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!

In the past seven days, 8 public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,131,877 BTC, worth roughly $78 billion at press time.

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

Front Run: The Bitcoin Treasuries Pre-Party

Front Run is where Bitcoin conference week really begins.

Hosted by Bitcoin Treasuries Media and BitcoinTreasuries.net, this private kickoff brings together the operators, CFOs, allocators, founders, and board-level decision-makers shaping Bitcoin on the balance sheet.

No panels. No pitches. Just real conversations with the people building the treasury playbook — drinks in hand, poolside.

If Bitcoin on the balance sheet matters to you, this is the room to be in before the main stage lights up.

When: Sunday, April 26 | 2:00 PM – 11:00 PM PDT
Where: Stadium Swim, Las Vegas

Top 5 Bitcoin Buys This Week

#1 — Strategy 🇺🇸

• BTC added: 1,142 BTC

• Estimated value: $90.0 million

• New total holdings: 714,644 BTC

• Funding source: Common stock sales only ($89.5 million net proceeds)

• Current Ranking: #1 globally

• % of total supply: ~3.40%

• Market cap: $45 billion (Basic)

• Enterprise value: $60 billion

• mNAV: 0.96x

Strategy added 1,142 BTC at a $78,815 average price during Bitcoin's brutal correction to $60,000, pushing holdings to 714,644 BTC (approximately $50 billion) and maintaining its #1 global position. 

The Virginia-based company raised $89.5 million through the sale of 616,715 MSTR common shares, marking the smallest weekly capital deployment since late 2025 and a dramatic 66% reduction from the prior week’s $264 million raise. 

Notably, Strategy issued zero preferred equity (STRC, STRF, STRK, or STRD) for the second consecutive week, relying entirely on dilutive common stock despite the company’s stated long-term goal of amplification through digital credit.

Finally, the company’s mNAV, which sits at 0.96x and a 4% discount to Bitcoin NAV, represents Strategy's healthiest valuation in weeks, improving substantially from the 0.76x trough in late January. The compression from 24% discount to 4% discount occurred despite Strategy remaining underwater on its overall position.

The absence of preferred equity for two consecutive weeks raises strategic questions. Some possible explanations: institutional appetite for Strategy's preferred has dried up temporarily, management chose to preserve preferred capacity for larger future offerings, the $90 million raise was too small to justify preferred issuance infrastructure costs, or common stock at 0.96x mNAV was deemed "good enough" to avoid preferred obligations.

Track Strategy's capital structure evolution: monitor whether preferred equity returns in future weeks or if the company has shifted to common-stock-only issuance despite the dilutive impact on per-share Bitcoin metrics.

#2 — CleanSpark (CLSK) 🇺🇸

• BTC added: 414.37 BTC

• Estimated value: ~$29.2 million

• New total holdings: 13,513 BTC

• Funding source: Self-mining operations

• Current Ranking: #10 globally

• % of total supply: ~0.064%

• Market cap: $3 billion (Basic)

• Enterprise value: $4 billion

• mNAV: 3.41x (Basic)

CleanSpark added 414.37 BTC through mining operations, pushing holdings to 13,513 BTC ($953 million) and climbing to the #10 spot globally from #11 last week. The Nevada-based Bitcoin mining company executes a substantial 3.2% weekly increase through pure operational production.

CleanSpark’s extraordinary 3.41x basic mNAV — a 241% premium to Bitcoin NAV — positions CleanSpark among the most expensive mining treasuries globally on a per-Bitcoin basis, surpassed only by extreme outliers like Coinbase (43.78x) and Block (55.74x) which operate primarily non-mining businesses. Markets value the company’s $3 billion market cap against just $953 million in Bitcoin holdings, assigning $2 billion in value to mining operations, infrastructure, and future production capacity. 

The climb to #10 globally demonstrates how miner accumulation continues regardless of Bitcoin’s price or capital markets conditions. While equity-funded treasuries face 50%+ dilution when attempting to buy at $63,000 Bitcoin when trading at 0.3x to 0.8x mNAVs, CleanSpark produces coins no matter the situation with capital markets access. Even so, the model's sustainability depends on hash rate efficiency and energy costs.

Track mining-based treasury production consistency: monitor whether CleanSpark maintains 400+ BTC monthly output and compare operational production economics vs. equity-funded spot purchases during market volatility.

#3 — DDC Enterprise Limited (DDC) 🇺🇸

• BTC added: 105 BTC

• Estimated value: ~$7.4 million

• New total holdings: 1,888 BTC

• Funding source: "Structured accumulation program" (not disclosed)

• Current Ranking: #36 globally (was #40)

• % of total supply: ~0.009%

• Market cap: $57 million (Basic)

• Enterprise value: $28 million

• mNAV: 0.427x (Basic)

DDC Enterprise Limited bought 105 BTC under what CEO Norma Chu describes as a "structured accumulation program," pushing holdings to 1,888 BTC ($133 million) while climbing to #36 spot globally from #40 last week. 

The global Asian food platform executed its fourth consecutive week of triple-digit Bitcoin purchases — 200 BTC, 200 BTC, 100 BTC, 105 BTC — to deliver a remarkable 59.6% Bitcoin yield year-to-date. The consistency represents what management frames as “continuity of execution” and “institutional-grade treasury strategy” that prioritizes “durability across market environments.”

The company's stated focus on "the continuity of execution” explains the aggressive buying despite deepening underwater position. At a $86,868 average cost basis and with Bitcoin trading around $70,600 at announcement, DDC carries approximately -18.65% unrealized losses ($133 million current value vs. $163 million aggregate cost). Despite this, management continues to deploy capital at a 105 BTC weekly pace.

The 0.427x basic mNAV — a 57.3% discount to Bitcoin NAV — creates a puzzling dynamic when paired with the company's aggressive accumulation rhetoric. Markets value DDC's $57 million market cap at less than half its $133.4 million Bitcoin holdings, yet management frames this as opportunity rather than distress: "We are building a Bitcoin treasury that reflects discipline, structure, and long-term conviction." The disconnect suggests either investors don't believe the funding is sustainable, or they assign negative value to DDC's operational food platform business that offsets the Bitcoin holdings premium.

Track DDC's "structured accumulation program": monitor whether the company maintains weekly buying through Q1 2026 and watch for financial disclosures revealing the capital source behind the most aggressive mid-tier treasury accumulation in the sector.

#4 — Hyperscale Data (GPUS) 🇺🇸

• BTC added: 11 BTC

• Estimated value: ~$776,000

• New total holdings: 575.54 BTC

• Funding source: Not disclosed

• Current Ranking: #62 globally

• % of total supply: ~0.00027%

• Market cap: $40 million (Basic)

• Enterprise value: $127 million

• mNAV: 0.976x (Basic)

Hyperscale Data added 11 BTC, pushing holdings to 575.54 BTC ($40.60 million) while maintaining the #62 spot globally. The U.S.-based company, which entered the treasury space on September 22, 2025, executes a modest 1.9% weekly increase through undisclosed funding sources. 

The 11 BTC purchase represents a dramatic deceleration from the company's historical ~135 BTC monthly accumulation pace observed in Q4 2025, suggesting either capital constraints, strategic patience during Bitcoin’s correction to $60,000, or a shift away from aggressive treasury building toward other business priorities.

The 0.976x basic mNAV — a 2.4% discount to Bitcoin NAV — positions Hyperscale among the rare treasury companies trading near parity with their Bitcoin holdings. Markets value the company’s $40 million market cap almost exactly in line with $40.60 million in Bitcoin holdings. The near-1.0x mNAV creates neutral economics for equity issuance: every dollar raised buys approximately $0.98 of Bitcoin value, neither massively dilutive nor meaningfully accretive.

Track Hyperscale's accumulation trajectory: monitor whether the 11 BTC purchase represents temporary deceleration or permanent shift from aggressive treasury building, and watch for financial disclosures revealing debt levels and cost basis

#5 — H100 Group (H100) 🇸🇪

• BTC added: 4.39 BTC

• Estimated value: ~$310,000

• New total holdings: 1,051 BTC

• Funding source: Not disclosed

• Current Ranking: #48 globally

• % of total supply: ~0.0005%

• Market cap: N/A

• Enterprise value: N/A

• mNAV: N/A

H100 Group added 4.39 BTC, pushing holdings to 1,051 BTC (around $74 million) while maintaining the #48 spot globally. The Swedish publicly traded company, which entered the treasury space on May 21, 2025, executes a minimal 0.4% weekly increase through mostly treasury capital deployments. 

The 4.39 BTC purchase represents modest accumulation for a company holding $74 million in Bitcoin, suggesting either capital constraints, operational cash flow limitations, or strategic pause during Bitcoin’s volatile correction.

The complete absence of market cap, enterprise value, and mNAV data indicates either illiquidity in Swedish stock market trading preventing price discovery or data gaps in tracking Nordic small-cap treasuries. Without valuation metrics, investors cannot assess whether H100 trades at premium or discount to Bitcoin NAV, making it impossible to evaluate the stock as a Bitcoin proxy or determine whether the company's treasury strategy creates shareholder value beyond simply holding Bitcoin on the balance sheet.

The geographic positioning as a Swedish treasury company provides interesting comparative context for European adoption patterns, however.While UK-based companies like The Smarter Web Company and XCE-Connecting Excellence Group have garnered attention for innovative capital structures (performance-linked bonds), Scandinavian treasuries remain largely off investor radar despite H100's meaningful 1,051 BTC holdings. 

Track Nordic treasury adoption: monitor whether H100 accelerates accumulation or remains a slow, steady buyer, and identify other Scandinavian companies adopting Bitcoin strategies as the treasury model globalizes beyond U.S. and Asian markets.

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.

For more information:

Leaderboard Snapshot

Strategy's 1,142 BTC purchase — representing 68% of total weekly buying — marks a significant shift from the company's typical 85-95% market share. The remaining treasuries contributed 535 BTC: CleanSpark (414 BTC), DDC (105 BTC), Hyperscale Data (11 BTC), and H100 Group (4 BTC). 

For the first time in months, non-Strategy accumulation exceeded one-third of sector buying, though this reflects Strategy's dramatic slowdown ($90M vs. typical $200M+ weekly) rather than accelerated activity from its peers.

One narrative defined last week: buying during Bitcoin's crash to $60,000. Strategy deployed $90 million at $78,815 average price — almost exactly its $76,056 cost basis — while DDC continued its four-week buying spree at $86,868 average despite sitting 57% underwater at 0.427x mNAV.

Key Takeaways

• Mining proves its structural advantage during Bitcoin's price correction: CleanSpark's 414 BTC operational production while Bitcoin traded at the low $60,000 mark demonstrates mining’s countercyclical economics. When equity-funded treasuries face 50%+ dilution buying at spot through stock sales at 0.3x to 0.8x mNAV, miners produce below market prices regardless of capital markets conditions. The 77% mining share of non-Strategy buying (414 of 535 BTC) marks the highest concentration yet.

• DDC's 605 BTC four-week buying spree at 0.427x mNAV raises capital structure questions: The Asian food platform's fourth consecutive 100+ BTC week (totaling $52 million deployed) despite trading at 57% discount creates an unsustainable equation that implies equity issuance at current valuation would dilute existing shareholders by 57% per dollar raised. The -18.65% unrealized loss, negative enterprise value, and undisclosed funding sources suggest either rapidly depleting cash reserves or an off-balance-sheet capital facility not yet reflected in filings. At this pace, DDC faces a binary outcome within weeks: disclose the funding source, pause buying, or trigger forced liquidation concerns that compress mNAV further.

• Near-parity mNAVs emerge as the new premium: Hyperscale's 0.976x valuation signals shifting investor expectations: When trading within 2% to 3% of Bitcoin NAV represents relative strength rather than distress, the sector's valuation reset is complete. The 2024-2025 era of 2x to 3x premiums has been replaced by a new equilibrium where 1.0x mNAV indicates health, 0.5x to 0.8x signals concern, and sub-0.5x (DDC at 0.427x) approaches distress territory. CleanSpark's 3.41x premium now represents an extreme outlier rather than the sector norm.

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 manufacturer 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

Our events calendar:

• Bitcoin Investor Week | Feb. 9 – 13. Join us in NYC for Bitcoin Investor Week 2026 — the world’s largest gathering of Bitcoin investors and institutional leaders. Hosted by Anthony Pompliano, the event brings together allocators, hedge fund managers, family offices, executives, and policymakers for a high-conviction look at Bitcoin’s role in global markets. GET 15% OFF GA TICKETS WITH CODE DOTNET.

• Front Run: The Bitcoin Treasuries Pre-Party | April 26. Join us in Las Vegas for a private, off-agenda gathering for the people actually shaping Bitcoin treasury strategy. Hosted by Bitcoin Treasuries Media and BitcoinTreasuries.net, it brings together operators, CFOs, allocators, founders, and board-level decision-makers before the noise begins.

Over To You: What Do You Track?

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