How Strategy Got STRC Back to Par After 5 Months

Welcome to the Bitcoin Balance Sheet. Each Friday, we recap key insights from our podcast hosted by our very own Tyler Rowe.

Strategy bought 811 Bitcoin while spending $208 million buying back STRC, helping it print $100 for the first time since May as daily dividends kicked in. British HODL and Grain of Salt told Tyler the 2024 ATM playbook is dead and Strive should stay off its common. Mason Borda of Standard Asset Company also launched a $1.5 billion Abu Dhabi hybrid pairing Bitcoin with UAE real estate under Coinbase management.

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.

Saylor's 2024 Playbook Is Dead

British HODL and Grain of Salt argue the heavy common ATM model that powered Strategy's last cycle is finished. Investors now prioritize stock price and share scarcity over Bitcoin per share, with digital credit as the amplification engine that does not dilute the common.

One calculation shows that even after 156 percent more Bitcoin, the 1x MNAV all-time-high adjusted price rose only from $161 to $214 instead of the $417 possible under the prior structure.

Listen for British's full thoughts on why dilution must now be justified and whether Strive can stay off the common ATM.

Get tickets to Bitcoin Treasuries Conference 2027 at the lowest possible price. Early bird passes are now on sale

Building a Hybrid Treasury in the UAE

Mason Borda of Standard Asset Company details a $1.5 billion mandate blending Bitcoin with marquee Dubai hospitality assets, professionally managed on both sides and backed by regional capital including the ruling family. The approach aims for income-producing fundamentals rather than a pure Bitcoin treasury.

Coinbase Asset Management provides an exclusive yield strategy on the Bitcoin allocation, while the real estate side targets end-of-life properties for refurbishment and flag upgrades.

Listen for Mason's full thoughts on the allocation ratio and why banks may activate above $110,000.

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

• 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

• 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

• 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