The Small-Cap DAT Sweep: Tiny Treasuries, Big Premiums

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!

Bitcoin Treasuries Digital Conference

Tuesday, October 21, 3:00 PM to 9:00 PM EDT

Join Simon Gerovich (Metaplanet), Chaitanya Jain (Strategy), Sam Callahan (OranjeBTC), Andrew Webley (Smarter Web Company), and others from the Bitcoin Treasuries ecosystem for an exclusive virtual conference exploring the latest trends, data, and strategies shaping the future of corporate Bitcoin adoption.

From public companies and miners to financial institutions and service providers, the Bitcoin Treasuries Digital Conference brings together the people defining how capital is stored, measured, and grown in Bitcoin terms.

What to Expect: Panels and keynotes from top treasury thinkers, data-driven discussions on yield, performance, and accounting, real-world case studies and interactive Q&A.

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Sponsoring is the best way to demonstrate leadership in the growing Bitcoin Treasuries movement.

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Tiny Treasuries, Big Premiums

Inside the Bitcoin treasury trade there’s much more than Strategy. 

While Michael Saylor’s firm has accumulated more than 640,000 Bitcoin, and Marathon mines its way past 53,000 BTC, a new cohort of companies has discovered that you don’t need scale to command premiums.

Hyperscale Data holds around 130 BTC. Canaan has 1,582 BTC. Convano sits at about 605 BTC. None of these companies, however, rank in the global top 25 by holdings, yet all trade at many multiples higher than a 1.0 mNAV. Basically, they’re premiums that suggest investors aren’t buying Bitcoin exposure, they're buying lottery tickets.

Still, the logic is pretty straightforward: small treasuries offer asymmetric upside. If a micro-cap with 500 Bitcoin plans an aggressive accumulation plan, the equity could 10x regardless of Bitcoin’s price movement. 

The premium reflects this optionality. Investors pay 2x, 5x, even 8x NAV betting that management can execute the Metaplanet playbook at a smaller scale. It’s not necessarily a rational valuation. Instead, it’s venture capital thinking applied to public equities. Eventually, the companies become call options on future treasury ambition rather than passive Bitcoin proxies. 

But premiums can create perverse incentives. A company trading at 5x mNAV can issue equity at massive premiums to Bitcoin spot, use proceeds to buy more Bitcoin, and be instantly accretive to NAV per share. Even while diluting shareholders. 

Is it sustainable? Can a company with 130 Bitcoin maintain a 4.9x premium? Does a nail salon chain deserve 7.8x mNAV with 605 Bitcoin. Or are these premiums just temporary — and sometimes rampant — speculation chasing the next Metaplanet?

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:

Here are three examples of Bitcoin Treasury micro-caps that are commanding high premiums:

Hyperscale Data: The $71 Million Bet on 130 BTC

Holdings: 130.8 BTC ($14.45 million)
Market Cap: ~$71 million
mNAV: 4.9x (Basic)
Country: United States
Ticker: GPUS (NYSE American)

Hyperscale Data entered the Bitcoin treasury game in September 2025 with its Digital Asset Treasury (DAT) program — branding that signals ambition beyond the 130.8 BTC currently on the balance sheet. 

At $14 million in Bitcoin holdings against a $71 million market cap, investors are paying five dollars for every dollar of BTC the company owns. The premium prices pure optionality: Hyperscale generates revenue from legacy data center infrastructure operations and operates an active ATM equity program. It’s the same mechanism Strategy uses to continuously raise capital and buy Bitcoin at scale.

For the premium to sustain, however, Hyperscale needs to prove it can scale. The digital asset treasury branding implies systematic accumulation, but 130 BTC resembles a down payment more than an actual treasury.

If management executes quarterly purchases and grows holdings to 1,000+ BTC within 12-18 months, the 4.9x mNAV could compress toward 2-3x while the stock itself appreciates significantly. The data center business provides strategic optionality — infrastructure companies can pivot to Bitcoin mining, convert excess capacity to hash rate, or offer hosting services to institutional miners.

Track Hyperscale Data's treasury growth on our live dashboard: Monitor accumulation pace, mNAV compression, and compare against other emerging micro-cap treasuries in real time.

Canaan: The Hardware Manufacturer’s 1,582 BTC Hedge

Holdings: 1,582 BTC ($174.7 million)
Market Cap: ~$809 million
mNAV: 4.6x (Basic) / 72x (EV)
Country: China/USA (Beijing-based, U.S.-listed)
Ticker: CAN (Nasdaq)

Canaan holds 1,582 BTC valued at about $174 million.

The firm’s $809 million market capitalization implies a 4.6x basic mNAV, but the enterprise value multiple at 72x reveals the real story: investors are pricing Canaan as a leveraged Bitcoin mining play, not a straightforward treasury wrapper. That’s because the company’s core business is manufacturing Avalon ASIC mining rigs, supplemented by self-mining operations and hosting services. 

The treasury strategy functions as both hedge and signal. Management keeps stacking BTC even through mining-cycle drawdowns, using Bitcoin as working capital while aligning the brand with the broader Bitcoin narrative.

The 1,582 BTC treasury differentiates Canaan from pure hardware manufacturers. Competitors like Bitmain focus exclusively on rig sales, while Canaan operates a hybrid model where hardware revenue funds Bitcoin accumulation, creating dual exposure. When Bitcoin appreciates, the treasury gains value and mining equipment demand increases simultaneously. When Bitcoin corrects, the treasury provides NAV support while hardware sales decline. 

Still, Canaan’s valuation reflects market confusion about what it is: a hardware company, a mining operation, or a Bitcoin treasury. The 4.6x mNAV prices all three narratives simultaneously, creating a premium that only sustains if the company delivers on multiple fronts.

Explore our live dashboard tracking Bitcoin mining hardware companies: Compare Canaan's treasury strategy against pure miners and monitor the hardware-to-holdings playbook in real time.

Convano: Japan’s $522 Million Nail Salon Treasury

Holdings: 605.8 BTC ($66.9 million)
Market Cap: ~¥79 billion ($522 million)
mNAV: 7.8x (Basic) / 8.1x (Diluted)
Country: Japan
Ticker: 6574.T (Tokyo Stock Exchange)

Convano is a Tokyo-listed nail salon chain that has become a cultural icon of Japan’s "small-cap Saylor" movement, holding 605 BTC valued at $66.9 million against a market cap of $522 million. That’s a 7.8x basic mNAV that makes it the most richly valued micro-treasury in the sector. 

Investors are paying $455 million above Bitcoin NAV for a beauty-services business that redirects salon cash flow into Bitcoin purchases. The premium is pure Japanese tax arbitrage: individual investors face up to 55% taxation on direct crypto gains, while equity capital gains receive more favorable treatment. For Japanese retail, buying Convano stock offers indirect Bitcoin exposure at standard equity tax rates — a structural advantage that sustains premiums regardless of operational quality.

Even so, the 7.8x mNAV is mathetmatically indefensible on fundamentals. Metaplanet — Japan’s largest corporate treasury with 30,823 BTC — trades at 1.28x mNAV. Convano holds 50x less Bitcoin but commands 6x higher premium. 

At 7.8x mNAV with 605.8 BTC, Convano represents the extreme end of small-cap treasury speculation. The valuation prices in aggressive execution that may never materialize. For Japanese retail seeking any Bitcoin exposure, Convano offers a liquid, tax-advantaged vehicle. For fundamental investors, the premium is somewhat outlandish — you’re paying $455 million for a nail salon business that owns $67 million in Bitcoin. 

Explore our live dashboards tracking every Bitcoin treasury in Japan: See holdings, market value, and mNAV updates across Metaplanet, Convano, and all Japanese treasuries in real time.

Special thanks to our partners

• 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

• 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

• 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 writers specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

• 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 bet-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

• 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

Over To You: What Do You Track?

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