Treasuries Weekly — November 21, 2025: 13,327 BTC · 11,302 ETH · 3,737,151 SOL from 8 entities

The big picture The Week

Strategy (MSTR) led the week with $836.0M in 8,178 BTC, but the bigger story is SOL adoption accelerating: Solana Company (HSDT) and SkyAI (STSS) emerged as new stackers, combining for $460.6M across 3,737,151 SOL. Total corporate and institutional buying reached $2.3B across eight distinct filers — BTC still dominates by USD value at $1.5B, but Ethereum and Solana each posted noteworthy entry points. Three small BTC sales (AVAX One, Nakamoto, Hive Digital) totaled less than $329K and barely register against inflows. The cohort remains in accumulation mode despite the week's modest extreme-fear reading.

Filings Recent Purchases

Company	Amount	USD	Date
Strategy (MSTR)	8,178 BTC	$836.0M	Nov 17
Nakamoto (KindlyMD, Inc.) (NAKA)	5,744 BTC	$679.0M	Nov 19
SkyAI, Inc. (STSS)	1,997,796 SOL	$389.3M	Nov 14
Solana Company (HSDT)	1,393,804 SOL	$311.1M	Nov 18
Solana Company (HSDT)	345,551 SOL	$69.6M	Nov 18
Nakamoto (KindlyMD, Inc.) (NAKA) Sale	↓ 367 BTC	~$24.1M	Nov 19
Hive Digital (HIVE) Sale	↓ 225 BTC	~$14.8M	Nov 17
Eightco Holdings (ORBS)	6,819 ETH	~$12.2M	Nov 14
Eightco Holdings (ORBS)	4,249 ETH	~$7.6M	Nov 18
Cosmos Health (COSM)	234 ETH	$1.0M	Nov 14

~ Estimated value — the filing disclosed how many coins changed hands but no dollar figure, so we value it at the market price.

See filings as they land →

Worth reading Notable Filings

Bit Digital disclosed a new total of 102,024 ETH, up 77,423 ETH since its last disclosure — a $240.8M swing that surfaces months of earlier accumulation now formalized on filing. KULR Technology added 1,057 BTC total, up 128 BTC ($11.9M) cumulatively. Strategy's $836.0M BTC purchase on November 17 again underscores the company's cadence; Solana Company's pair of filings (November 18, 10-Q) detail 1,739,355 SOL bought for a combined $380.7M, establishing a fresh institutional foothold in the Solana ecosystem. Cosmos Health (COSM) took a modest 234 ETH ($1.0M) position, the week's smallest discrete buy.

Period-end balances Disclosed This Week

These companies revealed their total balance-sheet position in a filing this week. The change shown is cumulative since each company's last disclosure — a multi-quarter figure, not a purchase made this week.

Company	Total now disclosed
Bit Digital (BTBT) +77,423 ETH ($240.8M) since last disclosure	102,024 ETH
KULR Technology Group, Inc. (KULR) +128 BTC ($11.9M) since last disclosure	1,057 BTC

First-time filings New Stackers

Company	Now holding
Solana Company (HSDT)	2,071,127 SOL
Eightco Holdings (ORBS)	16,278 ETH
SkyAI, Inc. (STSS)	2,009,494 SOL

Leaderboard Top Five

The largest tracked holders overall — companies, funds, and governments — ranked by total position, not by this week's activity.

#	Company	Holdings	Value
1	Strategy (MSTR)	846,843 BTC	$55.6B
2	BlackRock iShares Bitcoin Trust (IBIT)	766,163 BTC	$50.3B
3	United States (GOV-US)	328,372 BTC	$21.5B
4	Fidelity Wise Origin Bitcoin Fund (FBTC)	179,735 BTC	$11.8B
5	Grayscale Bitcoin Trust (GBTC)	140,665 BTC	$9.2B

Full leaderboard →

The breakdown This Week by Asset

Asset	This week's activity	Net USD · share
BTC 4 entities		$1.5B 66.3%
ETH 2 entities		$1.0M 0.0%
SOL 2 entities		$770.0M 33.7%

SOL inflows now rival BTC in single-week USD value: $770.0M across two filers versus $1.5B for BTC across four. More striking, three of this week's eight distinct companies were first-time stackers, and two of those three (Solana Company and SkyAI) are SOL-primary positions. This reflects a cohort widening beyond BTC-dominant treasuries into ETH (Bit Digital's disclosure, Eightco's two tranches of 11,068 ETH total) and Solana adoption accelerating among smaller-cap, growth-stage firms.

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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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