys This Week

#1 — Strategy (MSTR) 🇺🇸

• BTC added: 855 BTC

• Estimated value: ~$ 75.3 million

• New total holdings: 713,502 BTC

• Funding source: Common stock sales

• Current Ranking: #1 globally

• % of total supply: ~3.4%

• Market cap: $40 billion (Basic)

• Enterprise value: $55 billion

• mNAV: 0.85x (Basic)

Strategy added 855 BTC this week, pushing holdings to 713,502 BTC valued at $55.5 billion and maintaining its #1 global position. The Virginia-based business intelligence software company raised $75.3 million through common stock sales: deploying proceeds at an $87,974 average purchase price.

The dramatic deceleration from last week's 2,932 BTC purchase to this week's 855 BTC — a 70.8% reduction in dollar deployment — signals tactical patience as Bitcoin consolidates.

The 100% common stock funding represents continued heavy reliance on dilutive equity. The company sold 673,527 MSTR shares at a 0.855x mNAV meaning every dollar raised bought $0.85 of Bitcoin value accretive on a per-share basis despite growing absolute holdings. The absence of preferred equity issuance ($0 million vs. $7 million the previous week) suggests strategic preservation of preferred capacity

Track Strategy's weekly buying patterns and capital structure mix on our live dashboard: Users can monitor whether this week's pace represents a return to aggressive accumulation and compare preferred vs. common stock issuance trends across market cycles.

#2 — American Bitcoin Corp (ABTC) 🇺🇸

• BTC added: 416 BTC

• Estimated value: ~$36.5 million

• New total holdings: 5,843 BTC

• Funding source: Self-mining and targeted purchases

• Current Ranking: #18 globally

• % of total supply: ~0.028%

• Market cap: $1 billion (Basic)

• Enterprise value: $2 billion

• mNAV: 2.798x (Basic)

American Bitcoin Corp added 416 BTC, pushing holdings to 5,843 BTC valued at $513 million while maintaining its #18 spot globally. The Trump family-backed Bitcoin mining company executed a massive 7.7% weekly increase in its buys, demonstrating aggressive accumulation through combined mining operations and targeted spot purchases.

The company’s significant 2.7x basic mNAV — a 180% premium to Bitcoin NAV — positions American Bitcoin as one of the most expensive treasuries globally on a per-Bitcoin basis. Markets value the company’s $1 billion market cap against just $513 million in Bitcoin holdings, assigning $487 million in value beyond the treasury. The premium reflects either substantial operational mining business value, Trump family association creating speculative premium, expectations of continued aggressive accumulation, or simply momentum-driven trading disconnected from fundamental Bitcoin holdings metrics.

The Trump family backing adds an important political dimension to American Bitcoin'‘ treasury strategy, potentially providing unique access to capital markets, regulatory positioning, or institutional interest unavailable to peers.

Track Trump-backed treasury performance on our live dashboard: monitor whether American Bitcoin maintains aggressive accumulation pace and compare political-adjacent treasuries vs. traditional corporate adopters on mNAV dynamics.

#3 — Strive (ASST) 🇺🇸

• BTC added: 333.92 BTC

• Estimated value: ~$30 million

• New total holdings: 13,132 BTC

• Funding source: Not disclosed

• Current Ranking: #10 globally

• % of total supply: ~0.0625%

Strive added 333 BTC at an $89,851 average price, pushing holdings to 13,132 BTC valued at $1.15 billion and climbing to #10 globally from #11 last week. The company executed its largest Bitcoin purchase since the Semler Scientific merger through a $225 million SATA preferred offering. This purchase was dramatically upsized from an initially targeted $150 million after the firm received more than $600 million in orders.

The oversubscribed offering demonstrates strong institutional demand for Strive’s digital credit product despite broader sector mNAV compression.

The capital raise enabled Strive to rapidly deleverage following the Semler acquisition, retiring $110 million of the $120 million in legacy debt from Semler. The company exchanged $90 million of convertible notes into SATA stock and fully repaid Semler’s $20 million Coinbase Credit loan, leaving just $10 million in remaining debt that management plans to retire by April 2026 — ahead of the original 12-month timeline.

The 0.866x basic mNAV — a 13.4% discount to Bitcoin NAV — improved from last week’s 0.717x, compressing the discount by nearly 15 percentage points as ASST outperformed Bitcoin's weekly movement. Meanwhile, the climb to #10 globally — passing Tesla and Trump Media in recent weeks — positions Strive as the fourth-largest U.S. treasury after Strategy, MARA Holdings, and Twenty One Capital.

Track Strive's post-merger performance on our live dashboard: monitor whether SATA issuance accelerates and compare the combined entity's mNAV dynamics vs. standalone treasury models facing similar scale challenges.

#4 — DDC Enterprise Limited (DDC) 🇺🇸

• BTC added: 200 BTC

• Estimated value: ~$15.5 million

• New total holdings: 1,783 BTC

• Current Ranking: #36 globally

• % of total supply: ~0.008%

• Market cap: $61 million (Basic)

• Enterprise value: $32 million

• mNAV: 0.452x (Basic)

DDC Enterprise Limited added 200 BTC, pushing holdings to 1,783 BTC valued at $138.7 million while maintaining its #36 spot globally. The global Asian food platform and digital asset treasury company executes its third consecutive week of triple-digit Bitcoin purchases — 200 BTC, 200 BTC, and now 200 BTC — demonstrating the most consistent mid-tier accumulation outside mining operations this month. The 6.3% weekly increase brings DDC’s January total to 500 BTC ($43 million deployed), positioning the company among the most aggressive non-mining, non-Strategy buyers in 2026.

The 0.438x basic mNAV — a 55% discount to Bitcoin NAV — improved from last week's 0.61x, though markets value the company's $67 million basic market cap against $147 million in Bitcoin holdings, creating a theoretical arbitrage where investors can buy $1 of Bitcoin for $0.438 by purchasing DDC stock. The severe 55% discount suggests market expectations of forced Bitcoin liquidation to fund struggling food operations, concerns about capital structure sustainability, or simply illiquidity preventing efficient price discovery.

Track DDC's aggressive accumulation sustainability on our live dashboard: monitor whether the company maintains 100+ BTC weekly pace throughout February and identify funding sources as they're disclosed through SEC filings.

#5 — Anap Holdings Inc. (3189) 🇯🇵

• BTC added: 70.44 BTC

• Estimated value: ~$6.2 million

• New total holdings: 1,417.03 BTC

• Current Ranking: #45 globally

• % of total supply: ~0.0068%

• Market cap: ¥10 billion / $66 million (Basic)

• Enterprise value: $109 million

• mNAV: 0.533x (Basic)

Anap Holdings added 70.44 BTC, pushing holdings to 1,417.03 BTC valued at $124.51 million while maintaining #45 globally. The Japanese fashion retail company has executed a substantial 5.2% weekly increase since entering the treasury space on April 15, 2025, demonstrating continued commitment to the Bitcoin strategy despite operating in the competitive Japanese apparel market alongside established players like Uniqlo and GU.

The 0.533x basic mNAV — a 46.7% discount to Bitcoin NAV — positions Anap among Japanese treasuries trading at significant discounts, contrasting with Metaplanet's historical premiums that recently compressed toward 1.5x. Markets value the company's ¥10 billion market cap ($66 million) against $124.51 million in Bitcoin holdings, creating a -$58.51 million implied value for the fashion retail operations. The steep discount suggests either market skepticism about management's ability to maintain treasury strategy while operating struggling retail business, concerns about Japanese fashion retail competitive dyRnamics, or simply illiquidity in Tokyo Stock Exchange trading preventing efficient price discovery.

The funding source remains undisclosed, though the 70.44 BTC purchase ($6.2 million) at 0.533x mNAV raises questions about capital structure. If funded through equity issuance, existing shareholders experienced immediate 47% dilution on a per-share Bitcoin basis despite absolute holdings growing. Japanese corporate governance typically requires shareholder approval for major share issuances, suggesting either the purchase came from cash reserves, debt financing, or fell below thresholds requiring explicit approval.

Track Japanese treasury adoption beyond Metaplanet on our live dashboard: monitor whether Anap's fashion retail model successfully combines operational business with Bitcoin accumulation or faces pressures forcing treasury liquidation to fund core operations.

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.

For more information:

Leaderboard Snapshot

Strategy's Bitcoin purchase represents the sector's dependence on a single entity's capital deployment. The remaining global treasuries contributed 1220 BTC across five companies: Strive (333.89 BTC), American Bitcoin Corp (416 BTC), DDC (200 BTC), Anap Holdings (70.44 BTC). That’s a twofold increase from previous weeks.

Strive's climb to #10 globally marks a significant milestone following the Semler merger, while American Bitcoin's 416 BTC purchase — the largest single-week non-Strategy accumulation — demonstrates that meaningful buying exists beyond Saylor's empire, though concentrated among just a handful of companies.

The mNAV spectrum shows modest improvement this week. Strategy trades at 0.855x mNAV (15% discount to Bitcoin NAV), Strive recovered to 0.88x (12% discount) from last week's 0.717x.

Track the complete global Bitcoin treasury leaderboard on our live dashboard: monitor real-time ranking changes, mNAV spreads, and accumulation patterns across 100+ companies.

Key Takeaways

• Strive proves preferred equity scales beyond Strategy's monopoly: The $225 million SATA offering — upsized 50% from the $150 million target after receiving more than $600 million in orders — demonstrates that institutional demand for treasury preferred equity exists at meaningful scale beyond Strategy. Strive used proceeds to retire $110 million of Semler's $120 million legacy debt while buying 333.89 BTC, achieving 100% unencumbered Bitcoin holdings with plans to eliminate remaining debt by April.

• American Bitcoin's 416 BTC purchase shows Trump-adjacent treasuries command capital access unavailable to peers: The Trump family-backed mining company executed the largest single-week non-Strategy purchase, demonstrating that political connections may provide unique advantages in capital markets, institutional relationships, or investor appetite. Trading at 2.81x mNAV (181% premium), American Bitcoin commands valuations 8.8x higher than Cango (0.32x) despite similar mining-based models.

• Consistent triple-digit buying from DDC and Japanese treasuries signals geographic diversification despite ongoing concentration: DDC's third consecutive 100+ BTC week (totaling 500 BTC across three weeks) and Anap Holdings' 70 BTC purchase demonstrate that mid-tier accumulation continues outside U.S. mega-caps, though at scales dwarfed by Strive (334 BTC) and ABTC (416 BTC). The 920 BTC combined from five non-Strategy companies represents the healthiest weekly diversification in recent months, yet remains minimal compared to Strategy's typical $200+ million deployments.

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?

We want to make this the go-to resource for corporate Bitcoin strategy — and that means learning from our readers.

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