Hello and welcome to Bitcoin Balance Sheet, the new 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: A Competitive Advantage

Friday, 21 November 2025 — The West Mill, Derby, UK
Hosted by The Bitcoin Collective

Forget the stale conference routine.

The Bitcoin Collective has built a one-day experience for business leaders, entrepreneurs, and investors who want to properly explore how bitcoin can give their company a strategic edge.

Join 200 entrepreneurs, operators, and investors to learn: How to protect your business from inflation and currency risk, why UK firms are adding Bitcoin to their balance sheets, and the regulatory and reputational shifts reshaping Europe.

The day runs midday to 10:30 pm, with a buffet lunch, coffee breaks, and a three-course dinner designed to maximize networking and action-oriented insight.

BitcoinTreasuries subscribers get 10% off with the code: DOTNET

Reserve your seat today: Bitcoin: A Competitive Advantage

Bitcoin Treasuries Portfolio Tracker

This sample portfolio tracks two top-5 listed Bitcoin treasuries, Metaplanet and Strategy, showing live market value, unrealized P/L, and IRR over the past year. Every position updates in real time so you can watch discounts to mNAV widen or close as catalysts play out.

Build your own basket → Bitcoin Treasuries Portfolio Tool

Select any public company, set your own weights, and benchmark against Bitcoin or major equity indices. Create watchlists, test strategies, and track NAV discounts — all in one dashboard.

Strive acquires Semler

On Monday, Strive rewrote the Bitcoin treasury playbook.

The Vivek Ramaswamy-led asset manager deployed its 4.12× mNAV as acquisition currency, paying 210% for Semler Scientific in an all-stock deal.

Issuing shares trading at ~400% of NAV to acquire assets at ~200% of NAV makes the arbitrage mechanical. The combined entity gets 10,900 BTC and an instant pass to the top 15 via financial engineering rather than cash deployment.

We’re now witnessing the birth of a new scheme that could trigger the largest consolidation wave in corporate Bitcoin history.

Track every corporate Bitcoin move in real time: BitcoinTreasuries.net

A 48% discount

Strive’s ~$3B market cap supports ~5,885 BTC, with equity investors implicitly valuing each coin near $510k. Issuing 21.05 shares per Semler share lets Strive use “overvalued” paper to acquire “undervalued” Bitcoin.

In essence, Strive issues ~$1.2B in stock value to acquire Semler’s ~$565M in Bitcoin plus its diagnostics business.

Because Strive trades at ~4.12× mNAV, that $1.2B in equity reflects only ~$291M of underlying BTC value. They’re getting ~$565M of BTC for an implied ~$291M — a ~48% discount despite paying a 210% premium.

Explore our live mNAV tracker to see which companies are trading below NAV.

With preferred-equity-only leverage, Strive avoids refinancing cliffs. Roll up targets, issue preferred on combined holdings, redeploy for more Bitcoin — the flywheel spins as long as the premium persists.

Premium dispersion

Strive at 4.12× mNAV can acquire European treasuries at 0.5× NAV and remain massively accretive. With ~180+ public companies holding Bitcoin at valuations from ~0.38× to ~4× NAV, the arbitrage multiplies across targets.

See the full list of public Bitcoin treasuries and their mNAVs.

Market depth is there: five years ago MicroStrategy stood alone; today dozens of firms hold 1,000–10,000 BTC across a wide range of valuations — prime ground for consolidation.

Europe’s discounts

European mispricing creates immediate targets. Sequans Communications holds about ~$389M in BTC but trades around a ~$284M market cap (~0.38× mNAV). Germany’s Bitcoin Group SE has roughly ~$437M in BTC with a ~$208M market cap (~0.56× mNAV). These aren’t distressed assets — just markets ignoring BTC on balance sheets.

An acquirer trading at ~3× mNAV could pay 100% premiums for these targets and stay accretive. Smaller U.S. targets (500–2,000 BTC at ~0.8–1.5× NAV) offer bite-sized deals that scale via serial acquisition.

Game theory

Once one deal works, targets reprice and acquirers rush before premiums compress. Within 18 months, five to ten entities could control a vast swathe of corporate Bitcoin.

Don’t wait for the premiums to compress: track live mNAV premiums and potential roll-up targets now.

Efficiency gains: better capital-markets access, simplified investor choice, and potential index inclusion. But concentration raises systemic risk — when a handful of firms control millions of BTC, their capital allocation moves markets.

Defense for targets is limited; buybacks/dividends are temporary. The only durable defense is earning a premium valuation independently.

Bottom line: the Strive–Semler template turns premium equity into discounted Bitcoin. Consolidation isn’t speculative — it’s structural.

Special thanks to our partners:

Over To You: What Do You Track?

We want to make this the go-to resource for corporate Bitcoin strategy — and that means learning from our readers.

You can help shape the direction of this newsletter in 10 seconds.

Just hit reply, we read everything.

For more information: