Strategy Is Bulletproof for 20 Months. Here's How.

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

Last week brought measured but consequential moves across corporate Bitcoin treasuries — from Strategy raising its cash reserves to $3 billion, to Adam Back’s BSTR renegotiating its SPAC merger to target more than 30,000 BTC on balance sheet, and Binance launching spot trading for Strategy’s STRC preferred stock. The Bitcoin 100 leaderboard reflected the same mixed signals, with CleanSpark adding meaningfully while select miners trimmed holdings to fund other projects. Let's break it down.

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Bitcoin Treasuries Conference 2026

• Date: Monday, September 28

• Location: SECOND, 849 6th Ave, New York City

• Capacity: 300 Seats (Hard Cap.)

• Host: BitcoinTreasuries.net

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.

Strategy Increases Cash Reserves to $3 Billion

Strategy increased its cash reserves to $3.0 billion last week. The company sold approximately 4.82 million shares of Class A common stock through its ATM program, generating $466.7 million in proceeds. This followed the earlier sale of 3,588 BTC for roughly $216 million.

Bitcoin holdings stayed flat at 843,775 BTC. The fresh capital gives Strategy 20.4 months of reserves to cover dividends on its preferred stock suite, including the Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). It achieves this without additional Bitcoin sales in the immediate term.

The move highlights Strategy’s maturing capital playbook: preserving the core Bitcoin treasury while layering in durable USD liquidity to support its preferred-share funding engine through volatility.

Adam Back's BSTR Renegotiates SPAC Merger with Cantor

Bitcoin Standard Treasury Company, led by Bitcoin pioneer Adam Back, announced it is working with Cantor Equity Partners I on a revised structure for their proposed business combination, setting aside the original terms from the July 2025 agreement.

The companies will not proceed under the prior deal. Private placement investments tied to the original transaction are no longer required to close, the CEPO shareholder meeting previously set for July 10 has been indefinitely postponed, and redemption requests will be returned to shareholders.

Adam Back described the updated approach as “intended to opportunistically better capitalize on market conditions.” BSTR continues to target a public listing with more than 30,000 BTC on its balance sheet, preserving its ambitions for large-scale accumulation and active treasury strategies despite the adjusted timeline.

Binance Launches Spot Trading for Strategy's STRC Preferred Stock

Binance launched spot trading for Strategy Inc.'s STRC perpetual preferred stock, expanding access for its 300 million users to the yield-generating instrument directly alongside cryptocurrency trading.

STRC pays a 12 percent annual dividend distributed semi-monthly in cash and has recently traded near $88–$89, close to its $100 par value and implying an effective yield around 13 percent. The listing builds on Binance's stock trading service, which surpassed $1 billion in assets under management within 30 days of launch.

Strategy sold 3,588 BTC for approximately $216 million in recent weeks, lifting its USD cash reserves to $2.55 billion to support ongoing STRC dividend payments. The development gives a broad audience easier access to Strategy's preferred share strategy while bridging crypto and traditional finance platforms.

A look at the leaderboard

CleanSpark added 454 BTC to reach 13,924 BTC. Strive acquired an additional 18 BTC to reach 19,900 BTC. Boyaa Interactive added 108 BTC to reach 4,201 BTC. OranjeBTC added 8 BTC to its treasury, now holding 3,912 BTC. Hyperscale Data increased its holdings through incremental purchases to cross 1,000 BTC.

Smaller but consistent additions came from:

• West Main Self Storage +0.16 BTC → 15.566 BTC

Empery Digital sold 1,400 BTC to fund an AI data center project and repay debt, now holding 1,514 BTC. BitFuFu sold 184 BTC and now holds 1,671 BTC. Exodus Movement sold 56 BTC and now holds 600 BTC. No other major sellers stood out this week.

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