Year-End Treasury Scoreboard: 2025's Winners, Losers, and Surprises

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!

The Hemisphere Foundation

Hemisphere develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, withe benefits of self-custody and Bitcoin native deployment.

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How Much BTC Will Strategy Buy In 2026?

BitcoinTreasuries.net is pleased to announce its 2025 Audience Survey is out. The finished product offers our audience an 100-question survey, prepared by our top analysts, that attempts to assess the state of Bitcoin in the capital markets globally.

Available now, our BitcoinTreasuries 2025 Audience Survey aims to help us better understand who is using our platform, how they analyze Bitcoin companies, and what they believe are the likely milestones ahead for the sector and its most promising entrants, including Strategy, Metaplanet, American Bitcoin and more.

→ Take our 2025 Audience Survey now

Our survey is designed for investors, analysts, and corporate decision‑makers, as well as service providers who rely on BitcoinTreasuries.net to track corporate and institutional Bitcoin holdings, treasury stocks, and market structure trends.

At BitcoinTreasuries.net, we expect the corporate Bitcoin landscape in 2026 to mature, with new companies coming to market monthly with novel models.

To keep pace, BitcoinTreasuries.net is seeking direct input from our audience on what they see as the sector’s biggest opportunities for 2026. The 2025 Audience Survey will help us determine:

• How much BTC Bitcoin companies are expected to purchase in 2026

• Which treasury models might contribute most to this allocation 

• Sentiments regarding novel accumulation schemes, including those that have sought to dilute shareholders in favor of boosting BTC accumulation. 

Results will be featured in upcoming BitcoinTreasuries.net research reports and shared with our media partners, giving respondents a way to shape how the market understands corporate Bitcoin exposure next year.

→ Take our 2025 Audience Survey now

The survey takes about 8–10 minutes to complete and responses will be aggregated and anonymized.

If you use BitcoinTreasuries.net to make sense of corporate and institutional BTC, this is your chance to put your views on the record — and to see how they compare to the rest of the market.

Year-End Treasury Scoreboard: 2025's Winners, Losers, and Surprises

The Bitcoin treasury sector entered 2025 with approximately 750,000 BTC across public companies and exits the year holding over 1,085,000 BTC — a net addition of more than 300,000 coins. That represents the largest single-year corporate accumulation in Bitcoin's history.

But all that aggregate growth masks a dramatic divergence. A handful of companies executed relentlessly while several lost their premiums, some sold holdings, or others have been transforming their strategies entirely. The year proved that treasury models face structural tests during volatility, separating disciplined operators from promotional plays that only worked during 2024 and 2025’s bull run.

Winners

Strategy dominated 2025 beyond any reasonable expectation.

The company entered January holding approximately 440,000 BTC and exits December with 672,497 BTC — adding 232,497 BTC worth approximately $21 billion at average acquisition prices in 2025. Of all public company buying this year, Michael Saylor’s firm comprise a staggering 77% of all purchases, demonstrating concentration that either signals healthy consolidation around the strongest operator or concerning dependence on one company’s capital markets access.

Moreover, the company’s November and December purchases alone (approximately 20,000 BTC combined) exceeded the total annual additions of the next 20 largest treasuries combined.

But the stock price tells a different story. Strategy peaked at $543 per share in November 2024, beginning the year in the $300-400 range with mNAV premiums above 2.0x. Now the company ends the year with share prices around $160 and mNAV compressed to 0.86x — a 14% discount despite holding more Bitcoin than ever.

Having its mNAV compress to 0.86x from 2.5x — while shares have also plummeted over 50% in the past six months alone — represents a 63% decline in the premium that investors are assigning to Strategy’s model, which ultimately suggests that markets continue to reassess whether leveraged accumulation justifies valuation multiples.

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Mid-tier success stories emerged alongside Strategy’s dominance.

American Bitcoin Corp launched its treasury strategy in May 2025 and has accumulated 5,098 BTC by year-end. The Trump family’s new mining company climbed to #20 globally while maintaining a significant 3.92x mNAV — a 260% premium that proves some companies can still attract significant investor enthusiasm. Strive, meanwhile, topped 7,525 BTC (#14 globally) through aggressive SATA preferred equity issuance, demonstrating that its non-dilutive financing has allowed the company to accumulate in droves.

Losers

The collapse category reveals some fundamental structural fragility.

Nakamoto, the self-proclaimed Bitcoin treasury for Bitcoin treasuries, epitomizes a treasury in freefall: the company raised $763 million including $563 million through PIPE financing, accumulated 5,398 BTC, then watched its stock collapse 99% to $0.38 from $34.77, triggering Nasdaq delisting notices in early December.

Nakamoto’s PIPE structure — selling shares to institutional investors at 20% to 40% discounts with 90 to 180 day lock-ups — created predictable selling when those shares unlocked that crushed retail shareholders. NAKA now trades at a 0.36x mNAV (64% discount) and faces not only the possibility of losing its spot on the Nasdaq, but also having to recur to reverse stock splits, OTC delisting, or even worse, having to liquidate its Bitcoin.

Five companies reduced holdings during November, led by Sequans Communications selling 970 BTC (one-third of its treasury). More than anything, these sales have strengthened bear arguments that claim treasuries lacking operational cash flow eventually face forced-liquidations during times of market stress.

Indeed, the sellers share similar characteristics. They have small-scale operations, limited access to capital markets, their stocks trade at 0.30x-0.50x mNAV, and their business models revolve around burning cash faster than Bitcoin appreciates. November’s 1,883 BTC sold across five companies reduced net sector additions to just 10,761 BTC — the lowest month of 2025.

Surprises

Geographic expansion surprised the skeptics who believed treasury strategies only worked in U.S. capital markets.

Japan’s Metaplanet grew to 30,823 BTC (#4 globally), proving the model not only translates across regulatory environments, but can be largely attractive in jurisdictions with punitive tax structures. European companies like Spain’s Vanadi Coffee (161 BTC) and Asian entrants including Hong Kong’s CIMG (730 BTC) and Singapore’s Canaan (1,730 BTC) demonstrated that treasury adoption extends beyond American companies, although data quality and liquidity vary dramatically across markets.

And 2025’s quietest success story belongs to mining-based treasuries that have accumulated steadily regardless of market conditions. While capital-markets-dependent companies like Strategy and American Bitcoin grabbed headlines with massive spot purchases, miners like MARA, and Cango demonstrated the structural advantage of operational Bitcoin production. Cango, in fact, appeared in top-five weekly buyers throughout Q4 2025 with consistent ~126 BTC weekly additions through mining.

That seems modest compared to Strategy’s 10,000+ BTC purchases, but in the end proved to be reliable during periods when equity markets froze and mNAV compression made dilutive issuance destructive.

Preferred equity emerged as one of 2025’s most important innovations in terms of financing. Strategy issued STRC, STRF, STRK, and STRD preferred shares throughout most of the year, raising hundreds of millions without diluting common stockholders. Still, November and December saw Strategy shift to 96% common stock issuance, suggesting preferred equity markets have tightened as Bitcoin declined and investor appetite for 10% to 15% fixed dividends waned.

Whether this represents temporary conditions or permanent shift will define 2026’s capital raising strategies.

The mNAV landscape reveals stark divergence across the treasury sector.

By December, the median treasury trades at 1.47x mNAV — maintaining a 47% premium to Bitcoin NAV — while the average sits at 7.15x, heavily skewed by extreme outliers like Aker (83.9x), Coinbase (52.1x), and Block (53.4x). These outliers belong to operational businesses valued primarily for their core operations rather than Bitcoin holdings, distorting the sector-wide average.

Pure treasury plays allow us to see the real story emerge. Companies like Canaan (27.36x) and American Bitcoin (3.94x) maintained significant premiums, but dozens now trade at discounts ranging from modest (Strategy at 0.86x, MARA at 0.99x) to dangerous (CIMG at 0.27x, NAKA at 0.41x, Cango at 0.37x).

Among the top 100 treasuries, 21 companies trade below 1.0x mNAV. That means investors can buy Bitcoin cheaper through stock purchases than spot markets yet they choose not to, signaling fundamental distrust in management, business models, or treasury commitment.

The year’s definitive lesson is that treasury models face a complicated trilemma when mNAV compresses below 1.0x. Companies must either issue dilutive equity and destroy per-share value (Strategy’s choice at 0.86x), stop accumulating and contradict the treasury thesis (the five November sellers’ capitulation), or shift to debt/preferred equity creating fixed obligations during downturns (Metaplanet and Strive’s preferred issuance that may prove unsustainable if Bitcoin consolidates for 18 months or more).

There is no right answer — only tradeoffs that separate companies built for complete cycles from those dependent on continuous bull markets. The 2026 test will be whether any treasury model survives extended Bitcoin consolidation at $80,000-$100,000 without either abandoning accumulation or destroying shareholder value through dilution.

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 writers 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 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, withe 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 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

• XCE. A 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

Over To You: What Do You Track?

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