Strategy Buys 3,273 BTC — But STRC Didn't Move a Dollar

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

Corporate Bitcoin accumulation gained fresh momentum last week.

First, a European company signed a deal to nearly triple its Bitcoin holdings through a clean all-share transaction, while U.S. instruments like Strive's SATA proved that even modest capital tools can move the needle.

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.

3,273 BTC for Strategy

Strategy’s latest acquisition of 3,273 BTC for $225 million (at an average price of approximately $77,906 per BTC) was funded through net proceeds from ATM sales of its common stock (MSTR). Notably, STRC did not raise any capital last week, owing to its ex-dividend date. But Strategy has become increasingly reliant on its STRC offerings for capital raises this year.

Today’s buy shows that it remains willing to use the regular ATM program when needed.

Triple the score

While Strategy continued its aggressive Bitcoin buying via equity raises, Sweden’s H100 Group is on course to triple its Bitcoin holdings.

Last week, H100 signed a binding agreement to acquire two Norwegian companies — Moonshot AS and Never Say Die AS — in an all-share transaction that will take its holdings from 1,051 BTC to ~3,500 BTC upon closing in August. No cash, no ATM program.

This corporate trade, when finalized, will make H100 one of Europe’s largest publicly listed Bitcoin treasury companies.

Strive’s ATM play

Meanwhile, Strive’s preferred stock, SATA, turned heads when it reached its $100 par value on Wednesday and Thursday before slipping back below on Friday.

That brief window was enough to raise capital for an estimated 137 BTC — a meaningful milestone for Strive, even if modest by comparison to STRC, which now draws billions in single-session demand. Both instruments are pointed in the same direction.

A look at the leaderboard

The leaderboard remains almost unchanged this week — but a lot has happened behind the scenes.

Strategy bought an additional 3,273 BTC this morning, while Strive picked up 789 BTC. U.K.-based Smarter Web Company acquired 44 BTC last week.

Looking ahead, MetaPlanet appears set to challenge Twenty One Capital’s spot on the leaderboard, announcing plans to raise an additional $50 million through 0% ordinary bonds.

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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• 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

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• 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