$42,000,000,000: Unpacking Strategy's 21-21 Bitcoin Buying Plan

Welcome to the Bitcoin Balance Sheet. Each Monday, we examine the prior week’s key developments and share our publication’s leading stories.

No big buys this week. But the biggest name in corporate Bitcoin isn't standing still — it's reloading. Strategy filed $42 billion in new ATM capacity. And Empery Digital, one of the fastest-moving newcomers in the space, is looking to raise $1.3 billion to deploy. Same playbook, same signal: get the capital in place before the market moves, not after. These aren't companies waiting to see what happens. They're companies making sure they're ready when it does.

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.

Strategy Loads the Gun with $42 Billion ATM

Strategy filed two brand new at-the-market programs last Monday: $21 billion in MSTR common stock and $21 billion in STRC preferred — $42 billion in total new capacity earmarked to fund Bitcoin purchases. They also added three new sales agents to their broker network, bringing the total to roughly 19 firms. The real story, though, is the pivot away from STRK toward STRC. Authorized STRC shares quadrupled from 70 million to 282 million, while STRK was cut from 270 million down to 40 million and its prior ATM was terminated. Strategy isn't just raising capital — it's restructuring around its strongest product.

STRC, the variable-rate preferred targeting a stable $100 peg with an ~11–12% monthly dividend yield, has already reached $5 billion in notional value in just eight months. The $21 billion ATM tells you exactly where Saylor's capital raising focus sits heading into Q2.

Learn more about how Strategy is preparing to buy tens of billions of dollars worth of Bitcoin:

Bitplanet Doubles Down on 10,000 BTC Treasury Accumulation

South Korean digital asset treasury company Bitplanet has reaffirmed its long-term goal of accumulating 10,000 Bitcoin, committing to never sell any holdings midway to realize short-term profits. Currently holding around 300 BTC (ranking #78), successfully reaching the target would catapult the company to approximately #13 on the leaderboard — surpassing Trump Media & Technology Group and making it Asia’s second-largest corporate Bitcoin holder after Japan’s Metaplanet.

CEO Lee Seong-hoon emphasized that “Bitcoin is the central asset in Bitplanet’s financial strategy,” while stressing the importance of stable cash flow from core businesses to support ongoing accumulation. The company is also exploring synergies between Bitcoin mining and AI data centers, leveraging shared infrastructure such as power and cooling facilities, with site evaluations (including near the Seoul metropolitan region) expected to yield tangible results within 3–6 months.

Empery Digital is Raising $1.3 Billion to Buy Bitcoin

Empery Digital is planning one of the bolder moves in the space. The company, which fully pivoted to a Bitcoin treasury strategy in 2025 (formerly Volcon), has filed to raise up to $1.3 billion through a shelf registration and at-the-market equity program. With current holdings around 3,500 BTC (roughly 25th on the leaderboard), successfully deploying the full amount at today’s prices could add roughly 19,000 BTC, taking them to ~22,500 BTC and jumping them into the top 7 corporate holders in one go.

Get the full story: Empery Digital is Raising $1.3 Billion to Buy Bitcoin

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