G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

🇯🇵 Metaplanet Unveils Dividend-Paying Preferred Shares to Buy More Bitcoin

Metaplanet, Japan’s biggest corporate Bitcoin holder, is launching two new preferred share classes - Mars and Mercury - designed to fund even more BTC accumulation while protecting existing shareholders from dilution. Mercury comes with a 4.9% annual dividend and optional conversion to common stock if the share price triples, while Mars offers a variable dividend aimed at reducing price volatility - mirroring the structure Strategy (Saylor) pioneered with STRF.

The first Mercury issuance - 23.6 million shares - is set to raise ¥21.2B (~$135M), giving Metaplanet fresh firepower to continue expanding its Bitcoin treasury after its market cap briefly dipped below the value of its BTC stack.

Metaplanet plans to deploy ~¥15B (~$95M) of the net proceeds to buy more Bitcoin between Dec 2025 and March 2026, while another ¥1.67B will fuel its BTC income-generation business and ¥3.75B will redeem outstanding corporate bonds.

With preferred shares becoming the new playbook for Bitcoin treasury companies (Strategy, Strive, and now Metaplanet), one thing is clear: the race to accumulate BTC without diluting common shareholders is officially global.

🇦🇪 Abu Dhabi Tripled Its Bitcoin Bet in Q3

Abu Dhabi’s Investment Council (ADIC) quietly went big on Bitcoin in Q3 - tripling its stake in BlackRock’s IBIT to nearly 8 million shares before the October rally… and the brutal selloff that followed.

The move lifted its position to $518 million, up from just 2.4 million shares the previous quarter.
ADIC calls Bitcoin a “digital counterpart to gold” and says it is part of a long-term store-of-value strategy.

They weren’t alone:

• Mubadala held 8.7 million IBIT shares worth $567M

• Harvard also increased its Bitcoin ETF exposure

• Multiple sovereigns added BTC in the same quarter

But the timing was wild: Bitcoin hit new highs in early October… then cratered below $92,000 as leveraged longs were wiped out.

Why This Matters

ADIC is no small player - Abu Dhabi’s sovereign wealth ecosystem oversees $1.7 trillion. When a fund of that scale treats Bitcoin like strategic gold, it signals where sovereign allocations are heading.

And they’re not shy:

• MGX (backed by Mubadala) bought a $2B stake in Binance

• ADIC has been hiring global heavyweights from CPP and Australia’s Future Fund

• Abu Dhabi continues positioning itself as a global crypto hub

They’re not the only governments stacking sats:

• El Salvador: +$100M this week

• Czech Central Bank: first Bitcoin purchase

• Kazakhstan: building a $1B national BTC reserve

Bottom line:
Even after the crash, sovereign wealth money is treating Bitcoin as a long-term structural allocation, not a trade.

🇸🇻 Bukele Buys the Dip: El Salvador Adds $100M in Bitcoin

El Salvador has doubled down on its Bitcoin strategy - again - snapping up 1,090 BTC (~$100M) as the market briefly plunged below $90K. This brings the nation’s holdings to 7,474 BTC, despite IMF pressure to halt new purchases under its $1.4B lending agreement.

Bukele posted the acquisition with a simple “Hooah!,” signalling unwavering conviction as the country continues its “1 BTC per day” accumulation policy.

Meanwhile, El Salvador is extending its Bitcoin influence across Latin America, signing a digital-asset cooperation pact with Bolivia and deepening dialogue with U.S. officials on crypto policy.

Bottom line: price volatility isn’t shaking Bukele - it's energising him. The world’s first Bitcoin nation just doubled down.

Short ₿its 🌟

🇺🇸 New Hampshire Launches First Ever Municipal Bitcoin Bond 🐻‍❄️

New Hampshire has launched the first-ever Bitcoin-backed municipal bond, following its move to create a Strategic Bitcoin Reserve allowing 5% of public funds to be held in BTC. This ground breaking bond taps into the $140T global debt market, pushing the state to the forefront of financial innovation.

📈 Strategy Eyes S&P 500 Despite Bitcoin Carnage

Even as Bitcoin tanks and Strategy’s stock has been cut in half, the world’s largest corporate BTC holder just bought 8,178 more BTC for $835M, proving its conviction hasn’t wavered. Matrixport says there’s no risk of forced liquidation, noting the real pressure is on investors who bought at inflated NAVs - not on the company itself. With 10X Research giving a 70% chance of S&P 500 inclusion this December, Strategy’s once-unthinkable path from crypto outlier to institutional heavyweight is suddenly very real.

🇨🇳 Cango Races Toward 7,000 BTC

Cango just notched a huge week, mining 122.9 BTC and pushing its total holdings to 6,643.5 BTC - without selling a single sat. The miner is now laser-focused on its next milestone: a bold march toward 7,000 BTC.

Tweet of The Week

Podcast of The Week

🔥 The Man Who Bet Half a Billion on Bitcoin

In this interview, Saylor recounts how facing “fast death, slow death… or FIGHT,” he chose to go all-in on Bitcoin as the only path to protect MicroStrategy from a zero-rate Fed era. That decision transformed the company into a Bitcoin powerhouse holding more than 460,000 BTC—and reshaped corporate treasury strategy worldwide.

If you have questions about how Bitcoin could help you or your business, please don’t hesitate to reach out for a free 30-minute consultation 🕒. We're here to help you navigate the future of Bitcoin 💡

Thanks for reading! We hope you’ve enjoyed this week’s edition and look forward to seeing you next week! 👋

Daniel 

for Bitcoin on Balance

32 York Street, Sydney NSW 2000, Australia

https://www.bitcoinonbalance.com/