STRC Hits $100 in Pre-Market With One Week to Ex-Dividend

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

STRC hit $100 in pre-market today, finally reaching par with just one week left until the ex-dividend date. The preferred stock had been hovering around the $99.98 level for most of the week, but it broke through this morning.

Now is the time to watch whether STRC can generate the kind of huge trading volume it saw last month.

Track it all on BitcoinTreasuries.net

• Livestream — Real-time $STRC buying, with insight and analysis on the Digital Credit space on our X page

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

The Hemisphere Foundation 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.

STRC Is the FIRE Asset Nobody's Talking About

Trey Sellers, VP of Sales at Unchained and founder of FIRE BTC joins Tyler Rowe to argue the traditional FIRE playbook has a hole in it. The standard model leans on stock-index returns of 8–10%, with all the drawdown risk and volatility that comes attached. Trey's counter: STRC is currently yielding 11.5% with daily price swings of roughly 1.7%. On a risk-adjusted basis, it isn't even close.

He also makes the case that Bitcoiners have been running the FIRE playbook for years without realizing it. Stack sats, max your savings rate, hit 25x annual expenses, draw down 4%. The framework is identical — only the asset has changed. Trey's argument is that STRC is the missing piece for the stock allocation most FIRE practitioners still default to.

Listen for Trey's full case on why STRC quietly beats the stock allocation in a FIRE portfolio.

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Strategy's Q1: The Number That Reframes Everything

Tyler Rowe sits down with Quentin from One Chair Podcast and Michael Geraji of Secure Digital Markets to break down Strategy's Q1 earnings call. Their read is that the funding mix has flipped overnight. In Q1 it was roughly 80% common stock and 20% preferred. But in Q2 it's now 80% STRC and 20% common, a complete inversion in a single quarter, with convertible debt no longer in the mix at all.

Strategy is structurally a digital-credit issuer first. Geraji frames the consequence in plain terms, with around $1B in annual preferred obligations and almost no operating earnings outside the AI business, interest coverage is now the metric that matters more than any other on the balance sheet.

Listen for the panel's full read on what the flip means for MSTR, BTC per share, and the next leg of Saylor's playbook.

• Watch on Youtube

• Listen on Spotify

• Listen on Apple Podcasts

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• 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

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• 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

• The Hemisphere Foundation. Hemisphere 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: The Hemisphere Foundation

• 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