Strategy's Q1 Masterclass: MSTR On Pace for 2nd Highest Bitcoin Buy

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!

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.

The top 100 now jointly hold 1,177,690 BTC worth roughly $82.8 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 (MSR) 🇺🇸

• BTC added: 1,031 BTC
• Estimated value: $76.6 million (at average of $74,326 per BTC)
• New total holdings: 762,099 BTC
• Funding source: ATM equity raise
• Current Ranking: #1 among public companies
• % of total supply: ~3.63%
• Market cap: $44 billion (Basic)
• Enterprise value: $61 billion
• mNAV: 0.844

Strategy's latest acquisition of 1,031 BTC for $78.1 million (at an average of $75,699 per BTC) was funded through net proceeds from ATM sales of MSTR common shares, in a sharp change from last week’s purchase, powered primarily by its STRC digital credit.

This move continues the company's established pattern of leveraging equity issuances to amplify Bitcoin per share exposure, pushing holdings to a new high and further solidifying its commanding lead as the dominant corporate treasury. While recent larger buys leaned heavily on preferred instruments, this incremental addition via common shares maintains the steady accumulation momentum amid favorable market conditions.

Overall, the company remains on pace to close out the quarter with its second-highest quarterly accumulation total.

Track Strategy's updates on the live dashboard.

#2 — American Bitcoin Corp (ABTC) 🇺🇸

• BTC added: 399 BTC
• Estimated value: Not disclosed
• New total holdings: 6,899 BTC
• Funding source: mining production
• Current Ranking: #16 among public companies
• % of total supply: ~0.03%
• Market cap: $895 million (Basic)
• Enterprise value: $1 billion
• mNAV: 1.84x

American Bitcoin Corp, the Trump family-backed Bitcoin miner, added 399 BTC through retained production. This substantial miner-led addition reinforces the trend of Bitcoin miners prioritizing balance sheet accumulation over immediate fiat conversion. It bolsters the company's hybrid mining-treasury model and solidifies its rising position among public holders.

Track American Bitcoin Corp's updates on the live dashboard.

#3 — Strive (ASST) 🇺🇸

• BTC added: 317 BTC
• Estimated value: $23 million (at an average of $72,555 per BTC)
• New total holdings: 13,628 BTC
• Funding source: common equity issuance (ATM)
• Current Ranking: #10 among public companies
• % of total supply: ~0.06%
• Market cap: $639 million (Basic)
• Enterprise value: $1 billion
• mNAV: 0.68x

Strive's latest acquisition of 317 BTC for $23 million (at an average of $72,555 per BTC) was funded through common equity issuance. This strategic move vaulted Strive into the #10 spot on the public company leaderboard, surpassing CleanSpark and marking a significant milestone in its Bitcoin treasury journey. It exemplifies how targeted equity raises can rapidly accelerate corporate BTC exposure and reshape rankings.

Track Strive's updates on the live dashboard.

#4 — DDC Enterprise Limited (DDC) 🇺🇸

• BTC added: 200 BTC
• Estimated value: $15.99 million (at an average price of $79,969 per BTC)
• New total holdings: 2,383 BTC
• Funding source: Not disclosed
• Current Ranking: #32 among public companies
• % of total supply: ~0.01%
• Market cap: $48 million (Basic)
• Enterprise value: $19 million
• mNAV: 0.29x

DDC Enterprise Limited added 200 BTC at an average of $79,969 per BTC, pushing its treasury to 2,383 BTC and delivering strong YTD Bitcoin yield performance (44.9%). This purchase highlights how even smaller-cap public companies are integrating Bitcoin as a core reserve asset to enhance long-term value preservation and yield generation amid expanding adoption.

Track DDC Enterprise Limited's updates on the live dashboard.

#5 — Capital B (ALCPB.PA) 🇫🇷

• BTC added: 44 BTC
• Estimated value: ~$3.1 million (at average of ~$71,300 per BTC)
• New total holdings: 2,888 BTC
• Funding source: capital increases and warrants
• Current Ranking: #28 among public companies
• % of total supply: ~0.01%
• Market cap: $147 million (Basic)
• Enterprise value: $152 million
• mNAV: 0.750x

Capital B completed another purchase of 44 BTC through recent ATM-style capital raises and warrant issuances, bringing total holdings to 2,888 BTC at an acquisition value of ~$308 million. The addition continues the company's methodical European Bitcoin treasury strategy and supports its broader focus on digital asset integration. With a solid mNAV and consistent yield, Capital B exemplifies disciplined accumulation among international public companies.

Track Capital B's updates on the live dashboard.

Key Takeaways

• Strategy Leadership: Strategy's latest 1,031 BTC purchase, funded via ATM equity sales of MSTR shares, extends its unmatched accumulation pace and cements its position atop the public company leaderboard.

• Weekly volume rebound: Aggregate Bitcoin additions by public companies (917 BTC across the top buys) showed clear acceleration versus last week's more subdued non-Strategy activity (primarily Strive's 179 BTC plus minor 10 BTC and 1 BTC tranches), signaling renewed momentum in corporate accumulation outside mega-issuances.

• Ranking shake-up: Strive's 317 BTC equity-funded buy propelled it directly into the #10 position, overtaking CleanSpark and illustrating how ATM programs can deliver rapid leaderboard gains for mid-tier treasuries.

• Miner stacking dominance: American Bitcoin Corp's 399 BTC retention from production stands out as the week's largest single addition, underscoring miners' continued commitment to holding rather than selling mined BTC and driving meaningful treasury growth.

• Global Momentum: Incremental purchases from DDC Enterprise and Capital B show consistent accumulation across U.S. and European public companies, regardless of size.

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). 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

For the full leaderboard and all tracked treasuries, visit https://bitcointreasuries.net