Strategy Crossed The 800,000 Bitcoin Line Faster Than Anyone Expected

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

It was a week defined by records and a debate that won't end quietly. On Tuesday, April 14, Strategy's STRC preferred stock raised an estimated $1.57 billion in a single day — purchasing roughly 14,834 Bitcoin, the largest single-day haul in STRC's history. Combined with Monday's 11,500 BTC purchase, Strategy added approximately 26,334 Bitcoin in 48 hours and crossed the 800,000 BTC threshold, the first company ever to do so. With over $21 billion in remaining STRC capacity, the 1 million BTC milestone is no longer hypothetical.

Across the Atlantic, Reform UK leader and sitting MP Nigel Farage facilitated a £2 million Bitcoin purchase for Stack BTC, bringing the Aquis-listed company's total to 68.19 BTC. It marks the first time a sitting UK MP and major party leader has publicly put Bitcoin onto a listed balance sheet — a landmark for British crypto politics.

Meanwhile, the week's most contentious thread played out on X. YouTuber Coffeezilla released a video criticising STRC's marketing as misleading to retail investors, and Adam Livingston released a full rebuttal, sparking a days-long debate. Both sides agree on the mechanics. The fight is over whether disclosing risks in the fine print while the pitch sounds like a savings account is good enough. STRC's record month only raised the stakes.

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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.

Only 1% Has Figured It Out — And That's the Whole Argument

Parker Lewis, author of Gradually, Then Suddenly and co-founder of Zaprite, joined the show this week to zoom out from spreadsheets and land on the question every treasury investor eventually faces: what actually makes you hold through a 40% drawdown?

His answer is a single statistic: fewer than 1% of the world understands Bitcoin today, and 100% will need it. Less than 1% of S&P 500 companies hold it. Less than 1% of global financial assets. Lewis argues those aren't warning signs — they're the opportunity, priced in plain sight.

Listen for Parker's full thoughts on why fiat has roughly a decade of runway left and whether Strategy is accelerating Bitcoin adoption or just delivering a service to its shareholders.

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The Man Who Ran The First Crypto Fund Says The Cycle Is Dead

Tim Enneking, managing partner of Psalion, sits down with host Alec Beckman for the inaugural Psalion-on-Bitcoin-Treasuries episode. Enneking ran what he believes was the world's first crypto fund back when Bitcoin was a 50-cent curiosity, and he argues the four-year halving cycle is not just softening –– it's over.

His evidence: DATs bought more Bitcoin than miners produced in 2024 and 2025, gutting the supply-side mechanics the cycle was built on. The bottom, in his view, is very close.

Listen for Tim's take on where retail capitulation ends and the next leg begins.

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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 digital asset infrastructure company behind some of the most widely used institutional custody solutions, providing qualified, regulated custody, wallets, staking, trading, and settlement for clients around the world. Founded in 2013, BitGo pioneered multi‑signature and MPC wallet technology and today safeguards billions in digital assets. 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