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Hello and welcome to Bitcoin Balance Sheet, the twice-weekly email from Bitcoin Treasuries, where we track the latest in corporate Bitcoin buying.
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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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In the past seven days, 13 public companies added their Bitcoin holdings — while the same amount offloaded coins.
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The top 100 now jointly hold 1,002,103 BTC, worth roughly $113 billion at press time.
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Below, we break down the five most aggressive buyers this week — along with how their moves impact the leaderboard.
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Top 5 Bitcoin Buys This Week
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#1 — Strategy (MSTR) 🇺🇸
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BTC added: 1,955 BTC Estimated value: ~$217.4 million New total holdings: 638,460 BTC Funding source: Blend of convertible notes and preferred equity Current Ranking: #1 globally % of total supply: ~3.04% YTD BTC Yield: 25.8% mNAV: ~1.3x
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Michael Saylor’s Strategy machine printed another 1,955 BTC this week, pushing its total holdings past 638,000 Bitcoin — more than twelve times its nearest competitor.
The funding mix remains predictably elegant: convertible notes blended with preferred equity, converting capital-market premiums into permanent Bitcoin positions. No forced asset sales — just financial engineering.
With a 25.8% BTC yield year-to-date, Strategy isn’t just accumulating — it’s compounding. Compare Strategy’s premium vs peers: Full Leaderboard.
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#2 — MARA Holdings (MARA) 🇺🇸
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BTC added: 1,838 BTC Estimated value: ~$204 million New total holdings: 52,477 BTC Funding source: Mining revenue retention + ATM equity facility Current Ranking: #2 globally % of total supply: ~0.25% mNAV: ~0.9x
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MARA added 1,838 BTC via mining retention and ATM facility draws, cementing its position as the dominant miner-treasury hybrid.
The transformation is complete: mining mints BTC; equity markets fund operations. The result is perpetual accumulation regardless of spot price — a playbook other miners will emulate. See how MARA stacks up: Miner Rankings.
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#3 — Metaplanet (MTPLF) 🇯🇵
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BTC added: 136 BTC Estimated value: ~$15.1 million New total holdings: 20,136 BTC Funding source: Yen-denominated bonds + preferred equity Current Ranking: #6 globally % of total supply: ~0.096% mNAV: ~1.5x
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Japan’s Metaplanet crossed 20,000 BTC, but the story is structural: its preferred equity offering pegged at 25% of BTC NAV creates a financing floor that survives deep drawdowns. In a high-tax environment, Metaplanet’s premium isn’t speculation — it’s tax arbitrage.
With ~$15M raised for 136 BTC, Metaplanet shows that smart structure can beat sheer size. Explore the structure: Details.
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#4 — Cipher Mining (CIFR) 🇺🇸
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BTC added: 351 BTC Estimated value: ~$39 million New total holdings: 1,414 BTC Funding source: Mining revenue retention Current Ranking: #37 globally % of total supply: ~0.007%
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Cipher quietly stacked 351 BTC through pure mining retention. No complex instruments, no dilution — just disciplined accumulation from a low-cost operator. At current rates, Cipher could crack the top 20 within months.
See which miners are climbing: Full Miner Rankings.
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#5 — BitFuFu (FUFU) 🇸🇬
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BTC added: 190 BTC Estimated value: ~$21.1 million New total holdings: 1,899 BTC Funding source: Mining revenue + operational cash flow Current Ranking: #32 globally % of total supply: ~0.009%
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Singapore’s quiet accumulator is making noise. As one of the few Asian miners with public-market access, BitFuFu offers hash-rate exposure for Western investors, regulatory clarity from Singapore, and proximity to cheaper Asian energy markets.
The 190 BTC addition signals a shift toward miner-treasury retention rather than opex liquidation. Explore how Asian miners are reshaping the race: Regional Leaderboard.
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Want the full leaderboard, charts, and week-to-week shifts? See the full Bitcoin Treasuries dashboard. |
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