STRC Drives 75% of Strategy's Record-Shattering 22,337 Bitcoin Purchase

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 1,174,835 BTC worth roughly $86.93 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 (MSTR) 🇺🇸

• BTC added: 22,337 BTC
• Estimated value: $1,57 Billion
• New total holdings: 761,068 BTC
• Funding source: ATM equity raise
• Current Ranking: #1 among public companies
• % of total supply: ~3.62%
• Market cap: $48 billion (Basic)
• Enterprise value: $65 billion
• mNAV: 0.865x

Strategy's latest acquisition of 22,337 BTC for $1,57 billion (at an average of $70,194 per BTC) was funded through net proceeds of $1,576.4 million from ATM sales, including $1,180.4 million from 11,818,467 STRC preferred shares and $396 million from 2,833,668 MSTR common shares.

This move, with 16,753 BTC from STRC alone representing 75% of the buy, 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. The heavy reliance on STRC proceeds highlights the growing role of preferred share instruments in large-scale Bitcoin accumulation strategies.

Track Strategy's updates on the live dashboard.

Our STRC BTC Accumulation Tracker Is Live

BitcoinTreasuries.net, the leading data and media platform for corporate digital asset balance sheets, today announced the launch of the BitcoinTreasuries.net STRC BTC Accumulation Tracker, a new analytics tool that estimates Strategy’s ongoing bitcoin purchases funded by its STRC preferred stock program.

Designed for institutional investors, treasury teams, and journalists, the STRC BTC Accumulation Tracker aims to be the market’s most authoritative third‑party benchmark for this activity, backed by a fully published and repeatable methodology.

WATCH STRC LIVE: https://strc.BitcoinTreasuries.net/

#2 — Strive (ASST) 🇺🇸

• BTC added: 179 BTC
• Estimated value: $13,000,000
• New total holdings: 13,311 BTC
• Current Ranking: #11 among public companies
• % of total supply: ~0.06%
• Market cap: $615 million (Basic)
• Enterprise value: $984 million
• mNAV: 0.627x

Strive's notable addition reinforces its position as a rising Bitcoin treasury player in the asset management sector, capitalizing on strategic mergers and Bitcoin-focused initiatives. This incremental build amid market conditions highlights continued conviction in BTC as a core reserve asset. The move modestly strengthens its mid-tier leaderboard standing without displacing established leaders.

Track Strive's updates on the live dashboard.

#3 — Capital B (ALCPB) 🇫🇷

• BTC added: 10 BTC
• Estimated value: $0.69 million
• New total holdings: 2,844 BTC
• Funding source: cash reserves
• Current Ranking: #28 among public companies
• % of total supply: ~0.01%
• Market cap: $187 million (Basic)
• Enterprise value: $192 million
• mNAV: 0.894x

Capital B maintains its consistent European accumulation approach, using operational cash flows to steadily grow holdings in a regulated environment. These smaller buys support long-term treasury diversification goals while aligning with shareholder value creation through BTC exposure. As one of the continent's early adopters, this activity continues to set a precedent for tech and consulting firms integrating Bitcoin.

Track Capital B's updates on the live dashboard.

#4 — Stack BTC Plc (STAK) 🇬🇧

• BTC added: 10 BTC
• Estimated value: $0.7 million
• New total holdings: 31 BTC
• Funding source: strategic funding round

Stack BTC Plc's repeated small-scale purchases reflect an early-phase build-out of its Bitcoin reserve, funded through targeted equity inflows. The company is led by Executive Chair Kwasi Kwarteng (former UK Chancellor) and CEO Jai Patel, with Nigel Farage — Reform UK leader and longtime Bitcoin advocate — holding a ~6.3% stake as a notable investor. This political and industry backing adds visibility to its methodical strategy as an emerging UK player in corporate Bitcoin treasuries.

Track Stack BTC Plc's updates on the live dashboard.

#5 — B HODL (HODL.AQ) 🇬🇧

• BTC added: 1 BTC
• Estimated value: $0.07 million
• New total holdings: 162 BTC

B HODL's modest weekly increment aligns with its core HODL philosophy and ongoing efforts to expand Bitcoin services in the UK market. Though small, the buy contributes to incremental shareholder value while the company explores additional revenue streams tied to Bitcoin. This pattern underscores persistent grassroots-level corporate adoption in the region despite larger headline moves elsewhere.

Track B HODL's updates on the live dashboard.

Key Takeaways

• Strategy's STRC dominance marks historic milestone: 75% of Strategy's 22,337 BTC purchase (16,753 BTC) came directly from STRC preferred share proceeds, making this the company's 5th largest buy ever by BTC added and underscoring the growing importance of this preferred instrument in funding massive Bitcoin accumulation.

• Record week led by one player: Strategy accounted for the overwhelming majority of corporate BTC additions this week, further extending its lead and setting a high bar for equity-financed treasury strategies.

• Mid-tier persistence: Strive's 179 BTC buy keeps momentum alive among asset managers, showing targeted accumulation remains active even in quieter weeks for most firms.

• Regional diversity in smaller buys: European and UK entities (Capital B, Stack BTC Plc, B HODL) contributed modest but consistent additions, illustrating steady, lower-profile adoption outside the U.S. giants.

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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• 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