Strategy's Q2 Call Revealed Something Nobody Expected From Saylor

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

This week Tyler Rowe sat down with Grain of Salt to unpack Strategy’s Q2 call, where Saylor and Phong Le shifted toward optionality, a multi-year USD reserve, and getting STRC back to par via buybacks after preferred notional jumped from $9B to $14.4B and cash hit a record $3.75B. Meanwhile, early Bitcoin Core developer Jeff Garzik argued Bitcoin is finally out of the woods, with ownership now so widely distributed that any serious attack would mean attacking society itself.

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The Man Who Coded Bitcoin With Satoshi Says We're Out of the Woods

OG Bitcoin Core developer Jeff Garzik — who emailed patches to Satoshi in 2010 — is blunt: the fear that defined Bitcoin's first decade, a government ban, is over. His test for "out of the woods" is social, not technical: once every stratum of society holds Bitcoin, attacking it means attacking your whole society.

He credits the 2010 "great slashdotting": people trusted Bitcoin because they ran the code, not because they read the white paper. Regulators now use it as the limit-test for decentralization, MiCA included. And since every Bitcoin "comes with strings attached" — the programmability his L2 Hemi extends — treasuries earning zero yield leave money on the table.

Listen and subscribe for Jeff's full thoughts on why Bitcoin can't be banned and where treasury yield goes next:

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

Strategy Earnings Call Recap: Optionality, Cash, and the Path Back to Par

Tyler Rowe sat down with Grain of Salt to break down Strategy’s Q2 earnings call. The clear theme was maturation and optionality. After years of maximum Bitcoin accumulation, Saylor and Phong Le are now prioritizing a stronger USD reserve, deliberate capital management, and returning STRC to par through buybacks rather than higher dividends.

Preferred notional value jumped from $9B to $14.4B in the quarter, almost entirely driven by STRC. Cash hit an all-time high of $3.75 billion as the company listened to institutional demands for multi-year runway. Leadership is simplifying the balance sheet, treating STRC as the core product, and rejecting ideas like covered calls that would counter-trade their own stack. Phong even stated the goal of trading above the next convertible’s $183 strike.

Listen and subscribe for Grain of Salt’s full take on amplification, cash, and the path back to par.

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• 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

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• 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