Strategy's STRC Funded 67% of This Week's 4,871 BTC 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!

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The top 100 now jointly hold 1,164,856 BTC worth roughly $81.05 billion at press time.

Below, we break down the four most aggressive buyers this week — along with how their moves impact the leaderboard.

Top 5 Bitcoin Buys This Week

#1— Metaplanet (MPJPY) 🇯🇵

• BTC added: 5,075 BTC
• Estimated value: $405.48 million (at average of $79,898 per BTC)
• New total holdings: 40,177 BTC
• Funding source: Q1 capital raising activities
• Current Ranking: #3 among public companies
• % of total supply: ~0.19%
• Market cap: $2 billion (Basic)
• Enterprise value: $3 billion
• mNAV: 0.78x

Japan’s Metaplanet has surged to the 3rd spot among public Bitcoin holders after acquiring 5,075 BTC for $405.48 million in Q1. This brings its total to 40,177 BTC at an average cost of $104,106 per BTC, making it the first non-American company to crack the top three. The aggressive accumulation, funded through capital raises and options income, highlights Metaplanet’s disciplined “Bitcoin First” strategy and rapidly scaling treasury.

Track Metaplanet's updates on the live dashboard.

#2— Strategy (MSTR) 🇺🇸

• BTC added: 4,871 BTC
• Estimated value: $329.9 million (at average price of $67,718 per BTC)
• New total holdings: 766,970 BTC
• Funding source: ATM equity raise
• Current Ranking: #1 among public companies
• % of total supply: ~3.65%
• Market cap: $41 billion (Basic)
• Enterprise value: $58 billion
• mNAV: 0.78x

Strategy's latest acquisition of 4,871 BTC for $329.9 million (at an average of $67,718 per BTC) was funded through net proceeds of $174.6 million from ATM sales, including $102.6 million from 1,027,255 STRC shares and $72.0 million from 593,294 MSTR common shares. Of this week's buy, 67.35% (3,280 BTC) was funded by STRC preferred share sales.

As we highlighted in our mid-week analysis, we had estimated Strategy would acquire around 4,535 BTC via STRC activity alone this shortened trading week — the actual STRC-funded portion came in lower at 3,280 BTC.

Track Strategy's updates on the live dashboard.

#3 — Strive (ASST) 🇺🇸

• BTC added: 113 BTC
• Estimated value: $7.75 million (at an average price of ~$68,577 per BTC)
• New total holdings: 13,741 BTC
• Funding source: corporate cash
• Current Ranking: #9 among public companies
• % of total supply: ~0.07%
• Market cap: $675 million (Basic)
• Enterprise value: $985 million
• mNAV: 1.03x

Strive continues its aggressive Bitcoin treasury strategy, adding 113 BTC this week in line with its mission as a publicly traded asset management Bitcoin Treasury Corporation. This purchase at an attractive average cost demonstrates opportunistic accumulation that further elevates Bitcoin per share while reinforcing the company’s position among the elite corporate holders. With a basic mNAV of 1.03x and holdings now at 13,741 BTC, the addition highlights Strive’s disciplined approach to balance sheet optimization amid broader market conditions.

Track Strive's updates on the live dashboard.

#4 — American Bitcoin Corp (ABTC) 🇺🇸

• BTC added: 101 BTC
• New total holdings: 7,000 BTC
• Funding source: mining production
• Current Ranking: #16 among public companies
• % of total supply: ~0.03%
• Market cap: $852 million (Basic)
• Enterprise value: $852 million
• mNAV: 1.76x

American Bitcoin Corp, the Trump family-backed miner, added 101 BTC from production, further integrating mined Bitcoin directly into its treasury. This incremental growth reinforces its position in the upper tier of public holders and underscores the synergy between Bitcoin mining operations and strategic accumulation. The move highlights how miners with strong balance-sheet discipline can convert operational output into long-term corporate reserves.

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

#5 — Satsuma Technology (SATS) 🇬🇧

• BTC added: 25.65 BTC
• New total holdings: 645.7 BTC
• Funding source: corporate treasury allocation
• Current Ranking: #57 among public companies
• % of total supply: ~0.00%

Satsuma Technology’s steady addition of 25.65 BTC continues its measured Bitcoin treasury program as a UK-listed entity focused on agent-powered subnet economies. Now holding 645.7 BTC, the company demonstrates consistent commitment to Bitcoin as a balance-sheet asset amid broader corporate adoption trends. This incremental purchase keeps the firm on the public leaderboard while aligning treasury strategy with its technology roadmap.

Track Satsuma Technology's updates on the live dashboard.

Key Takeaways

• International momentum builds: Metaplanet’s Q1 haul catapults a non-U.S. company into the global top three, signaling accelerating Bitcoin treasury adoption outside North America.

• Miners turn output into reserves: American Bitcoin Corp’s production-funded addition exemplifies how miners are converting operational Bitcoin into permanent treasury holdings.

• Steady accumulation across sizes: From established players like Satsuma Technology to new entrants like Bitcoin Treasury Capital, public companies continue methodical Bitcoin purchases regardless of scale.

• Leaderboard stability with upside: Incremental buys by mid- and lower-tier holders reinforce the depth of corporate conviction even without headline-grabbing mega-purchases.

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