Hello and welcome to the Bitcoin Balance Sheet, the twice-weekly email from Bitcoin Treasuries, where we track the latest in corporate Bitcoin buying.

Each Friday, you'll receive a quick recap of this week's top news and insights.

Today’s edition is brought to you by Secure Digital Markets | SDM.co

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.

This Week's Top Corporate Bitcoin News:

• Wyoming takes stake in Strive: The state of Wyoming has purchased shares in Strive Inc., a Bitcoin treasury company, reinforcing its position as a leader in crypto-friendly policy. This direct allocation signals growing confidence among public entities in Bitcoin treasury models. It could catalyze similar moves by other states and demonstrate Bitcoin's maturation as a reserve asset class.
  

• STRC records massive inflows: Strategy's perpetual preferred equity, STRC, saw trading volume hit $198.7 million on March 3 marking a 2026 high and the strongest single-day session since launch. Activity anchored near $100 par with heavy volume above that level enabled ATM issuances, with estimates pointing to roughly 1,000 BTC potentially funded that day (largest single-day since July 2025 debut), plus prior days building multi-day totals. The instrument's 11.50% yield (recently hiked for March) continues drawing income seekers, showcasing digital credit's resilience and capacity to support treasury growth.
  

• Trump Media deploys BTC as collateral: Trump Media & Technology Group posted 2,000 BTC as collateral in a hedging transaction, integrating Bitcoin directly into its balance sheet operations. This use case expands Bitcoin's role beyond simple holding to active financial engineering. It illustrates how treasury companies can leverage holdings for liquidity and risk management while keeping exposure on-chain.

Digital credit’s big breakthrough

Jeff Walton joins our usual crew (Tyler Rowe, Pierre Rochard, and Alexandre Laizet) to explore Bitcoin treasury strategies and market evolution.

There, Jeff highlights the success of STRC, noting its superior yield and liquidity compared to traditional bonds amid Bitcoin's volatility. Alexandre emphasizes Bitcoin's outperformance over AI and digital intelligence, predicting reflexive accumulation through treasuries will drive long-term supply dynamics.

The conversation touches on regulatory progress, with Pierre noting the massive unlock now that the Federal Reserve will be forced to integrate digital assets.

Listen and subscribe:

• Watch on Youtube
• Listen on Spotify 
• Listen on Apple Podcasts

Strategy's relentless accumulation playbook

Tyler sits down with Grain of Salt, founder of Log Scale Investments, to discuss corporate Bitcoin strategies ahead of StrategyWorld. Grain emphasizes Strategy's unprecedented accumulation, noting they've added over 500,000 BTC in two years despite ETF competition and market dips. He highlights the potential of preferred equities like STRC as a gateway for institutions, predicting a ratings upgrade could unlock massive inflows.

Listen and subscribe:

• Watch on Youtube
• Listen on Spotify 
• Listen on Apple Podcasts

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

• 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

• 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

• 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