Michael Saylor on Track to Buy 10,000 BTC in a Single Week

Welcome to the Bitcoin Balance Sheet. Each Friday, we recap the week's key developments and share our publication's leading stories.

Strategy's STRC machine kept its foot on the accelerator this week, with the preferred stock vehicle on pace to purchase an estimated 8,000 Bitcoin — and possibly 10,000 — before Friday's close, driven by two days of capital raising that alone funded nearly 5,895 BTC. The momentum is real; the exact figure won't land until Monday.

Elsewhere, a different kind of Bitcoin buyer made its debut. Morgan Stanley's new MSBT spot ETF acquired 444 BTC on its first day of trading — roughly $31.7 million — placing the fund in the top 1% of all ETF openings. With a second day of trading now in the books, Morgan Stanley's total MSBT position stands at 650.8 BTC. Wall Street's largest wealth manager has arrived at the ETF table, and it isn't slowing down.

Rounding out the week, Singapore-based ride-hailing platform Ryde Group became the latest Asian company to adopt a formal digital asset treasury strategy, announcing Bitcoin as its primary reserve asset alongside selective exposure to Ethereum and Solana. The geographic spread of corporate Bitcoin adoption — Southeast Asia, Wall Street, and Strategy's relentless digital credit engine — tells the real story of the week.

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Digital Credit Just Got a Global Distribution Network

Alexandre Laizet of Capital B, Dan Hillery of BuckToken, and Arnab Naskar of STOKR joined Tyler this week to unpack what happens when STRC meets on-chain distribution. The central argument: tokenization isn't just a technical upgrade — it's the only route to 4 billion people who can't access a US brokerage account.

Dan laid out the BuckToken thesis in sharp detail: a single-token savings coin backed by STRC, starting at $1.00 and accruing to $1.10 at a 10% annualized rate — no staking, no lockup, no complexity. That simplicity, he argued, is the unlock for a $300 billion stablecoin market that currently pays nothing.

Listen for Dan's full take on STRC's price stability mechanics and whether Saylor will ever reduce the dividend rate.

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The Institutional Insider Who Thinks Saylor Gets to 4 Million Bitcoin

Rajat Soni — former TD Asset Management fixed income analyst and CFA charterholder — joined Tyler to share why he sees Strategy's current mNAV near 1x as a generational buying opportunity, not a warning sign. His argument: Saylor is deliberately liquidating the premium to accumulate more Bitcoin, and the cycle resets every time.

The boldest claim of the conversation: Rajat believes Strategy can realistically reach 2–4 million Bitcoin from its current 760,000 — a potential 5x in holdings that, in his view, would justify a 5x mNAV multiple to match. At today's prices, he sees the discount as a gift.

Listen for Rajat's case for why Strategy reaches 4 million Bitcoin — and what that does to the mNAV.

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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

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• 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

• The Hemisphere Foundation. Hemisphere 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: The Hemisphere Foundation

• 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