Strategy Just Proved Every Critic Wrong

Welcome to the Bitcoin Balance Sheet. Each Friday, we recap key insights from our podcast hosted by our very own Tyler Rowe

Strategy is now officially back in profit after Bitcoin surged to $79,200. With 840,447 BTC at an average cost of $75,388, the company sits roughly $3.20 billion in the green — just as Grain of Salt, Parker White, Tim and Tyler broke down SATA reclaiming par, the preferred stack firing again, ATM reactivation, short-borrow dynamics, and why STRC should follow. Adrien Morris of True North explained why the preferreds remain Bitcoin derivatives at heart — buybacks help at the margin, but another trip under $60K would break them again — and why Strategy's capital structure still lives or dies by price.

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SATA Hits Par, STRC Next

Mike Flaum (Grain of Salt), Parker White of Apyx, Tim Kotzman and Tyler Rowe break down Bitcoin’s surge through $79K and the preferred stack’s recovery. SATA has already tagged par and begun printing ATM proceeds again.

The sharpest detail: a single 110,000-share one-minute candle on SATA equaled half of the prior day’s volume — and the team is openly discussing whether to run the ATM harder now that shorts are paying 30%+ borrow.

Listen for Parker’s full read on leverage clean-outs and whether STRC will follow SATA to par this week.

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

Why Bitcoin Under $60K Still Breaks Prefs

Adrien Morris of True North returns to explain why STRC and SATA remain Bitcoin derivatives no matter how much buyback or dividend tinkering occurs. The recent dislocation into the high-70s was leverage unwinding, not a solvency event.

His most concrete claim: buybacks help at the margin, but if Bitcoin revisits the low 60s the preferreds will break again — and that is by design, not a flaw.

Listen for Adrien’s full take on whether Strategy can ever fully separate its preferreds from Bitcoin price action.

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