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

This week Parker White of Apyx argued Saylor's real breakthrough wasn't Bitcoin on a balance sheet — it was STRC cracking open preferred stock, an institutions-only game now something anyone can buy for $10. Nik Bhatia of The Bitcoin Layer pushed back: treasuries are just levered Bitcoin plays, and if the asset doesn't outrun its cost of capital, the liability structure eats you — with Bitcoin's next real catalyst coming from outside the U.S., not the Fed.

Who Is Mike Alfred Backing Next?

If you can’t get into his over-subscribed investing club, the best place to see the most in-demand name in independent capital allocation is at the Bitcoin Treasuries Conference in New York this September.

Saylor Accidentally Opened A $300 Trillion Door

Strategy's real breakthrough wasn't putting Bitcoin on a balance sheet –– it was turning institutional credit into something you can buy for $10. That's the case Parker White of Apyx makes: STRC took the preferred, historically a $100,000 144A instrument walled off from retail, and made it fractional and ticker-addressable. The Bitcoin backing is beside the point.

White, an ex-Kraken bond trader who co-founded the DFDC treasury, thinks the category has barely begun. As the AI capex boom strains balance sheets, he expects giants like Nvidia or SpaceX to issue their own preferreds –– a shift that could grow the market 100-fold and make STRC a multi-hundred-billion instrument.

Listen and subscribe for Parker's full thoughts on digital credit and which tech giant issues the first preferred.

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.

Bitcoin and MSTR's Next Catalyst Isn't What You Think

Bitcoin's next catalyst won't come from the Fed, the deficit, or even Saylor –– and that's the point. Nik Bhatia, author of Layered Money and founder of The Bitcoin Layer, argues Bitcoin hasn't been the story for two years. The dominant forces are American economic statecraft and the AI boom, and both feed a strong-dollar regime that punishes Bitcoin while lifting stocks.

On treasuries he's blunt: a Bitcoin treasury is a levered Bitcoin play, and if the asset doesn't outrun its cost of capital, the liability structure eats you. He needles anyone calling STRC "the new risk-free rate" –– it isn't. The real spark, he suspects, is outside the U.S.: an Asian currency crisis in Korea or Japan.

Listen and subscribe for Nik's take on the Warsh Fed and where Bitcoin's next narrative begins.

• 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