Treasuries Weekly — October 24, 2025: 168 BTC · 38,639 ETH from 3 entities

Section 01 The Week

SharpLink Gaming (SBET) emerged as the week's largest buyer, acquiring 38,553.69 ETH across two tranches for a combined 150 million USD. Strategy (MSTR) added 168 BTC for 18.8 million USD on October 19th via an 8-K filing. Def Consulting (4833.T) purchased 85 ETH for 328,386 USD on October 23rd. Three companies moved this week; none were new stackers. The cohort accumulated 38,806.69 tokens valued at 169.1 million USD.

Filings Recent Purchases

Company	Amount	USD	Date
Def Consulting (4833.T)	85 ETH	$328.4K	Oct 23
SharpLink Gaming (SBET)	19,271 ETH	$75.0M	Oct 21
SharpLink Gaming (SBET)	19,283 ETH	$75.0M	Oct 19
Strategy (MSTR)	168 BTC	$18.8M	Oct 19

Section 02 Notable Filings

SharpLink Gaming's October 19th 8-K (sec.gov/Archives/edgar/data/1981535/000149315225018731/form8-k.htm) disclosed the initial 19,282.69 ETH tranche. Strategy's October 19th filing (sec.gov/Archives/edgar/data/1050446/000119312525243049/mstr-20250902.htm) confirmed the 168 BTC acquisition. SharpLink's second 19,271 ETH purchase followed two days later on October 21st. Both companies' filings remain publicly available; neither disclosed specific strategic rationales beyond the purchases themselves.

Leaderboard Top Five

#	Company	Holdings	Value
1	Strategy (MSTR)	818,334 BTC	$64.5B
2	BlackRock iShares Bitcoin Trust (IBIT)	811,982 BTC	$64.0B
3	United States (GOV-US)	328,372 BTC	$25.9B
4	China (GOV-CN)	194,000 BTC	$15.3B
5	Fidelity Wise Origin Bitcoin Fund (FBTC)	187,975 BTC	$14.8B

Section 03 One Chart

Entity	Share of top-five concentration	Holdings
Strategy (MSTR)		818,334 BTC
BlackRock iShares Bitcoin Trust (IBIT)		811,982 BTC
United States (GOV-US)		328,372 BTC
China (GOV-CN)		194,000 BTC
Fidelity Wise Origin Bitcoin Fund (FBTC)		187,975 BTC

ETH dominates this week's dollar volume: 38,638.69 ETH purchased for 150.3 million USD represents 88.8 percent of the week's total treasury activity. BTC contributed 168 coins for 18.8 million USD. SharpLink's dual-tranche accumulation of Ethereum signals concentrated treasury exposure among a narrow cohort of filers, though the absence of new stackers suggests hesitation elsewhere.

You're reading Treasuries Weekly — a briefing on corporate BTC, ETH, and SOL balance-sheet adoption from CorpStacking.
Editorial is not investment advice. Data sourced from SEC EDGAR, CoinGecko, and primary corporate filings.

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