SATA's Record Week: 44% Above The May High

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

This week, Strive's SATA preferred stock posted its biggest accumulation week ever, with an estimated 535 BTC bought in four trading days. That's 44% above its previous weekly record of 370.97 BTC set at the start of May.

On a percentage basis, that pace now beats Strategy. SATA's 535 BTC on a 15,391 BTC base works out to a 3.48% week-on-week increase. Strategy's much larger 24,869 BTC buy last week came in at 3.04%, and to match Strive's rate, Strategy would have needed nearly 29,300 BTC.

Track it all on BitcoinTreasuries.net

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• STRC Tracker — Minute-by-minute accumulation, yield, price, and buying activity using our STRC BTC Accumulation Tracker

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.

Sell Puts. Buy Bitcoin.

Richard Byworth and Capital B's Alexandre Laizet join host Tyler Rowe for this week's roundtable. Byworth's new fund already has 4,000 BTC of pre-launch demand. Their thesis: treasury alpha is mechanical now, not narrative.

Byworth lays out a put-selling structure no Bitcoin treasury has executed yet: run an ATM and sell at-the-money weekly puts collateralized in Bitcoin, generating 1–3% notional premiums on every BTC acquired. Laizet reframes Saylor's selling pivot as a five-move sequence to force S&P 500 eligibility, credit repricing, and institutional unlock. Capital B itself, at 1.3x mNAV vs. a 2.97x one-year average, is his cleanest mispricing call in digital credit.

Listen and subscribe for Richard's full put-selling playbook and Alexandre's read on what Saylor is really doing.

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Buying The Discount

Empery Digital's Ryan Lane, a 25-year hedge fund veteran, joins host Tyler to make the contrarian case against most of the Bitcoin treasury sector. His thesis: vehicles built around mNAV premiums that were always temporary can't survive the compression now closing in.

Lane closed a $500 million PIPE in six weeks (a "minor miracle" he says is impossible today) and has since bought back more stock below NAV than any other Bitcoin treasury, "by multiples." His board chair, former Pfizer CEO Ian Reed, was recruited for corporate governance over crypto credentials. Below ~1,500 BTC, he warns, regulatory frictions and audit costs start eating the asset itself.

Listen and subscribe for Ryan's framework on NAV compression and his read on Warsh, AI, and the US debt overhang.

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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

• 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

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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