Treasuries Weekly — November 7, 2025: 3,956 BTC · 3,302 ETH · 3,016 SOL from 8 entities

Section 01 The Week

Hut 8 (HUT) acquired 2,025 BTC for $320 million on November 4th, anchoring the week's $459.2 million in treasury activity across eight companies. BTC purchases dominated the cohort, totaling 3,956 BTC and $445.9 million USD across six filers; Bit Digital (BTBT) entered the ETH stack with 3,302 ETH for $12.7 million; SOL Strategies Inc (HODL.CN) acquired 3,016 SOL for $564,475. Iris Energy (IREN) and Hut 8 joined the corporate-treasury roster this week. Fear & Greed remains neutral at 47.

Filings Recent Purchases

Company	Amount	USD	Date
Iris Energy (IREN)	50 BTC	$2.6M	Nov 6
CleanSpark (CLSK)	22 BTC	$2.0M	Nov 4
Hut 8 (HUT)	2,025 BTC	$320.0M	Nov 4
Marathon Digital (MARA)	860 BTC	$20.9M	Nov 4
Cango (CANG)	602 BTC	$54.8M	Nov 3
Strategy (MSTR)	397 BTC	$45.6M	Nov 2
SOL Strategies Inc (HODL.CN)	3,016 SOL	$564.5K	Oct 31
Bit Digital (BTBT)	3,302 ETH	$12.7M	Oct 31

Section 02 Notable Filings

Hut 8's $320 million BTC purchase appears in its 10-Q filing (sec.gov/Archives/edgar/data/1964789/000110465925105874/hut-20250930x10q.htm). Marathon Digital (MARA) added 860 BTC for $20.9 million per its 10-K (sec.gov/Archives/edgar/data/1507605/000150760525000028/mara-20250930.htm). Strategy (MSTR) acquired 397 BTC for $45.6 million in its quarterly filing (sec.gov/Archives/edgar/data/1050446/000119312525261714/mstr-20250902.htm). Iris Energy disclosed its first 50 BTC purchase ($2.6 million) via 8-K filing.

First-time filings New Stackers

Company	Now holding
Iris Energy (IREN)	0 BTC
Hut 8 (HUT)	13,696 BTC

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

The week's BTC stack concentration underscores the widening capital gap: Strategy and BlackRock iShares Bitcoin Trust (IBIT) hold 818,334 BTC and 811,982 BTC respectively, while this week's six corporate acquirers combined for only 3,956 BTC. Even Hut 8's $320 million purchase represents less than 0.25% of the top two holders' combined position. Spot-ETF and mega-cap balance-sheet holders now set the floor.

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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