STRC Fuels 30% of Strategy's Massive 17,994 BTC 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!

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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: 17,994 BTC

• Estimated value: $1.28 billion

• New total holdings: 738,731 BTC

• Funding source: Preferred and common stock sales

• Current Ranking: #1 among public companies

• % of total supply: ~3.52%

• Market cap: $44 billion (Basic)

• Enterprise value: $61 billion

• mNAV: 0.97x

Strategy's latest acquisition of 17,994 BTC for $1.28 billion (at an average of $70,946 per BTC) was funded through ATM net proceeds of $1.28 billion — with $377.1 million raised from 3,776,205 STRC shares directly translating to approximately 5,313 BTC purchased. STRC alone accounted for nearly 30% of the entire purchase, underscoring the instrument's growing role as a Bitcoin accumulation engine. The remaining 12,681 BTC was funded by $899.5 million from 6,327,541 MSTR common shares. This move 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 addition reinforces Strategy's unmatched position at the top of the public company leaderboard.

Track Strategy's updates on the live dashboard.

#2 — American Bitcoin (ABTC) 🇺🇸

• BTC added: 461 BTC

• New total holdings: 6,500 BTC

• Funding source: mining production

• Current Ranking: #17 among public companies

• % of total supply: ~0.03%

• Market cap: $1 billion (Basic)

• Enterprise value: $1 billion

• mNAV: 2.334x

American Bitcoin continued its dual strategy of industrial-scale mining and strategic acquisitions, boosting its treasury amid operational expansions like recent miner purchases. The addition solidifies its position as a top-20 corporate holder, reflecting growing confidence in Bitcoin as a core reserve asset for mining-focused firms. Eric Trump's involvement and insider buying activity underscore momentum in this treasury play.

Track American Bitcoin's updates on the live dashboard.

#3 — ProCap Financial (BRR) 🇺🇸

• BTC added: 450 BTC

• New total holdings: 5,457 BTC

• Funding source: Not Specified

• Current Ranking: #19 among public companies

• % of total supply: ~0.03%

• Market cap: $92 million (Basic)

• Enterprise value: $1 billion

• mNAV: 0.252x

ProCap Financial's acquisition aligns with its aggressive Bitcoin accumulation strategy as the first publicly traded agentic finance firm, paired with ongoing share repurchases at a discount to NAV. This move reduces average cost basis and reinforces Bitcoin's role in its balance sheet amid capital raised exceeding $750 million. It highlights emerging treasury adoption in innovative finance structures.

Track ProCap Financial's updates on the live dashboard.

#4 — DDC Enterprise Limited (DDC) 🇺🇸

• BTC added: 65 BTC

• New total holdings: 2,183 BTC

• Funding source: Not Specified

• Current Ranking: #34 among public companies

• % of total supply: ~0.01%

• Market cap: $60 million (Basic)

• Enterprise value: $32 million

• mNAV: 0.414x

DDC Enterprise's modest but consistent addition comes amid strong preliminary 2025 financials, signaling Bitcoin treasury integration into broader business growth. As a smaller-cap player, the move demonstrates how even non-mining corporates leverage Bitcoin for balance sheet enhancement. It modestly improves its leaderboard position in a competitive field.

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

#5 — Stack Bitcoin Treasury (STAK) 🇬🇧

• BTC added: 21 BTC

• New total holdings: 21 BTC

• Funding source: Not Specified

• Current Ranking: Not in the top 100

Stack Bitcoin Treasury initiated its public Bitcoin strategy with a 21 BTC purchase. Notably, Nigel Farage recently acquired a stake in the company, potentially bringing greater visibility to its treasury efforts. While early-stage, this reflects innovative Bitcoin integration among Nasdaq-listed entities.

Track Stack Bitcoin Treasury's updates on the live dashboard.

Key Takeaways

• Strategy dominates again: A massive 17,994 BTC addition via ATM funding — with 5,313 BTC attributable to $377.1 million in STRC proceeds — further entrenches Strategy's lead, with holdings now at 738,731 BTC.

• Preferred instruments gain traction: The significant portion from STRC in Strategy's buy highlights how perpetual preferred shares are increasingly powering large-scale corporate Bitcoin accumulation.

• Mid-tier accumulation persists: Companies like American Bitcoin, ProCap Financial, and DDC added hundreds of BTC, showing sustained interest beyond the largest players.

• Emerging players enter the fray: Smaller additions, including Stack Bitcoin Treasury's entry amid high-profile investment, signal broadening corporate adoption

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) 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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