Strategy Just Did Something It Has Never Done Before

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

A rare mix of leadership change at the second-largest corporate Bitcoin holder, the first preferred-share buybacks from Strategy, and Strive quietly crossing 20,000 BTC — all while several smaller treasuries sold coins to clear debt. From Jack Mallers stepping down at Twenty One Capital, to Strategy’s initial STRC repurchases and MetaPlanet’s detailed preferred-stock roadmap, the developments were more structural than purely accumulative. Here’s what mattered.

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Strategy begins STRC share buybacks

Strategy announced its first repurchases under a new $1 billion Digital Credit Securities Repurchase Program, buying 288,930 shares of STRC for $25 million during the week of July 20–26. No shares of STRF, STRK, STRD, or MSTR common were retired, and approximately $975 million remains available.

The company neither bought nor sold Bitcoin, leaving holdings unchanged at 843,775 BTC. Concurrent ATM sales of roughly 5.43 million MSTR shares generated $544.5 million, lifting USD cash reserves to $3.75 billion — enough for more than two years of preferred dividend coverage even in a severe drawdown.

The move reduces future dividend obligations on STRC while preserving the Bitcoin treasury, reinforcing a capital-management approach that prioritizes resilience over continuous accumulation.

Jack Mallers Steps Down as CEO of Twenty One Capital

Jack Mallers stepped down as CEO of Twenty One Capital effective immediately to focus full-time on Strike. Board member Raphael Zagury, founder of Elektron Energy, takes over.

Strike will remain a standalone business. The three-way merger floated in April is off. A potential combination with Elektron remains under preliminary review. Twenty One also refreshed its priorities around cash-flow generation and long-term ownership of operating businesses.

Zagury inherits the second-largest public Bitcoin treasury and a mandate to run it with institutional rigor.

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Dylan LeClair maps MetaPlanet’s monthly preferred path

In an exclusive interview with BitcoinTreasuries.net, Dylan LeClair outlined MetaPlanet’s next phase after the July 13 acquisition of Siiibo Securities for roughly $13 million. The deal delivered a Type I securities license in Japan.

That license is the foundation for Project NOVA and for Tokyo-listed perpetual preferreds with monthly dividends. Two instruments are planned: Mercury, a convertible preferred, and MARS, an adjustable-rate security modeled on Strategy’s Stretch.

MetaPlanet holds more than 43,000 BTC. The preferred program is the clearest near-term lever to close the remaining gap with Twenty One.

A look at the leaderboard

The Bitcoin 100 saw a mix of accumulation and forced sales. Strive added 79 BTC to reach exactly 20,000 total (rank 7), while Hyperscale Data bought nearly 55 BTC to 1,087.45 (rank 41) and OranjeBTC added 6 BTC to 3,918. On the other side, KULR sold 333 BTC to repay a credit facility (dropping to rank 54) and Smarter Web Company sold 178 BTC (now rank 28).

Strategy’s cash build and preferred buybacks left its 843,775 BTC holdings unchanged, keeping the top firmly anchored. Looking ahead, MetaPlanet’s preferred-stock plans and Twenty One’s leadership transition could reshape how the next tier of large holders scale.

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