STRC Just Got Its First European Rival

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Last week delivered structural innovation over raw accumulation. Sweden's BTC AB brought Europe's first Bitcoin-backed preferred share to market, Lyn Alden unveiled a new Bitcoin treasury operating company backed by Ricardo Salinas, and Strategy continued fortifying its balance sheet with fresh cash reserves. Here's what mattered.

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Strategy Increases Cash Reserves to $3.2 Billion

Strategy Inc. reported no Bitcoin purchases for the week of July 13–19, holding steady at 843,775 BTC, while selling approximately 2.73 million Class A shares via its ATM program to generate $263.5 million in net proceeds. This lifts USD cash reserves to $3.225 billion.

The move follows last week's similar issuance and provides roughly 22 months of coverage for preferred dividends like STRC even in a Bitcoin price collapse scenario. It underscores disciplined treasury management amid ongoing questions around dilution versus accumulation.

With ample liquidity now in place, Strategy maintains flexibility to resume aggressive Bitcoin buying when conditions align, further differentiating its approach from peers.

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

Lyn Alden Launches Bitcoin Treasury Backed by Ricardo Salinas

Lyn Alden has co-founded Orange Juice HODLINGS Inc., targeting stable cash-flowing businesses in services, consumer products, and software. The venture starts with $40 million and features Mexican billionaire Ricardo Salinas, one of the richest men in Mexico, as anchor investor. Acquired companies keep autonomy with added operational support, especially AI.

The model emphasizes permanent capital and modest leverage over traditional private equity's exit pressure. Salinas cited cash flow and currency stability; Alden stressed better founder outcomes.

Orange Juice begins private with plans for public listing. It extends the Bitcoin treasury concept into hybrid operating ownership amid Europe's preferred-share advances.

Sweden's BTC Treasury Becomes Europe's First Bitcoin Preferred

BTC Treasury Capital AB (BTC B) will list BTC PREF on Stockholm's Spotlight Stock Market starting Monday, July 20. The preference A share, priced at SEK 120, pays a fixed SEK 1 monthly dividend (10 percent annually) and carries a liquidation preference. It arrives from a smaller treasury than peers like France's Capital B or the UK's Smarter Web Company.

The rights issue raised about SEK 12.2 million gross at 52 percent subscription, following a prior private placement. Founder-CEO Christoffer De Geer frames it as amplification without leverage: packaging Bitcoin volatility into a predictable coupon while ordinary shareholders keep upside exposure. Spotlight is a multilateral trading facility that now sets a European precedent.

This highlights a key dynamic. Larger balance sheets secured mandates or reserves, yet the smallest active player executed first. The fixed-dividend preferred template, funded from Bitcoin holdings to grow BTC per share with limited dilution, is now available for others.

A look at the leaderboard

The Bitcoin 100 saw steady but modest accumulation this week. Strive added 21 BTC to reach 19,921 total (rank 7), while Canaan Inc increased by 48 BTC to 1,915 (rank 33) and Hyperscale Data bought 32.49 BTC to hit 1,032.49 (rank 45). Farmhouse also continued small DCA buys.

Strategy's cash build provides breathing room without leaderboard movement, as the top remains anchored by its massive holdings. Looking ahead, continued innovation in preferred structures and hybrid models from names like BTC AB and Orange Juice could influence how mid-tier players scale their treasuries.

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