In partnership with

Crypto’s Most Influential Event

Consensus is the world’s longest-running gathering of the global crypto, blockchain, and AI communities.

Celebrated as ‘The Super Bowl of Blockchain’, Consensus will welcome 20,000 attendees shaping the decentralized digital economy to Toronto this May 14-16.

Ready to invest in your future?

Attending is your best bet.

Register & Save 20% with BEEHIIV

G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

🟠 Tether Stacks Additional 8,888 BTC

🎮 GameStop Ups Convertible Note Bitcoin Bet to $1.5 Billion

📈Strategy’s Week - $1.22B Raised, 22K BTC Stacked

🇬🇧 Smarter Web Co. Goes Public with Bitcoin on the Balance Sheet

🇯🇵🟠 Metaplanet Accelerates Bitcoin Buys

🧱🟠 Tether Stacks Additional 8,888 BTC – Quietly The #2 Corporate HODLer After Strategy 🚨💰

Tether just made another quietly massive move — scooping up 8,888 BTC (~$735M) and bringing its total stash to 92,647 BTC, worth $7.7B at current prices.

While all eyes are on public giants like Strategy and Metaplanet, Tether - a private powerhouse without the financial jujitsu of public firms at its disposal - is now the second-largest corporate holder of Bitcoin, flying under the radar as it builds a treasury war chest.

The stablecoin king (USDT) is walking the talk after pledging 15% of net profits toward Bitcoin buys. This latest 8,888 BTC purchase follows December’s 8,404 BTC stack and coincided with the minting of $1B in new USDT on Tron.

With a 60% share of the stablecoin market, a $144B market cap, and over $22B minted last year, Tether — led by CEO Paolo Ardoino - isn’t just printing cash, it’s strategically stacking, solidifying its position as the quiet giant of Bitcoin.

Though not publicly listed, Tether is a profit machine, reporting $6.2B in profits in 2023 - even outpacing BlackRock, but with a fraction of the staff. Its secret weapon? A giant pile of U.S. Treasuries, now totalling over $113B, backing USDT, the world’s leading stablecoin.

🎮🚀 GameStop Ups Convertible Note Bitcoin Bet to $1.5 Billion 💰🟠

GameStop (GME) has completed a $1.5 billion convertible note sale.

And GameStop code-named its convertible debt filing “Project Rocket”. With some speculating this was a nod to the its fervent retail following

With an updated investment policy signed off by the board and $1.48B in net proceeds, the company is wasting no time: Bitcoin buys could already be underway.

Originally targeting $1.3B, GameStop upsized after investors exercised the full $200M greenshoe option.

The notes mature in 2030 and convert to equity at 33 shares per $1,000. While GME stock didn’t moon, it held firm at $22.61, up modestly on the day.

With Chewy founder Ryan Cohen - known for billion-dollar e-commerce exits and early investments in companies such as Apple and Alibaba - steering the ship, this looks like the start of a new era for the gaming giant.

Could RYSE be the next Ring?

Venture capitalists know how difficult it is to spot early investment opportunities – just ask the Sharks from Shark Tank. They passed on Ring at just $700,000, only to watch it sell to Amazon for $1.2B – a 1700x return missed.

Now, there’s a new smart home start-up following the same blueprint: meet RYSE.

The founder pitched on Canada’s Shark Tank, secured two offers, and now their patented smart shades are sold in 127 Best Buy stores, Amazon and Walmart – with Home Depot launching in 2025.

Ring used retail expansion to dominate smart security. RYSE is using the same playbook to disrupt the smart shade market inside the 158B smart home industry.

💰 You can invest at just $1.90/share – and receive up to 25% in bonus shares!

_{Past performance is not indicative of future results. Email may contain forward-looking statements. See US Offering for details. Informational purposes only.}

🇯🇵🟠 Metaplanet Accelerates Bitcoin Buys with Latest Acquisitions and Strategic Financing 🚀💴

Japanese investment firm Metaplanet continues to bolster its Bitcoin holdings, acquiring an additional 160 BTC for ¥1.998 billion ($13.3M) at an average price of ¥12.49 million ($83,264) per Bitcoin.

This purchase elevates Metaplanet's total holdings to 4,206 BTC, valued at approximately $356.2 million, solidifying its position as Asia's largest corporate Bitcoin holder and the ninth-largest globally.

In the first quarter of 2025, Metaplanet reported a BTC Yield of 95.6%. This impressive yield underscores the effectiveness of Metaplanet's Bitcoin Income Generation strategy, which involves selling cash-secured Bitcoin put options to generate revenue and increase Bitcoin reserves.

To further its ambitious goal of accumulating 10,000 BTC by the end of 2025 and 21,000 BTC by 2026, Metaplanet issued a ¥2 billion ($13.3M) zero-interest bond on March 31, with proceeds earmarked exclusively for additional Bitcoin purchases.

CEO Simon Gerovich emphasized the company's commitment to leveraging current market conditions to strategically expand its Bitcoin treasury, positioning Metaplanet at the forefront of corporate Bitcoin adoption in Asia.

Metaplanet shows no signs of slowing down in April.

📈🟠 Strategy Goes Big: $1.22B Raised, 22K BTC Added in One Week 🚀

Strategy (fka MicroStrategy) just dropped another power play. Between March 24–30, the company raised a whopping $1.22B through its Common ATM, STRK ATM, and STRF Preferred Stock offerings.

That capital didn’t sit still—Strategy immediately deployed it to acquire 22,048 BTC for $1.92B, at an average price of $86,969 per coin.

This latest haul brings Strategy’s total stack to 528,185 BTC, worth over $35.6B, cementing its place as the largest corporate holder of Bitcoin.

With a $21B shelf on both common and preferred stock offerings and aggressive capital raises continuing, it’s clear: Strategy is all in on Bitcoin, and the treasury chest is only getting deeper. 💼🧱

Take From the Rich, Give to the People, Big Data’s Robinhood

Big tech uses our data to pad their pockets. Facebook alone makes $42B a year. But modern-day Robinhood, $MODE, allows everyone to share in the profits. 45M+ users and $60M+ in revenue later, Mode prepares for an IPO.

Invest before 5/1 price change.

_{*An intent to IPO is no guarantee that an actual IPO will occur. Please read the offering circular and related risks at invest.modemobile.com.
*The Deloitte rankings are based on submitted applications and public company database research.}

Short ₿its 🌟

🇮🇳 Jetking Goes Bitcoin-First with Strategic Fundraise 🚀_📚

Indian IT training giant Jetking is raising capital to boost its Bitcoin treasury and expand blockchain education. With board approval in hand, the company aims to stack sats, scale its training programs, and cement its role in India’s growing crypto economy.

🇺🇸 Sweet Home Sats: Alabama Moves to Allocate State Funds to Bitcoin

Alabama lawmakers have introduced matching House and Senate bills to allow the state to invest up to 10% of public funds in Bitcoin - currently the only eligible asset under the proposed $750B+ market cap rule. If passed, Alabama would join a growing list of U.S. states positioning Bitcoin as a strategic treasury asset.

🇬🇧 Smarter Web Co. Goes Public with Bitcoin on the Balance Sheet

UK-based Smarter Web Company is heading to the AQUIS Stock Exchange with a bold Bitcoin treasury strategy, aiming to preserve value and grow with digital-native capital. Backed by Bitcoin-focused investors like UTXO

🧠🟠 Bill Miller IV Backs GME & Bitcoin Treasury Strategy

Bill Miller IV revealed new exposure to GameStop and reaffirmed his conviction in Strategy’s Bitcoin playbook, calling corporate BTC reserves a smart defense against fiat debasement. He sees Bitcoin not just as a hedge, but as a bold solution to modern capital allocation.

🇺🇸 Trump Sons Launch Bitcoin Mining Firm, Plan Strategic BTC Reserve

Eric and Donald Trump Jr. are backing a new mining venture, American Bitcoin Corp, in partnership with Hut 8—aiming to go public and build a strategic Bitcoin reserve alongside their growing crypto footprint.

Tweet of The Week

Podcast of The Week

🧾🟠 Jesse Myers Unpacks Strategy’s Bold New Move: MSTR Preferred Stock Play 🔍📈

Jesse Myers breaks down how Strategy’s new preferred stock offering is a creative, yield-driven way to scale its Bitcoin treasury without diluting common shareholders.

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/