Strive SATA Shatters All Records in a Single Week

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 tale of conviction and caution in corporate Bitcoin treasuries — from SATA shattering every accumulation record with an estimated 2,649 BTC purchased in just four trading days, to Strategy watching its massive holdings go red, and French telecom Sequans becoming the first major listed company to fully exit its Bitcoin strategy. The leaderboard saw steady small buys from several names but only modest reshuffling overall. Here’s what mattered.

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SATA Shatters All Records, Buys 2,649 BTC in a Single Week 🔥

Strive’s preferred-stock vehicle SATA delivered the most impressive week in its short history, acquiring an estimated 2,649 BTC worth roughly $193 million across four trading days. The shortened week — Memorial Day closed U.S. markets on Monday — still produced daily figures that escalated dramatically, culminating in Friday’s 1,179 BTC purchase alone.

Tuesday through Friday broke down as follows: 402 BTC, 494 BTC, 574 BTC, and then the record 1,179 BTC. At an average price near $73,000, the haul represents roughly 16% of SATA’s entire ~16,500 BTC treasury. These are estimates based on proceeds and volume data; official SEC filings will confirm the exact totals.

The performance validates the power of Strive’s preferred-stock engine at scale. While the broader market pulled back, SATA deployed capital at an accelerating pace, setting a new benchmark for how quickly smaller public companies can now accumulate when the capital structure aligns.

Strategy Sells 32 Bitcoin to Fund STRC Dividends 📉

Michael Saylor’s Strategy sold 32 Bitcoin between May 26 and 31 to supplement USD reserves for dividend payments on its preferred stock, including the STRC series.

The sale represents just 0.004 percent of its massive 843,706 BTC holdings as of May 31. It marks the company's first-ever Bitcoin sale in this context, underscoring a flexible approach to managing obligations on its Bitcoin-backed credit instruments without compromising its net accumulation strategy.

This symbolic move reinforces Strategy's evolving capital structure playbook, where preferred stock like STRC allows for targeted funding while preserving shareholder value in the core Bitcoin position.

French Sequans Ends Its Bitcoin Treasury Strategy 🏳️

French telecom Sequans Communications has ended its Bitcoin treasury initiative and will sell its remaining holdings over time. The company sold 456 BTC in the latest tranche and now holds just 658 BTC after earlier sales of 970 BTC in November 2025 and 1,025 BTC in Q1 2026.

At its peak Sequans held 3,234 BTC, funded by a $384 million convertible-debt and equity raise. The decision reflects a renewed focus on its core IoT semiconductor business amid revenue declines and operating losses.

Sequans drops from around 40th to 59th on the Bitcoin 100 leaderboard and will exit the rankings entirely as sales continue. It marks the first clear strategic retreat by a major listed corporate treasury adopter.

A look at the leaderboard

The leaderboard saw only modest movement this week outside the headline stories. Strive added 1,109 BTC to reach 16,500 BTC and rank 7. The Smarter Web Company purchased an additional 19 BTC, bringing its total to 2,878 BTC at rank 27. Capital B acquired 4 BTC to hold 3,139 BTC, while Hyperscale Data added 7.68 BTC to reach 699.68 BTC.

Smaller but consistent additions came from:
• Farmhouse +0.5 BTC → 1.71 BTC
• Stacking Sats +0.21 BTC → 28.93 BTC
• West Main Self Storage +0.13 BTC → 14.62 BTC
• Bitcoin Treasury Capital +1 BTC → 169.25 BTC

Strategy sold 32 BTC this week, while Sequans’ sales of 456 BTC (with plans for a full exit) pushed it down the ranks. No other major sellers stood out this week, preserving the net positive tone across the Bitcoin 100. Looking ahead, the gap between aggressive accumulators and those stepping back continues to widen.

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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

• 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