SpaceX Debuts as the 8th Largest Corporate Bitcoin Holder on Earth

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

Today, SpaceX made history with the largest IPO ever, raising ~$75B at a $1.75T valuation, and revealed it holds 18,712 BTC worth roughly $1.18B at current prices, making it the 8th largest public Bitcoin holder in the world. The position wasn't built overnight. SpaceX's average cost basis sits around $35K per BTC, meaning the company is sitting on significant unrealized gains.

Add Tesla's 11,509 BTC and Musk's companies collectively control 30,221 BTC, a combined stack that would rank 5th globally.

O21 Solutions 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

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Orange BTC Just Did Something No Latin American Company Has Done Before

Sam Callahan, Director of Bitcoin Strategy and Research at OranjeBTC — the largest Bitcoin treasury company in Latin America — joined Tyler Row to argue that the current drawdown isn't a warning sign; it's the entry point. Callahan outlined how Orange BTC just completed a five-year, bullet-maturity debt deal with Itaú, Brazil's largest financial institution — the first Bitcoin-backed loan of its kind in the local market — using proceeds to accumulate at current prices.

The sharpest moment: Callahan's defense of Strategy selling a small amount of Bitcoin to retire debt. "It's absolutely hysterical," he said, "that a company that bought over 100,000 Bitcoin in a year sells 32 and we're even talking about it." His framework for why that's not capitulation — it's optionality — is the clearest articulation of the Bitcoin-per-share doctrine we've heard this cycle.

Listen for Sam's full thoughts on intelligent leverage and why he thinks Bitcoin's correlation with equities actually signals it's winning.

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Digital Credit Is Not the Enemy of Bitcoin

Tyler Rowe and co-host Alexandre Laizet sat down with independent analyst Zynx BTC for a roundtable built around one question the Bitcoin community keeps getting wrong: are preferred equity instruments like STRC competing with Bitcoin, or serving it? Zynx — a self-described Bitcoin maxi who came around slowly — argues the latter: capital that never would have entered the Bitcoin network is now flowing in through these instruments.

His most concrete observation: the move to semi-monthly STRC dividends should structurally halve the volatility drag caused by dividend-arbitrage traders pushing the price to $99 each month — a detail that matters enormously if STRC is to function as a cash-like instrument inside institutional portfolios.

Listen for Zynx's full analysis of STRC and SATA volume trajectories and whether the products can reach the liquidity thresholds institutions actually need.

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• Listen on Spotify

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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

• 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