Strategy Tops 40,000 Bitcoin in January Alone: Here's Where It's Going

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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In the past seven days, 5 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,127,981 BTC, worth roughly $98 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: 2,932 BTC

• Estimated value: ~$264 million

• New total holdings: 712,647 BTC

• Funding source: Preferred and common stock sales

• Current Ranking: #1 globally

• % of total supply: ~3.40%

• Market cap: $45 billion (Basic)

• Enterprise value: $59 billion

• mNAV: 0.83x (Basic)

Strategy added 2,932 BTC this week, pushing holdings to 712,647 BTC valued at $62 billion and maintaining its solid #1 global position. The Virginia-based business intelligence software company raised $264 million through a heavily lopsided capital mix: just $7 million from preferred stock (STRC, 2.7%) and $257 million from common stock (MSTR, 97.3%), deploying proceeds at a $90,061 average Bitcoin purchase price.

The dramatic deceleration from last week’s 22,305 BTC purchase ($2.125 billion) to this week's 2,932 BTC ($264 million) — an 87% reduction in dollar deployment and 86% reduction in Bitcoin acquired — signals either tactical patience as Bitcoin consolidates around the $88,000 to $93,000 range, temporary exhaustion of immediately available capital following the prior week’s massive deployment, or market resistance to continued aggressive common stock issuance at compressed mNAVs.

The 97% common stock funding represents Strategy's most lopsided capital structure week yet, surpassing even last week's 86% common dependency. Meanwhile, the near-total absence of preferred equity issuance ($7 million vs. $294 million the prior week) suggests either temporary STRC market saturation, strategic decision to preserve preferred capacity for larger future offerings, or simply that the $264 million weekly raise didn't justify splitting across multiple securities.

Track Strategy's weekly buying patterns and capital structure mix on our live dashboard: monitor whether the 87.5% deceleration represents temporary pause or sustained slowdown, and compare preferred vs. common stock issuance trends across market cycles.

#2 — DDC Enterprise Limited (DDC) 🇺🇸

• BTC added: 200 BTC

• Estimated value: ~$17.5 million

• New total holdings: 1,583 BTC

• Current Ranking: #40 globally

• % of total supply: ~0.0075%

• Market cap: $85 million (Basic)

• Enterprise value: $56 million

• mNAV: 0.61x (Basic)

DDC Enterprise Limited added 200 BTC for the second consecutive week, pushing holdings to 1,583 BTC valued at $138 million while maintaining the #40 spot globally. The global Asian food platform and digital asset treasury company executed identical 200 BTC purchases in back-to-back weeks, demonstrating sustained aggressive accumulation.

The 0.61x basic mNAV — a 39% discount to Bitcoin NAV — compressed slightly from last week's 0.63x, improving by 2.3 percentage points. Markets value the company’s $85 million basic market cap against $138 million in Bitcoin holdings, creating a theoretical arbitrage where investors can buy $1 of Bitcoin for $0.61 by purchasing DDC stock. The consecutive 200 BTC purchases — totaling 400 BTC across two weeks and $36 million deployed — represent extraordinary velocity for a company that entered the treasury space just eight months ago and had been largely absent from buying in the late months of 2025.

The aggressive 400 BTC accumulated since the start of 2026 positions DDC among the most active non-mining, non-Strategy buyers this month. CEO Norma Chu’s stated commitment to "disciplined, systematic" capital deployment appears genuine based on execution.

Track emerging Asian food platform treasury adoption on our live dashboard: monitor whether DDC maintains 200 BTC weekly purchases throughout 2026.

#3 — Cango Inc 🇨🇳

• BTC added: 116 BTC

• Estimated value: ~$10.2 million

• New total holdings: 7,874 BTC

• Current Ranking: #15 globally

• % of total supply: ~0.038%

• Market cap: $238 million (Basic)

• Enterprise value: $1 billion

• mNAV: 0.344x (Basic)

Cango mined 116 BTC this week, pushing holdings to 7,874 BTC valued at $690 million and maintaining the #15 spot globally. Notably, the Chinese automotive services platform continues its twelfth consecutive week of top-five appearances through mining operations that bypass capital markets entirely, adding approximately 17 BTC daily through hash rate deployment regardless of equity market conditions or mNAV compression.

The 0.34x basic mNAV — a 66% discount to Bitcoin NAV — improved slightly from last week's 0.33x, compressing the discount by 0.7 percentage points as the stock performed marginally better relative to Bitcoin. The extreme 66% discount, however, continues suggesting that markets assign virtually no value beyond the company’s Bitcoin holdings, either expecting forced liquidation to fund automotive operations or facing structural barriers where the Nasdaq listing trades with such low liquidity that price discovery struggles to find its footing entirely.

What makes Cango’s positioning critical is the mining-based accumulation model’s proven resilience across twelve consecutive weeks. While equity-dependent treasuries outside Strategy have added minimal BTC through capital raises, Cango's operational production delivered 116 BTC this week, 115 BTC the prior week, and 223 BTC the week before — demonstrating that mining treasuries maintain steady accumulation regardless of sentiment, mNAV valuations, or capital markets access.

Track mining-based treasury accumulation consistency on our live dashboard: monitor whether Cango maintains weekly production above 100 BTC and compare operational mining output vs. capital-markets-funded purchases across market cycles.

#4 — The Smarter Web Company 🇬🇧

• BTC added: 10 BTC

• Estimated value: ~$875,000

• New total holdings: 2,674 BTC

• Current Ranking: #29 globally

• % of total supply: ~0.013%

• Market cap: £126 million / $172 million (Basic)

• Enterprise value: $4 million

• mNAV: 0.733x (Basic)

The Smarter Web Company added 10 BTC, pushing holdings to 2,674 BTC valued at $234.43 million while maintaining the #29 spot globally. The UK-based company executes modest accumulation since entering the treasury space on April 27, 2025, now holding nearly nine months of Bitcoin reserves despite operating what is a small-scale operational business alongside its explicit treasury strategy.

The 0.73x basic mNAV — a 27% discount to Bitcoin NAV — positions Smarter Web among European treasuries trading at significant discounts despite holding 2,674 BTC. Markets value the company's $172 million against $234 million in Bitcoin holdings, creating a -$62 million implied value for its operational business. The -21% unrealized loss at Smarter Web’s $111,177 average cost basis indicates that the company accumulated most holdings during Bitcoin’s November to December 2025 peak, leaving the treasury underwater by approximately $49 million.

The 10 BTC weekly addition represents minimal deployment compared to the company’s $234 million treasury scale, suggesting either limited available capital, tactical patience waiting for Bitcoin price improvement, or strategic shift away from aggressive accumulation after the initial buildout created substantial unrealized losses.

Track UK treasury performance on our live dashboard: compare British companies' mNAV dynamics vs. U.S. and Asian peers, and monitor whether European small-cap treasuries face unique challenges in capital access or price discovery.

#5 — XCE-Connecting Excellence Group (XCE) 🇬🇧

• BTC added: 10 BTC

• Estimated value: ~$875,000

• New total holdings: 51.36 BTC

• Funding source: Bitcoin-denominated convertible bond

• Current Ranking: #120 globally

• % of total supply: ~0.00024%

XCE-Connecting Excellence Group added 10 BTC, pushing holdings to 51 BTC valued at $4.5 million since entering the treasury space on November 18, 2025. The UK-based company executes its second month of Bitcoin accumulation through what CEO Scott Ellam describes as “one of the world's first truly Bitcoin-denominated bonds” — an interest-free convertible structure designed to increase Bitcoin per share for existing shareholders rather than dilute them.

The innovative bond structure converts to equity only when XCE’s share price outperforms Bitcoin by 20%, ensuring conversion aligns with shareholder value creation rather than occurring at arbitrary price levels. Bondholders pay a 30% premium to the prevailing share price, meaning they invest at higher valuations than market investors — benefiting existing shareholders by avoiding the dilution dynamics plaguing other treasury companies that have been issuing equity at discounts to mNAV.

The dual-track strategy combines capital markets innovation with operational business growth. XCE continues expanding its executive recruitment business making senior placements across the UK and US, providing revenue streams independent of continued capital raising. The +35% unrealized gains at $64,941 average cost basis indicates favorable entry timing during Bitcoin's late November 2025 consolidation.

Track innovative Bitcoin treasury capital structures on our live dashboard: monitor which companies experiment with Bitcoin-denominated debt, performance-linked conversions, and alternative financing beyond traditional equity dilution.

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.

For more information:

Leaderboard Snapshot

Strategy's 2,932 BTC purchase — nearly 90% of all weekly buying — marks a dramatic deceleration from the prior week's $2.125 billion deployment, yet the company maintains near-total dominance of treasury accumulation. For a second week straight, the remaining global treasuries combined contributed an even lower amount of Bitcoin, with just 336 BTC across four companies.

The concentration remains extreme despite the slowdown. Strategy's 89.7% weekly share actually represents lower concentration than recent weeks purely due to the company’s deceleration rather than peers accelerating — the 336 BTC from four other buyers would have been dwarfed even more dramatically had Strategy maintained its $2+ billion weekly pace.

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

• Strategy's deceleration exposes sector’s fragility even more starkly: The 87.5% reduction in weekly buying — from $2.125B to $264M — immediately reduced total sector accumulation from 22,641 BTC to just 3,268 BTC, demonstrating that global treasury buying operates on a binary dynamic: Strategy buys aggressively or the sector essentially pauses. The four non-Strategy buyers combined for just 336 BTC ($29.5 million), representing what treasury accumulation looks like without Saylor's capital deployment engine.

• Common stock dependency intensifies as preferred equity market shows capacity constraints: Strategy's 97.3% common stock funding this week — up from 86% the prior week — reveals that the preferred equity market cannot absorb weekly deployment even at reduced scale. Just $7 million in STRC issuance versus $257 million in MSTR dilution suggests the "digital credit" solution to non-dilutive leverage remains bottlenecked by market capacity rather than company willingness to issue.

• Capital structure innovation emerges at micro-cap level while mid-tier treasuries stagnate: XCE-Connecting Excellence Group's Bitcoin-denominated convertible bond — requiring 20% stock outperformance versus Bitcoin before conversion and issued at 30% premium to market price — demonstrates that smaller companies are experimenting with anti-dilutive financing structures while larger peers remain locked in traditional equity issuance. The bifurcation suggests treasury model innovation is happening at opposite ends of the market cap spectrum — Strategy's preferred equity experiment at $45B market cap and XCE's performance-linked bonds at micro-cap scale — while the middle 40 companies have largely paused active treasury strategies.

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

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• 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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