Treasuries Weekly — November 21, 2025: 8,178 BTC · 54,156 ETH · 38,969 SOL from 3 entities

Section 01 The Week

Strategy (MSTR) acquired 8,178 BTC for 836 million USD this week, extending its lead as the largest corporate holder at 818,334 BTC. Separately, BitMine Immersion Technologies (BMNR) entered the ETH cohort with a 54,156 ETH purchase valued at 164 million USD, marking the week's only new stacker. Forward Industries (FWDI) also moved, acquiring 38,969 SOL for 5.3 million USD. The three purchases total 1.01 billion USD across the token set, with BTC activity dominating by value.

Filings Recent Purchases

Company	Amount	USD	Date
BitMine Immersion Technologies (BMNR)	54,156 ETH	$164.0M	Nov 17
Strategy (MSTR)	8,178 BTC	$836.0M	Nov 17
Forward Industries (FWDI)	38,969 SOL	$5.3M	Nov 16

Section 02 Notable Filings

Strategy's 8,178 BTC purchase on November 17 is documented in SEC filing 000119312525283991, available at the SEC Edgar archive. BitMine Immersion's 54,156 ETH acquisition on November 17 and Forward Industries' 38,969 SOL purchase on November 16 have not yet posted formal filings in the bundle. BitMine's entry into ethereum treasury stacking may warrant closer attention given the 164 million USD entry point and its status as a first-time filer in this cohort.

First-time filings New Stackers

Company	Now holding
BitMine Immersion Technologies (BMNR)	0 ETH

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

Strategy now holds 818,334 BTC—slightly ahead of BlackRock's iShares Bitcoin Trust at 811,982 BTC—making MSTR the largest single entity holder by token count. The US government ranks third with 328,372 BTC. However, when aggregated by vehicle type, spot ETFs (IBIT, FBTC, GBTC combined) exceed any single operator, underscoring the role of passive vehicles in BTC balance-sheet concentration.

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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