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Adam Back's BSTR SPAC Merger Is Now Only Weeks Away
BSTR's SPAC de-merger is expected by end of June, with 25,000 BTC from the founding team alone.
Bitcoin Treasuries
June 05, 2026
Welcome to the Bitcoin Balance Sheet. Each Friday, we recap key insights from our podcast hosted by our very own Tyler Rowe.
This week, Bitcoin slid back toward $61,000 after Strategy disclosed it sold 32 BTC to fund STRC distributions — the firm's first net bitcoin disposal in four years. Small in size, but the symbolism cracked Saylor's "never sell" identity, and markets noticed. STRC dropped to $94, a three-month low for an instrument engineered to stay near $100.
Track it all on BitcoinTreasuries.net
STRC Tracker — Minute-by-minute accumulation, yield, price, and buying activity using our STRC BTC Accumulation Tracker
Apyx is the first dividend‑backed stablecoin protocol that turns preferred equity from Digital Asset Treasury (DAT) companies into programmable, high‑yield digital dollars. Apyx delivers sustainable double‑digit yield with institutional transparency, daily NAV visibility, and verifiable on‑chain reserves.
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Why Apple Should Have 2% of Its Treasury in Bitcoin
Alexander Leishman, CEO of River, revealed to Tyler that his company holds 437 BTC, disclosed in full public financials every year. For Leishman it is a statement of conviction: a company that believes in Bitcoin should save in Bitcoin.
His case for corporate adoption: Apple keeping 2% in Bitcoin would have outpaced inflation over five years. Most haven't — because firms only buy Bitcoin when led by what he calls an "orange pill dictator."
Listen for Alexander's full thoughts on proof of reserves, corporate treasury strategy, and whether the regulatory ship has permanently sailed for Bitcoin.
BSTR's Bid to Build the Bitcoin Berkshire
Sean Bill, CIO of Adam Back's BSTR, joined Tyler and Alexander Laizet to outline an ambitious vision: Berkshire Hathaway 2.0 built on Bitcoin. BSTR's SPAC de-merger is expected end of June, bringing 25,000 BTC from the founding team, a $400M equity pipe, and a $575M convertible note at 1%.
Most striking: Bill helped land Santa Clara County's pension into Bitcoin at $17,000 — after pitching it at $7,000, when investors said they were already "way too late."
Listen for Sean's full thoughts on Bitcoin's price structure, the AI capital rotation, and when institutional money comes back to Bitcoin.
Special thanks to our partners:
AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writes specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch
Apyx. is the first dividend‑backed stablecoin protocol that turns preferred equity from Digital Asset Treasury (DAT) companies into programmable, high‑yield digital dollars. Apyx delivers sustainable double‑digit yield with institutional transparency, daily NAV visibility, and verifiable on‑chain reserves. Learn more: Apyx
Arch Lending. Get instant, secure loans backed by your Bitcoin, Ethereum, or Solana—no need to sell your assets. Arch Lending offers fast approvals and trusted custody for both individuals and institutions. Learn more: Arch Lending
BitGo. BitGo is the leading institutional-grade digital asset custody, trading, and finance platform, trusted by exchanges, hedge funds, and corporations worldwide to secure and manage their crypto holdings. As the pioneer of multi-signature wallet technology, BitGo provides unmatched security, regulatory compliance, and deep liquidity solutions for serious digital asset operations. Learn more: BitGo
Cadena Bitcoin. A p2p bitcoin lending marketplace with a unique emphasis on working with treasury firms and businesses, as well as the savvy bitcoin-native investors who visit our website. Learn more: Cadena Bitcoin
Coinkite. Coinkite is a leader in security and hardware manufacturing and the maker of some of the most iconic Bitcoin products, such as OPENDIME, COLDCARD, BLOCKCLOCK, SATSCARD, TAPSIGNER and SATSCHIP. Learn more: Coinkite
Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio
Hemi. develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, with benefits of self-custody and Bitcoin native deployment. Learn more: Hemi
Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors
o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions
Psalion. Psalion is a Bitcoin and digital-asset yield manager that offers institutional‑style investment strategies to professional investors, family offices, corporates, and private clients via separately managed accounts and yield funds. Learn more: Psalion
Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations. Learn more: Secure Digital Markets (SDM)
Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing best-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc
XCE. An executive recruitment group that combines a profitable recruitment business with a Bitcoin treasury strategy. The company turns over a decade of executive recruitment experience and four years of Bitcoin accumulation into a public Bitcoin‑powered growth engine, using a proven operating business to drive Bitcoin treasury accumulation. Learn more: XCE
Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite