Strategy Could Hit 1 Million Bitcoin This Year — Data Suggests

Hello and welcome to the Bitcoin Balance Sheet, the twice-weekly email from Bitcoin Treasuries, where we track the latest in corporate Bitcoin buying.

Each Friday, you'll receive a quick recap of this week's top news and insights from our podcast.

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.

This Week's Top Corporate Bitcoin Moves

• STRC drives 75% of Strategy's latest purchase: For the first time, perpetual preferred stock — not common equity — served as Strategy's primary funding vehicle. The STRC at-the-market program raised roughly $1.18 billion of the $1.57 billion deployed, funding an estimated 16,753 BTC. That's a dramatic jump from just 30% STRC contribution the prior week, and it signals a deliberate evolution in Strategy's capital stack: raising Bitcoin-buying firepower while reducing dilution pressure on common shareholders.

• Strategy on pace to hit 1 million BTC this year: With 761,068 BTC on the books, the milestone is now a matter of pace — and the pace is accelerating. In just the first 74 days of 2026, Strategy has already acquired roughly 39% of the 226,097 BTC it accumulated across all of 2025. That early-year momentum far outstrips last year's already-aggressive rate and signals a deliberate step-change in accumulation strategy.

• Nigel Farage doubles down on Stack BTC with a fresh £60,650 investment: Reform UK leader Farage increased his personal stake in Aquis-listed Stack BTC (STAK) on March 17, purchasing 606,500 additional shares at 10p each through his vehicle Thorn In The Side Ltd — bringing his total holding to 4,906,500 shares worth approximately £480,000. The move came as part of a wider £1.8 million equity raise earmarked for further Bitcoin purchases and UK business acquisitions. Stack currently holds 31 BTC at an average cost of $71,592

The Reserve Institute Thesis

Yves Choueifaty joins our usual crew (Tyler Rowe and Alexandre Laizet) to unpack STRC, the reserve institute model, and what near-zero mNAV really means for investors.

Yves reframed the bear market debate: at 60% annualized volatility, a 40–50% drawdown barely registers — the equivalent of the S&P losing 10%. Business as usual. The real story this week was Stretch. Alexandre noted that STRC volume went from $100M to $700M daily while he was writing a single article — and for the first time, Stretch raised more capital than the common equity ATM in a single week: $1.2 billion versus $390 million. Yves called it the perfect liability: borrow dollars today, spend them immediately on Bitcoin, and repay in currency that loses value over time. The cannons, he concluded, are louder than the trumpets — and buying Strategy common at near mNAV 1 is simply becoming the issuer.

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Investor Relations as Competitive Advantage

14-year traditional finance veteran, Peter Duan argued investor relations is Bitcoin treasury's most underrated edge. Strategy leads on transparent KPIs; MetaPlanet on proactive shareholder filings. He flagged a structural blind spot: enterprise-value-based mNAV calculations overstate the ratio for common shareholders by not netting out preferreds and debt. His macro frame: AI, robotics, and the end of the long-term debt cycle are three converging storms — and Bitcoin is the only unsinkable ark.

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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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• 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