Strive Crossed 25,000 Bitcoin While Strategy Stayed Silent

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

Last week was a preferred-equity week — from Strive crossing 25,000 bitcoin on a raise funded entirely by SATA, to Smarter Web proposing Britain’s first sterling Bitcoin preferred, to the market valuing Strive above Metaplanet despite a much smaller stack. Strategy stayed quiet. The instruments did not. Here's what mattered.

Inside Ric Edelman’s Case for RIAs

If you missed his case that RIAs will drive billions into Bitcoin — from a planner who built a $350 billion firm across 1.4 million families and was named Barron’s #1 Independent Financial Advisor three times — the best place to hear Ric Edelman explain what that means for the Bitcoin balance sheet is at the Bitcoin Treasuries Conference in New York City on September 28.

Smarter Web Announces the UK's First Preferred Bitcoin Stock

The Smarter Web Company announced plans for MORE, a pounds-sterling perpetual preferred it wants listed on the London Stock Exchange Main Market. Target raise: £15 million to £25 million, with a £10 million floor. Below that, the deal dies. Shareholders vote on 28 September to create the class; the FCA still has to approve a prospectus.

MORE would carry no vote, a cumulative variable-rate weekly dividend, a liquidation preference, and a company redemption right. A July High Court capital reduction already unlocked about £132.5 million of dividend capacity — the piece UK company law requires before any coupon can be paid. SWC holds 2,747 BTC, the largest public stack in Britain. The common still pays nothing. MORE is the income product London funds are built to buy.

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Strive Crosses 25,000 Bitcoin on an All-SATA Raise

Strive purchased 469 bitcoin between September 8 and 11 for about $36.6 million, taking the stack from 24,531 to a round 25,000 BTC. Average cost, fees in, was $77,954. Every dollar of the raise came from SATA.

That print also pushed SATA through $1 billion notional — from $999.5 million to roughly $1.040 billion — after 402,541 new preferred shares came out of the ATM. New preferred capital of about $40.3 million more than covered the ticket. The amplification ratio moved to 53.5%.

A 13% coupon paid every business day now sits on more than a billion dollars of preferred. That is about $135 million a year in cash coupons, matched against a debt-free balance sheet and a stack the market can remember.

A look at the leaderboard

Strive bought another 469 BTC and sits at 25,000, still fifth on the Bitcoin 100, with Twenty One Capital, Metaplanet, and MARA still ahead. Capital B added 4 BTC to 3,525 and holds rank 25, a small print on top of the 376-coin add that closed last week. CleanSpark sold 228 BTC and now holds 13,703, remaining ninth. The next test for Strive is whether SATA stays near par and those October warrants actually convert.

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