Strategy's STRC Just Hit an All-Time Low of $83

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

Strategy’s STRC has just hit an all-time low of $83, pushing its effective yield to 13.50%. Meanwhile, Strive’s SATA preferred stock is seeing a flood of capital rush in now that daily dividends are live — with some market watchers arguing that SATA is actively pulling investment away from STRC.

The comparison is getting hard to ignore. While STRC’s depressed price creates a high-yield opportunity on paper, the momentum is clearly shifting toward SATA’s daily distribution structure, leaving Strategy’s offering to compete for attention in an increasingly crowded preferred-stock landscape.

Track it all on BitcoinTreasuries.net

• STRC Tracker — Minute-by-minute accumulation, yield, price, and buying activity using our STRC BTC Accumulation Tracker

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Saylor Is Approaching 5% Of All Bitcoin — Is That Actually Dangerous?

Bitcoin's gravest threat was never a head-on state attack, Brandon Quittem argues –– we are already past that point. The real danger is a slow neutering: concentrated supply, eroded privacy, and paper IOUs quietly replacing real coins.

The numbers give the worry teeth. Strategy is on track to cross the million-coin mark –– roughly 5% of all Bitcoin –– a concentration Quittem calls a genuine risk. Yet he expects Washington to enrich itself rather than attack the golden goose it already hosts. What he watches instead is the share of supply in self-custody versus custodians like Coinbase –– and the trend, OG retail selling while Wall Street buys, is what should keep holders vigilant.

Listen and subscribe for Brandon's full thoughts on concentration risk and whether 5% is a number worth fearing.

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SATA Goes Daily, STRC Under Pressure, Community In-Fighting

Strive just took SATA to daily dividends, and host Tyler Rowe –– joined by Chase Palmieri, Yves André Graf, and Quentin from the One Chair Podcast –– calls the rivalry permanent: with no debt and a smaller stack than Strategy's 850,000 BTC, Strive is the riskier credit, so SATA must out-yield STRC, dragging it below $100 par.

That slide lit the week's infighting, as Bitcoin Twitter recast Strategy's reserve rebuild as dilution. The panel pushed back: Palmieri said that misreads the mechanics, since refilling the reserve via the common ATM expands the capital structure rather than diluting it, while Graf tied the hostility to FTX and BlockFi scars. Their one worry: defending a sub-1x mNAV.

Listen and subscribe for the crew's full take on the SATA-STRC rivalry and what mNAV defense takes.

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• Listen on Spotify

• Listen on Apple Podcasts

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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

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• 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