Why the STRC Dip Changed Nothing

Welcome to the Bitcoin Balance Sheet. Each Friday, we recap key insights from our podcast hosted by our very own Tyler Rowe.

The June Corporate Adoption Report is now live. June delivered digital credit’s first major stress test as STRC and SATA fell below par due to leverage unwinding rather than any credit event. Record trading volumes followed and the dip was bought aggressively.

Holder confidence stayed strong throughout. 78% of our audience expect digital credit to continue growing through 2027.

Read the full June Corporate Bitcoin Adoption Report for the data, survey results, issuer updates, and more. 📊

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.

Strategy’s 5-Point Plan Delivers Clarity in Volatile Markets

Tyler Rowe welcomed back Alexandre Laizet and options guru Soleil to the roundtable to dissect Strategy’s latest framework. The trio praised the dedication of the $2.55B reserve to dividend coverage (now targeting 12+ months), the raised STRC dividend to 12%, and the dual $1B buyback programs as thoughtful leadership that shifts from passive to active management.

Key insights included how retiring converts opens capacity for more scalable STRC issuance, the importance of maximum clarity paired with maximum optionality, and market anticipation of a bull return within 6–17 months. Alexandre emphasized that Bitcoin treasury companies amplify moves—BTC up 2% can see them lead with 5–8% gains—and noted the professionalization underway with rising institutional participation and short interest.

Listen and subscribe for Alexandre Laizet and Soleil’s full thoughts on STRC dynamics and how clarity reshapes Bitcoin treasury investing.

Join Us at the Bitcoin Treasuries Conference in New York City This September

The premier gathering for corporate Bitcoin leaders, treasury executives, and institutional investors. Explore advanced treasury strategies, network with key players, and gain exclusive insights into the future of corporate Bitcoin adoption.

Building Britain’s Bitcoin Treasury in a Bear Market

Tyler Rowe spoke with Andrew Webley, founder of The Smarter Web Company, about transforming a small web design firm into a major Bitcoin treasury player in the UK. Webley detailed raising nearly £250M since IPO, growing Bitcoin per share dramatically, and using the balance sheet for accretive M&A and responsible leverage—all while emphasizing shareholder-first transparency and long-term conviction.

He highlighted optionality from a strong treasury, the power of preferred equities for consistent capital raises (even in bear markets), and lessons learned from Strategy’s playbook. Webley stressed building infrastructure in downturns to capitalize when sentiment returns, and noted the collaborative spirit among treasury operators chasing massive global monetary pools.

Listen and subscribe for Andrew Webley’s full thoughts on UK digital credit potential and executing through volatility.

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