STRC, marketed by Michael Saylor’s Strategy as “Stretch” or Short Duration High Yield Credit, is a perpetual preferred stock designed to deliver relatively stable monthly (now semi-monthly) income while giving the company a flexible tool to raise capital for Bitcoin accumulation. The structure includes built-in mechanisms to keep the price near $100: when shares trade above par, Strategy can issue more through at-the-market programs to raise fresh funds for additional Bitcoin purchases; when they trade below par, the company adjusts the dividend rate higher or offers other incentives to attract buyers and support the price.

In recent weeks the shares first showed signs of stabilization after Strategy received shareholder approval to move from monthly to semi-monthly dividend payments. The change, with the final monthly payment scheduled for June 30 and the first semi-monthly payout on July 15, was intended to reduce reinvestment lag and improve liquidity for investors. Early trading suggested the more frequent distributions were helping, with the stock rebounding from the low $90s toward $97. However, selling pressure quickly reasserted itself, driving STRC to successive lows and the current $89 level—the lowest since its July 2025 launch.

A significant catalyst for the renewed decline was Strategy’s June 1 disclosure that it sold 32 Bitcoin at the end of May for approximately $2.5 million. The proceeds were used to help cover STRC dividend distributions. This marked the first Bitcoin sale by the company since 2022, even though the amount was modest relative to its holdings of more than 846,000 BTC. The move prompted investor questions about long-term capital-raising capacity and whether occasional sales might become necessary. Executive Chairman Michael Saylor responded publicly, stating the company’s goal is to make STRC “the best credit instrument in the world.”

Adding to the pressure is intensifying competition from Strive’s SATA perpetual preferred stock. SATA offers a higher 13% annualized yield and, as of June 16, began paying dividends daily—significantly more frequent than STRC’s new semi-monthly cadence. SATA has now traded at its $100 par ever since the change, and some income-focused investors appear to be rotating capital toward the higher-yielding, daily-pay, debt-free alternative. The spread between the two products has widened notably in recent sessions.

Despite the price weakness, Strategy maintains meaningful defensive resources. The company recently increased its USD cash reserves by $100 million to more than $1 billion, providing a liquidity buffer during periods when raising new preferred capital is more challenging. It has also continued Bitcoin purchases while building those reserves. With STRC’s notional value exceeding $10 billion, the preferred stock remains a core part of Strategy’s financing strategy even as current market pricing reflects short-term caution.

The drop to $89 reflects the combined impact of the symbolic Bitcoin sale, broader Bitcoin price softness, the effects of the dividend-frequency transition, and direct competition from a higher-yielding daily-pay rival. Strategy’s variable-rate design gives it flexibility to respond—potentially through further dividend-rate increases or additional payment-frequency adjustments if investor preferences continue shifting. For now, the discounted price delivers a materially higher effective yield than at par, but sustaining the product’s target trading range will depend on restoring capital inflows and managing competitive dynamics in the evolving Bitcoin-backed credit market.

The $13 Million Problem Solver

Metaplanet announced on 12 June that it has signed a share-transfer agreement to acquire 100 per cent of Siiibo Securities Co., Ltd. for ¥2.1 billion, or roughly $13.1 million. The deal is expected to close on 13 July. Siiibo will be rebranded Metaplanet Securities Inc. and slotted inside the group as a wholly owned subsidiary.

On its face, the acquisition is straightforward: Japan's largest corporate Bitcoin holder, sitting on 40,177 BTC as of 31 May 2026 - the third-largest corporate Bitcoin position in the world - is buying a small Tokyo brokerage to gain distribution reach into a household savings market Gerovich puts at ¥1,140 trillion ($7.4 trillion).

Dig into what Siiibo actually brings and the strategic logic sharpens considerably. Siiibo holds a Type I Financial Instruments Business Operator registration under Japan's Financial Instruments and Exchange Act. That licence is the permission slip for structuring and distributing securities products to retail investors in Japan. Metaplanet, as a Tokyo Stock Exchange-listed operating company, did not have one. Now it will.

What Siiibo Is

Founded in January 2019, Siiibo built its name in Japan's online corporate bond market - a segment historically walled off from retail investors by minimum ticket size and distribution infrastructure. The company backed more than 40 corporate issuers across more than 100 bond offerings, building the most substantial operational track record in Japan's retail private placement bond market.

The firm is small and, by available accounts, loss-making at the operating level. Its value to Metaplanet is not the income statement. It is the licence and the digital platform sitting behind it. Metaplanet is acquiring regulatory infrastructure, not revenue.

Gerovich was direct on this point: "By bringing Siiibo's Type I registration and online securities platform into the group, we will develop and distribute bitcoin-related yield products directly to Japanese investors, supported by the 40,177 BTC on our balance sheet." Project Nova - Metaplanet's stated medium-to-long-term strategy to build a Bitcoin-centric financial ecosystem in Japan - gets its first concrete move.

The Preferred Equity Problem This Solves

In November 2025, Metaplanet announced a two-tier listed preferred share programme: Mercury, a perpetual convertible instrument modelled on Strategy's STRK paying 4.9 per cent in yen with quarterly dividends, and Mars, a shorter-duration high-yield instrument modelled on Strategy's STRC. The company intended both to list on the Tokyo Stock Exchange, positioning them as the sixth and seventh listed preferred equities in Japan - and the first-ever perpetual preferred shares the market had seen.

On 13 May 2026, Gerovich disclosed that both listings had been delayed. The reasons were structural, not regulatory hostility. Japanese exchange rules require preferred dividends to be backed by sustainable, recurring cash flows assessed across multiple market conditions. Metaplanet's Bitcoin Income Generation Business had six quarters of operating history. The exchange wanted more. Separately, Metaplanet's ambition to pay monthly dividends - against a Japanese norm of annual or semi-annual payouts - required building dividend infrastructure that did not yet exist.

The company was caught in a familiar position for innovators in Japan's capital markets: the product is ready, the investor demand plausibly exists, and the regulatory framework is designed for a market that has not yet seen the instrument you want to issue.

The Siiibo acquisition does not dissolve this problem. The exchange listing constraints on Mars and Mercury remain. Metaplanet still needs to demonstrate track record. But the Type I licence changes the geometry of the situation in one important respect: Metaplanet no longer requires exchange listing as the sole pathway to distribute Bitcoin-linked preferred instruments to Japanese retail investors. A company with a Type I licence can structure and distribute financial products directly - private placement, direct offer, online platform - without routing everything through a listed market.

The implication is not stated anywhere in Metaplanet's Project Nova materials. It does not need to be. The infrastructure to conduct private placement of yield-bearing securities is now inside the group. Siiibo's existing bond platform is already configured for exactly this mode of distribution.

A Parallel Track to 100,000 BTC

The scale argument matters here. Metaplanet held 40,177 BTC against targets of 100,000 BTC by end-2026 and 210,000 BTC by end-2027. That capital programme requires sources of capital that go beyond moving-strike warrants and common equity dilution. Preferred instruments - whether listed or privately placed - represent a structurally different cost of capital: senior to common equity, offering fixed yield, and capable of drawing investors who cannot or will not hold common stock in a Bitcoin treasury company.

The $7.4 trillion sitting in Japanese household cash and deposits is the addressable market Gerovich keeps returning to. For most of those savers, buying Metaplanet common stock - a single company with a leveraged Bitcoin position, down roughly 82 per cent from its year-ago high - is not an accessible risk. A yen-denominated, yield-bearing, Bitcoin-linked security sold through a regulated platform is a materially different proposition. It meets them where their existing risk tolerance sits.

Siiibo's 40-plus issuer network and 100-plus bond track record gives Metaplanet Securities an operational standing start for exactly this kind of product. The company does not need to build credibility in Japan's retail bond market. It acquired it.

The Constraint That Remains

None of this eliminates the exchange's cash-flow requirement. If Metaplanet wants Mars and Mercury listed on the Tokyo Stock Exchange - which would provide secondary market liquidity, price discovery, and broader institutional access - it still needs to demonstrate that its Bitcoin Income Generation Business produces stable returns across adverse market conditions. A Q1 2026 that generated ¥114.5 billion in non-cash mark-to-market losses, however operationally profitable the underlying business, is not the track record an exchange requires.

The moving-strike warrant mechanism Metaplanet uses in place of the ATM issuance that Japanese rules prohibit creates its own friction. Strategy can continuously reload capital through its STRC ATM programme; Metaplanet's equivalent requires sequential warrant exercises and third-party allotments. Private placement distribution through Metaplanet Securities does not fix that capital-raising cadence. It is a distribution pathway, not a capital structure solution.

What the Siiibo acquisition does is buy Metaplanet time and optionality. The exchange listing for Mars and Mercury may come when the operating track record is long enough to satisfy exchange rules - Gerovich has said the company remains committed to listing. In the interim, Metaplanet Securities gives the company a compliant, regulated mechanism to test product-market fit, build a yield investor base, and generate the operational evidence an exchange will eventually want to see.

Project Nova's First Move Is Its Most Revealing

Metaplanet spent two years building the largest Bitcoin treasury in Asia through a combination of moving-strike warrants, bond issuance, and common equity raises. Project Nova represents the pivot from accumulator to platform. The Siiibo acquisition, small in cost terms at $13.1 million, signals that the platform phase has begun.

The preferred equity programme was announced in November 2025 with momentum behind it. By May 2026, it had stalled. By June 2026, Metaplanet owns a Type I licence. The sequencing is not coincidental.

Whether Gerovich frames this as an acceleration of the preferred timeline, a parallel track, or simply the opening move of a broader financial ecosystem story, the practical effect is the same: Metaplanet now has the regulatory standing to distribute Bitcoin-linked yield products to Japan's retail investors without waiting for the exchange to update its framework. It paid $13 million for the right to stop asking for permission.

The tracker recorded $19.45 million in net proceeds from 199.5K shares issued that day, with total volume reaching $97.04 million including extended-hours trading. SATA closed at $100.01, maintaining a slim premium above its $100 par value and keeping the ATM window open.

When combined with the roughly 117 Bitcoin acquired on the first day of daily dividends, the total for the week so far stands at approximately 413 Bitcoin, supported by around $27.3 million in combined net ATM proceeds.

The move to daily payouts at the current 13% annualized rate is clearly resonating with income-oriented investors by delivering more frequent cash flow and eliminating the old monthly timing issues.

Meanwhile, Strategy’s competing STRC preferred stock closed near $91.85 — its third-lowest level since listing. Some market watchers see this as a sign that capital is rotating toward SATA’s higher yield and daily payment schedule.

Strive continues to run a debt-free balance sheet with a Bitcoin treasury now exceeding 19,100 coins. The daily dividend program provides a direct mechanism to turn demand for SATA above par into additional Bitcoin holdings.

You can follow the real-time ATM issuance, volume, and Bitcoin accumulation on the SATA ATM Tracker at BitcoinTreasuries.net.

The overlap between the institutions that use BitcoinTreasuries.net to track holdings data and the institutions that use BitGo to custody those holdings is significant. Making that connection explicit serves both audiences.

BitGo secures, lends, and settles billions in assets for thousands of clients worldwide, including corporate and public institutions. For treasury teams evaluating custody infrastructure, their Bitcoin Treasury product is purpose-built for corporate adoption: insured and federally chartered qualified cold-storage custody, OTC trading for institutional-scale transactions, and compliance frameworks designed to satisfy board, auditor, and regulatory requirements as a Bitcoin position scales.

What BitGo offers treasury teams

BitGo's infrastructure is built for companies and allocators who need more than a place to store Bitcoin.

• Qualified cold-storage custody: Insured federally chartered custody meeting the requirements of public companies and institutional allocators, with industry-leading key management and operational security

• Compliance and audit infrastructure: Frameworks designed to scale alongside a growing Bitcoin position and satisfy the reporting, auditor, and regulatory requirements that come with it

• OTC trading: Institutional-grade execution for large purchases and sales, handled within the same custody environment

• Security infrastructure: Purpose-built for treasury-scale holdings, with a security track record across thousands of institutional clients globally

Why this matters for the Bitcoin treasury space

The entities tracked on BitcoinTreasuries.net now hold a combined position measured in the millions of Bitcoin. As those positions scale, the custody infrastructure underneath them becomes a larger part of the institutional picture.

A custodian that holds Bitcoin on its own balance sheet has the same exposure to custody risk as the entities it serves. That alignment is a meaningful signal as the industry matures, and it is now visible and tracked on our leaderboard.

"BitGo sits on both sides of the custody equation," said Pete Rizzo, President of BitcoinTreasuries.net. "They secure institutional Bitcoin for others and they hold it on their own balance sheet. That is the kind of alignment serious institutional allocators look for."

See them on BitcoinTreasuries.net

BitGo holds Bitcoin on its own balance sheet, ranking among the top public corporate holders we track. Their page on BitcoinTreasuries.net shows current holdings, acquisition history, and ranking alongside every other institution in our database.

Visit their page: bitcointreasuries.net/public-companies/bitgo

We are glad to have BitGo as a preferred partner. For more on their Bitcoin Treasury services, visit bitgo.com/products/bitcoin-treasury/

Onward, The BitcoinTreasuries.net Team

Organizations interested in partnership opportunities can reach out at press@bitcointreasuries.net.

Sponsored content. This article was produced in partnership with BitGo.

Yesterday, June 15, marked the inaugural record date. Investors who held SATA at the close of trading on June 15 received today’s dividend payment. Going forward, SATA holders will receive dividends on every business day at the current 13% annualized rate on the $100 par value—roughly 250 payments per year instead of the previous 12 monthly distributions. The move to daily payments eliminates the traditional ex-dividend date and the associated spikes in trading volume and price pressure that typically followed monthly payouts. Shares purchased on any business day now entitle buyers to the next day’s dividend, removing timing disadvantages for investors.

The transition triggered strong investor interest. Trading volume in SATA reached $77.05 million on the record date. This activity drove the preferred stock back to $100.01, just above its $100 par value. The strong demand enabled Strive to issue new shares through its at-the-market (ATM) program. According to our data at BitcoinTreasuries.net, Strive raised $7.84 million by issuing 80,400 new shares. This was sufficient to purchase an estimated 117.16 Bitcoin at an average price of $66,929. As of pre-market trading on June 16, the tracker showed additional modest inflows supporting roughly 1.5 more Bitcoin. These figures are estimates based on real-time volume and issuance data; official Bitcoin purchase numbers from Strive are expected next week.

SATA is designed as a Bitcoin-linked credit product that aims to deliver lower volatility than direct Bitcoin exposure while providing a stable income stream. The daily dividend structure further enhances this profile by delivering more frequent cash flow and a modest boost to effective yield through daily compounding. Strive maintains a debt-free balance sheet with substantial reserves dedicated to supporting dividend payments, plus its large Bitcoin treasury for long-term sustainability. The company currently holds over 19,100 Bitcoin, ranking it among the largest public corporate Bitcoin holders. Chairman and CEO Matthew Cole has described the daily dividend program as a “true zero-to-one innovation,” positioning Strive as “The Daily Dividend Company.”

For income-focused investors, SATA now offers one of the highest yields in the digital credit space with daily payouts and a mechanism that ties new capital directly to Bitcoin accumulation. While SATA carries equity market risk and is not a stablecoin, Strive’s clean balance sheet, reserves, and Bitcoin treasury are specifically built to support payout sustainability even through market volatility.

You can follow Strive’s ongoing Bitcoin purchases tied to SATA in real time on the SATA ATM Tracker at BitcoinTreasuries.net. The dashboard shows minute-by-minute accumulation, volume, price action, and share issuance. Official weekly or periodic Bitcoin treasury updates from Strive are typically released on Mondays.

Strive’s SATA delivered exactly what the product was engineered for on day one: a historic structural first for U.S. markets, a return to par value, and meaningful Bitcoin accumulation powered by genuine investor demand for daily income backed by Bitcoin.

This makes SATA the first listed security in U.S. capital markets history to pay cash dividends every single business day. The stock pays a current annualized rate of 13% on its $100 stated par value, with payments issued daily on business days. The shift from monthly to daily dividends eliminates the traditional ex-dividend date and the associated patterns of elevated trading volume and price pressure that previously followed each monthly payment.

You can track it live using the SATA BTC Accumulation Tracker — featuring minute-by-minute accumulation, yield, price, and buying activity.

Matthew Cole, Chairman and CEO of Strive, described the change as a “true zero-to-one innovation,” adding that the company is now operating as “The Daily Dividend Company.” The move is designed to reduce structural volatility, keep SATA trading close to its $100 par value, and remove timing disadvantages for investors. Buyers can now purchase shares on any business day and become entitled to the next day’s dividend.

Strive currently holds approximately 19,032 Bitcoin, valued at over $1.2 billion. This ranks the company as the 7th largest public Bitcoin-holding company, just ahead of SpaceX. Strive maintains a debt-free balance sheet with significant cash and marketable securities reserves to support dividend payments through Bitcoin market fluctuations.

The daily structure provides more frequent income, smoother price action, and a modest boost to effective yield through daily compounding. It also makes SATA more suitable for use in ETFs, structured products, and other financial instruments that benefit from predictable daily cash flows.

While SATA is not a stablecoin and carries equity market risk, the company has built reserves and a clean balance sheet specifically to manage payout sustainability and target tight trading around par.

This daily dividend program represents a genuine structural first in U.S. markets and positions SATA as a pioneering yield-focused instrument within the Bitcoin treasury space.

The Default Metric and Its Blind Spot

Bitcoin Per Share is where most analysis starts. Divide total BTC held by shares outstanding and you get a clean, comparable number across every company in the sector. It updates with each filing. It travels well in a spreadsheet. It tells you something real.

It does not tell you who owns it.

When a company issues preferred stock or debt to buy Bitcoin, BPS rises immediately. The company holds more Bitcoin per share - on paper. What BPS does not register is that the new Bitcoin arrived with a prior claim attached. Preferred holders and creditors sit ahead of common shareholders in the capital structure. The Bitcoin is in the warehouse, but a portion of it is spoken for before common equity sees a single sat.

A company issues $3bn in preferred stock and uses the proceeds to buy 33,898 BTC at $88,500. BPS rises 4.8%. Common equity's real exposure does not move at all. The new Bitcoin is exactly offset by the new claim against it. BPS called the gain. The gain was not there.

This is the limitation. BPS counts total holdings. It does not deduct what is owed.

The Correction: CEBE

Common Equity Bitcoin Exposure - a framework developed by Bobby Tierney - addresses exactly this. The formula is direct:

CEBE = (Total BTC held − Net Senior Claims in BTC) ÷ Shares outstanding

where Net Senior Claims in BTC = (Debt + Preferred Stock − Cash) ÷ Current BTC Price.

The result is the Bitcoin exposure that actually belongs to common shareholders once all senior obligations have been satisfied. A company running no debt and no preferred stock carries zero drag - CEBE and BPS are identical, and common equity owns 100% of the Bitcoin.

Drag Is Not Static

The most important feature of drag is that it moves without anyone doing anything. Senior claims are denominated in fiat. A $17bn obligation is always $17bn. In Bitcoin terms, it shrinks as the price rises and expands as the price falls.

At $50,000 per BTC, a $17bn claim represents roughly 340,000 BTC. At $300,000, the same dollar figure compresses to under 58,000 BTC. The fiat claim is fixed. Its weight in Bitcoin terms is not.

This is the mechanism the leveraged treasury model is built on. Issue fixed-cost fiat claims today, accumulate Bitcoin, and let appreciation do the work. The math holds - provided Bitcoin appreciates faster than the cost of the capital structure. Four forces drive drag in either direction: Bitcoin price movement (the primary driver, responsible for roughly 80% of the compression effect), how accumulation is funded, deliberate deleveraging, and the dilutive effect of dividend payments.

Not all senior claims behave the same way as the price moves. Fiat-denominated debt and preferred stock compress smoothly - every dollar of Bitcoin appreciation shrinks them proportionally. BTC-indexed obligations, such as Capital B's OCA tranches, step down discretely: compression happens in tranches as rising stock price triggers forced conversion, not as a continuous curve.

The Valuation Layer: CEBE mNAV

Standard mNAV divides market capitalisation by total BTC held. It is a workable shorthand, but it inherits BPS's blind spot: it treats all Bitcoin on the balance sheet as equally owned by common equity, which is only true when leverage is zero.

CEBE mNAV corrects the denominator:

CEBE mNAV = Market Capitalisation ÷ (Common Equity BTC × BTC Price)

The gap between standard mNAV and CEBE mNAV is the drag penalty expressed as a valuation premium. A company trading at 1.5x standard mNAV may be trading at 2.0x CEBE mNAV once leverage is accounted for properly. Investors paying standard mNAV prices while assuming BPS-level exposure are buying more leverage than they realise.

Cycle mNAV extends the analysis across a full Bitcoin market cycle by incorporating the annual cost of the capital structure - the spread between Bitcoin's expected appreciation rate and the weighted average cost of senior obligations. For Strategy, that weighted average preferred cost sits at approximately 9.73%. If Bitcoin compounds at 30% annually, the spread runs at roughly twenty percentage points in common equity's favour. At 8% Bitcoin growth, the spread turns negative and preferred holders extract value from common over time. Metaplanet's capital structure, shaped by Japan's regulatory environment rather than by management choice, currently generates a negative wrapper cost - the structure pays for itself rather than consuming the spread.

The Practitioners Weigh In

Michael Saylor's framing was structural. He positioned BPS and CEBE as tools calibrated to different time horizons rather than rivals. CEBE is the conservative risk metric — the number that matters when liability duration is short and claims could crystallise. BPS is the growth metric - the one that captures upside when long-duration, low-cost liabilities give Bitcoin time to outrun its obligations. "The difference between BPS and CEBE BPS is Amplification," he wrote. "With no debt or preferreds, BPS = CEBE BPS and a Bitcoin Treasury Company should track BTC like an ETF. As liabilities increase, BPS and CEBE diverge, creating the potential to outperform BTC." His further qualification matters: not all liabilities are equal. Short-duration, high-cost structures amplify risk. Long-duration, low-cost structures amplify upside. The quality of the capital structure determines which direction the amplification runs.

Matt Cole, Strive's CEO, arrived at the same destination from a different direction. Strive runs two explicit KPIs - grow BPS before senior claims, and meet all obligations on time - and Cole argued that both analytical paths, run to completion, converge on the same conclusion: disciplined amplification through digital credit can systematically outperform Bitcoin over time. "No single metric tells a full financial picture," he wrote. "The key is understanding the differences and how to use them."

The practitioners are not choosing sides. They are using both numbers for what each does well. The answer, it seems, is that both metrics are correct when applied to different problems.

Reading the Two Numbers Together

BPS tells you what is in the vault. CEBE mNAV tells you what you are paying for your share of it.

The practical check is four numbers, read quarterly. BPS captures accumulation pace. Drag shows how much of that accumulation actually reaches common shareholders. CEBE mNAV shows what the market is charging per sat of real exposure. The spread - Bitcoin's appreciation rate minus the weighted cost of senior obligations - determines whether the capital structure earns its keep across a full cycle.

If all four look healthy, the structure is working. If any turn against you, the picture changes faster than standard mNAV will show you.

At Bitcoins current price of approximately $63,000 per BTC this Bitcoin stash is worth roughly $1.18 billion. SpaceX revealed the holdings in its S-1 filing with the SEC as part of the IPO process.

Tesla, Musks other major public company holds an additional 11,509 BTC. Combined Musks companies control 30,221 BTC - enough to rank as the 5th largest public Bitcoin holder if a merger were to occur.

SpaceX the pioneering space exploration company founded by Elon Musk has officially gone public in what is being hailed as one of the largest IPOs in history. The company priced its shares at $135 each raising approximately $75 billion and debuting with a market valuation of around $1.75 trillion.

Musk is expected to retain a controlling stake of roughly 42-43 percent equity (with significantly higher voting power) post-IPO. This massive ownership combined with his stakes in Tesla and other ventures has propelled him to become the worlds first trillionaire with his net worth surpassing $1 trillion.

SpaceXs Bitcoin position has been on the balance sheet for some time with an average acquisition cost basis around $35,000 per BTC implying strong unrealized gains. The disclosure was required under standard SEC rules for the IPO providing unprecedented transparency into the companys Bitcoin strategy.

Musk has had a famously fluctuating public relationship with Bitcoin - from laser-eye profile pics and accepting BTC for Tesla merchandise (later paused) to concerns about energy use. Yet behind the scenes accumulation continued. Post-IPO treasury decisions for SpaceX will largely remain under Musks influence due to his controlling stake.

The IPO itself is monumental. It eclipses previous records like Saudi Aramcos driven by excitement around Starlink reusable rockets Starship and ambitious visions for AI data centers in space and Mars colonization. The company has generated significant revenue (around $18-20 billion recently) but also reported operating losses underscoring the high-growth high-risk bet investors are making.

SpaceXs public listing brings Bitcoin exposure directly into traditional portfolios for millions of investors. It also signals growing institutional comfort with Bitcoin as a treasury asset even for massive strategically vital companies.

As trading begins under the expected ticker (SPCX) all eyes will be on both the stocks performance and any future updates to the Bitcoin holdings. For Musk this marks another chapter in building an empire that spans electric vehicles space travel social media AI - and now publicly significant Bitcoin reserves.

The convergence of space exploration trillion-dollar valuations and Bitcoin in one company underscores just how intertwined innovation and finance have become in the Musk era. Whether this propels Bitcoin further into the mainstream or introduces new volatility remains to be seen - but history is undoubtedly being made today.

This month’s standout development is Strive: the company grew its Bitcoin holdings by roughly 30% over about one month, generated $276 million in SATA proceeds in May, and has climbed to #7 on our public companies leaderboard.

Plus, starting in June, it’s the first equity to pay daily dividends to shareholders, paying out even more frequently than Strategy’s new semi-monthly schedule.

This comes alongside strong sector-wide public holdings growth, up 51,045 BTC gross and 43,557 BTC net in May. The last month’s growth is powered by purchases and disclosures from Strategy, SpaceX, and Strive, detailed in our buying recap.

Here are our key findings from the current report.

1. Strive’s digital credit proceeds are rising rapidly

Strive’s proceeds from SATA digital credit this month were considerable. Daily SATA ATM proceeds topped out at $87 million on May 29, more than twice the proceeds raised on the previous day and enough to buy approximately 1,180 BTC. 

We estimate that SATA brought in $276 million in proceeds, or 12.4% of digital credit ATM proceeds alongside STRC, over the course of May.

Track this growth live on our digital credit dashboard.

2. Strive holdings grew 30.5% over one month

Our key finding: Strive bought 4,443 BTC, equal to 30.5% of its previous holdings over approximately one month ending June 2. By contrast, Strategy bought 10% of its existing holdings over about one month ending May 18.

May 25 marked an exceptional week. We estimate that Strive may have purchased 2,649 Bitcoin, 16-17% of its existing balance, from SATA proceeds that week.

3. SpaceX among leaderboard shakers

We saw notable changes in our leaderboard of top public Bitcoin holders. Strive rose to #7 with its accelerated purchases, and American Bitcoin reached #15 at month-end. SpaceX is expected to enter the top ten public companies after its IPO.

4. STRC now the world’s largest preferred share 

New data from Strategy: its STRC digital credit is the world’s largest tradeable preferred share by market cap, boasting a $10.5 billion market cap. STRC also boasts 25x more liquidity than the next largest preferred shares on the list.

STRC also demonstrated strong trading volumes and ATM proceeds — on par with March and April and detailed elsewhere in our report.

5. Five holders have over $500 million in STRC

We continue to track companies and projects that are known to hold Strategy’s STRC — with BitcoinTreasuries.net partner Apyx holding $300 million as of early June.

Prevalon, Saturn, Strive, and Oranje holdings bring total known holdings above $500 million based on STRC’s $100 par value. Anchorage also holds an unknown amount of STRC, which we estimate at $20 million based on various contexts.

6. Five altcoin treasuries are in the top 20 

At month-end, altcoin treasuries held $20 billion in various cryptoassets, and Ethereum dominated with $13 billion in holdings.

Integrating altcoin treasuries with the Bitcoin treasury leaderboard, five altcoin treasuries rank among the top 20 companies by holdings value. Three hold Ethereum, one holds entirely Hyperliquid tokens, and one holds entirely Rain tokens.

For further analysis, or to discuss trends driving your investment or treasury strategy, reach out to our research team at office@bitcointreasuries.net.

This latest buying spree may rank among BitMine’s five largest Ethereum purchases ever if confirmed. Lookonchain reported significant activity from wallets linked to the company, including large transfers from major OTC desks and exchanges. These moves come shortly after BitMine officially confirmed a major $213 million purchase of 126,971 ETH earlier this week on Monday.

The fresh buys have pushed BitMine’s total Ethereum holdings to 5.54 million ETH, representing roughly 4.6% of Ethereum’s total supply. The company has been vocal about its ambitious “Alchemy of 5%” goal — acquiring 5% of all ETH in existence — and is now very close to achieving it.

BitMine currently stands as the largest corporate holder of Ethereum by a wide margin and ranks as the second-largest overall Digital Asset Treasury (DAT) company, behind only Strategy. Bitcoin still dominates the corporate treasury space with 95% market share, while Ethereum accounts for just 4.3% according to BitcoinTreasuries.NET data.

In recent comments, Tom Lee underscored the strategic importance of Ethereum:

“Investing in blockchain is akin to owning real estate.”

Tom Lee has made a strong case for Ethereum, noting that the entire financial system today is built on tech stack on top of tech stack with a lot of fake or fraudulent transactions, while Ether (and BTC) has had zero fraudulent transactions. He added that blockchains are also much cheaper to run. He compared investing in blockchain to owning real estate and said agentic AI will use blockchains for speed and to keep them from going rogue. Lee also indicated that BitMine may not need to own more than 5% of the supply and believes the company will likely be added to the Russell 1000 index at the end of June, which should help stabilize the price. He further noted that Ether supply has contracted and that BitMine holds a large stake in Mr. Beast’s financial company.

BitMine stakes the vast majority of its ETH holdings through its proprietary MAVAN (Made-in-America Validator Network), which generates substantial staking yield and cash flow for the company.

Market watchers expect the latest on-chain purchases to receive official confirmation in BitMine’s next SEC filing, anticipated around next Monday. If the company sustains its current pace of accumulation, it could cross the symbolic 5% threshold before the end of 2026.

This aggressive strategy continues to draw attention as one of the strongest institutional conviction signals for Ethereum in the current market cycle.

Matt Cole was asked when mergers make sense in the Bitcoin treasury sector. He ruled out Strive buying again. Then he offered an example involving two companies he does not run.

What if Metaplanet bought Nakamoto, and Nakamoto then issued US preferred stock?

Cole was careful. He said he had no insider information about any deal. He framed it as a scenario, not a forecast. But the scenario is precise, and it lands on the exact constraint each company is fighting. That is what makes it worth taking seriously.

Metaplanet wants to issue a US-style perpetual preferred. It cannot right now at adequate speed. Nakamoto has a US listing and almost nothing to do with it. Cole's idea puts the two facts in the same sentence.

Nakamoto is a listing in search of a balance sheet

Nakamoto holds 5,058 Bitcoin. That stack is worth roughly $370 million. The company's market capitalisation is around $75 million. The equity trades at a deep discount to the Bitcoin behind it.

The share price tells the rest. Nakamoto is down roughly 99% from its 2025 high. To stay on the Nasdaq it executed a 1-for-40 reverse split in May, collapsing about 696 million shares into roughly 17 million. The split bought time but hasn't repaired the price.

The company got here by spending its credibility. In March it sold 284 Bitcoin, around $20 million, to cover working capital and costs tied to acquisitions. Those acquisitions were BTC Inc. and UTXO Management, two firms founded by CEO David Bailey, bought in a $107.3 million all-stock deal that diluted public holders. Bailey sat on both sides of the transaction.

The pay told the same story. Nakamoto's first-quarter 10-Q showed compensation expense of $7.3 million, up sevenfold from $1.0 million a year earlier, against $2.3 million of operating revenue and a $238 million net loss. Bailey's own compensation runs through consultancies he controls. So the picture handed to shareholders was a stock down 99%, a forced Bitcoin sale, related-party acquisitions that doubled the share count, and a compensation line rising while the equity collapsed. A chief medical officer left over from the KindlyMD reverse merger, kept on to satisfy a Nasdaq operating requirement, became the punchline.

What Nakamoto still owns is the thing Metaplanet cannot manufacture. A Nasdaq listing. A US issuer with a public vehicle attached.

Metaplanet is an issuer with nowhere to issue

Metaplanet has the opposite problem. It holds 40,177 Bitcoin, the third-largest corporate stack in the world. It has scale, a clean structure, and a strong shareholder base. What it does not have is a working preferred instrument.

The plan was MARS and MERCURY. MARS is the STRC analogue, a monthly adjustable-rate preferred. MERCURY sits a tier below. On 13 May, CEO Simon Gerovich announced that these were to be delayed.

He named the reasons. Japanese exchange rules require preferred dividends to be backed by sustainable, recurring cash flow tested across market conditions. Metaplanet has a six-quarter operating record to point to. The instrument would be only the sixth or seventh listed preferred in Japan, and the first perpetual. Monthly dividends, standard for STRC, are alien to a market that pays once or twice a year.

The cost of the delay is visible in the stock. Metaplanet trades near its lowest level since late 2024, down around 41% this year, underperforming Bitcoin, Strategy and Strive. A $725 million impairment in the first quarter did not help. Shareholders who bought the Strategy-of-Japan thesis are waiting on an instrument that Japan's market structure may not permit for a long time.

So Metaplanet wants to issue in the US. Cole's framing of the obstacle was exact. Metaplanet has no US operating company, no listed US vehicle, and no established issuer status in the United States.

The case for

The deal solves both constraints at once. Metaplanet absorbs a US-listed entity and inherits, in effect, a Nasdaq platform from which a familiar STRC-style preferred could be issued to American capital. The blocked instrument finds a market. Bailey already advises Metaplanet, and Nakamoto and UTXO have both invested in it, so the two are not strangers.

For Nakamoto holders, a merger at any reasonable mark would re-rate a stock that the market has left for dead. A discounted vehicle folded into a 40,177-Bitcoin balance sheet is a different security. Cole's read was that sentiment toward Nakamoto would improve sharply.

There is also a cheaper-Bitcoin angle. Buying a company trading below the value of its Bitcoin is a way to add coins at a discount to spot. That is the logic that drew Strive to Semler Scientific, whose 5,048 Bitcoin came attached to preferred-share ambitions of Strive's own.

The case against

The obstacles are not small, and Cole did not pretend they were. The two companies sit in different countries. A cross-border combination raises tax, regulatory and structural questions that a domestic deal does not. Cole himself was unsure it could be done cleanly.

Then there are Nakamoto's operating businesses. Strive is unwinding Semler's healthcare arm. Nakamoto's equivalents, BTC Inc. and UTXO, were bought by Bailey from Bailey. Stripping them back out is unlikely to be something he wants, which complicates any clean treasury-for-listing swap.

The hardest problem is trust. Nakamoto spent its reputation on a Bitcoin sale, a near-total drawdown, related-party acquisitions funded by dilution, and a pay structure that grew as holders were wiped out. A merger does not erase that history. Metaplanet would be importing a damaged brand into its own shareholder base at a moment when its own holders are already restless.

What would have to be true

Cole's own verdict was a shrug, and an honest one. He did not know whether it made sense for both sides. He could imagine scenarios where it did.

That is the right place to leave it. There is no evidence a deal is being discussed. What there is, is a structural fit. One company has a listing and no use for it. The other has a use and no listing. For the idea to move from a podcast to a term sheet, the cross-border mechanics would need to clear, Bailey would need to accept a diminished role, and Metaplanet would need to decide that a US preferred is worth inheriting Nakamoto's past to get it.

The product is a company that compounds sats off its own trading infrastructure rather than off its shareholders. A close look at the model being built, and where it sits in the UK Bitcoin treasury ecosystem.This includes excerpts from an exclusive interview with CEO, Roy Kashi.

This is the latest in a BitcoinTreasuries.net series deep diving into the companies developing the British Bitcoin ecosystem.

Yield Without a Tailwind

Bitcoin fell roughly 30% across the first quarter of 2026. Many treasury companies spent that quarter watching net asset value compress and waiting for the tape to turn. Falconedge spent it accumulating. For the month of April the company reported a 1.078% balance sheet yield, lifting holdings to 20.4970 BTC. Since the strategy went live on 1 December 2025, the compounded figure stands at 6.34% - 1.22 BTC of incremental growth, £70,405 in fiat-denominated return measured to 1 May 2026 - earned across a window in which the underlying asset did nothing but fall.

That is the number that defines Falconedge. The yield is, in Kashi's framing, uncorrelated to Bitcoin price action, macro events or geopolitical noise. It does not depend on a rising market, and it does not depend on issuing shares. In a sector that has spent two years debating how to acquire Bitcoin, Falconedge has built a company that grows the stack while the market falls.

The Inheritance

Falconedge listed on the Aquis Stock Exchange under the ticker EDGE on 5 November 2025, with a US OTCQB quote (FEDGF) and a Frankfurt line (V87) following. company was spun out of Falcon Investment Management, a platform ranked first in Europe by HFM in 2025 for hedge fund infrastructure and digital asset regulatory hosting. The lineage runs deep as Falcon Investment Management launched one of the UK’s first regulated crypto funds in 2018, later expanding into DeFi strategies and managing a peak of over $850 million in digital assets.

Kashi himself comes from the institutional side of the table. He was a senior portfolio manager at Brevan Howard, with further experience in oil and commodities at BGC. He likens the management profile of Falconedge to Strive in the US - a treasury company run by people with deep-rooted origins in Traditional Finance. The Bitcoin strategy, he says, came naturally as the sister company was entrenched in the asset class early, with its first fund launched around 2018. The treasury was just an extension of expertise that already existed. Kashi also spoke on the contribution of Zynx, known to the Bitcoin community as @ZynxBTC, who he spoke of warmly as a figure shaping the strategy from inside. The emphasis was on a long-term commitment to the approach that matches the company's own.

An Operating Business First

The distinction Kashi draws hardest is the one the market is slowest to hear. Falconedge is, first, an operating business with a Bitcoin strategy bolted on. The advisory arm provides turnkey infrastructure to asset and fund managers – compliance, operations, capital introduction, software, treasury strategy – the operational scaffolding that an emerging manager would otherwise need to build alone.

Falconedge departs from the wider treasury conversation with clear differentiation. The company does not watch mNAV. The premium or discount of its share price to the value of its underlying Bitcoin - the metric that governs the issuance behaviour of most of its peers - is not the variable management optimises against. The focus is the operating business and the yield it funds. Kashi is open about how he tries to block out the noise of the traditional Bitcoin treasury companies and the Saylor model with respect. Falconedge’s main objective is infrastructure that survives in both a bear and a bull market, with one stated priority above all others: maximise shareholder return.

The regulatory architecture reinforces the model. Like the rest of the UK-listed cluster, Falconedge must maintain a genuine operating business to avoid classification as an Alternative Investment Fund.

The Internal Yield Engine

The mechanism behind the 6.34% is the part of the story that sets Falconedge apart, and it is the part most treasury companies cannot replicate. The yield is generated internally and off-chain. There is no third-party lending desk, no on-chain protocol, no custodial counterparty taking the other side. The Bitcoin is put to work inside the group's own trading infrastructure - the same institutional plumbing that earned the sister platform a major European hedge fund award.

That structure removes the failure mode that destroyed the last generation of Bitcoin yield. Celsius, BlockFi and the rest were counterparty stories: Bitcoin lent out, rehypothecated, and gone when the counterparty failed. Falconedge's yield carries no such exposure. The trading managers own their own capital loss - a first-loss structure in which the downside sits with the manager, not the company. For Falconedge, that arrangement is what underwrites both the return and the preservation of capital. When asked about why someone should try to earn returns on Bitcoin, the response was “Why would you put money into a 0% savings account? You wouldn't,” Kashi says. “So you have to let it work, let it return.”

The cadence is the engine. The strategy compounds at roughly 1.2% per month - December 1.29%, January 1.88%, April 1.078% - and the compounding is the entire thesis. In a bear market the company earns Bitcoin without diluting shareholders. It accumulates through the drawdown, then carries a larger stack into the next bull market, where the same percentage yield compounds off a far larger base. The bear market builds the position the bull market amplifies. Each month's yield is reported as independently verified.

Yield to Shareholders, Not From Them

Kashi is direct about what he will not do. Heavy dilution of shareholders - the engine of the best-known treasury playbooks - makes him deeply uncomfortable. “I don't want to use shareholders as yield,” he says. “I want to provide yield to them.” The inversion is the whole point. In a model funded by continuous share issuance, the shareholder is the source of the Bitcoin the company buys. In Falconedge's model, the operating business and the internal yield are the source, and the shareholder is the recipient.

This is why the company can accumulate without an at-the-market programme running hot. The monthly yield adds Bitcoin to the balance sheet with no shares created against it; the advisory revenue adds more. Both pathways raise Bitcoin per share rather than diluting it. The flexibility to raise equity when a genuinely strategic opportunity appears remains, but it is an option, not the engine. The engine runs whether the company issues a single new share.

What Is Being Built Next

Two instruments sit on the horizon, and both were described in interview as in discussion rather than filed. They are worth setting out precisely because they show where the capital structure is heading.

The first is a fixed-coupon bond, one or two years in tenor, with a Bitcoin kicker attached. The structure is built to be asymmetric in the holder's favour: in a bear market the bondholder is unaffected and still collects the coupon; if Bitcoin rises sharply over the term, the holder participates in the upside through the kicker. It is a debt instrument designed to pay in a flat or falling market and to convert into Bitcoin exposure in a rising one - financing that does not punish the shareholder to service it.

The second is preferred equity, and Kashi's framing of it is structural. He points to a comparison made by Matt Cole at the Bitcoin Treasuries Conference – that the mutual fund and ETF industries support thirty to forty instruments – and argues the same multiplicity is coming to Bitcoin preferreds. He sees tens of different preferred instruments issued by different companies, and multiple instruments coexisting within a single region. On this reading the UK does not need one winner in preferred equity; it needs a market.

The existing capital structure is notably clean. There is no IPO warrant overhang - no warrants were issued at listing. The only warrants outstanding are held by management, who have increased their shareholdings and committed to the company. It is a structure with no hidden supply waiting to print against existing holders, which is precisely the condition under which new instruments can be added without diluting the people already on the register.

The Cluster, and the Horizon

Falconedge does not frame the rest of the UK-listed field as rivals. Kashi praises the other British Bitcoin companies as genuine businesses and stays in close contact with their teams – a collaboration that has become characteristic of the cohort. The Smarter Web Company, B HODL, XCE, Satsuma, Stack and Falconedge are each required by the listing rules to run a real operating business, and the result is an ecosystem of structurally different companies pulling in the same direction. They compete for capital and ultimately for Bitcoin, but the collective case for the sector is stronger than any single name making it alone.

On the macro, Kashi is similarly measured. Asked what one UK government policy he would change overnight, the answer is the removal of capital gains tax on Bitcoin - with the caveat that he would only expect it once the government itself adopts a Bitcoin treasury strategy. This has been a recurring theme in my discussions with the CEO’s of British Bitcoin companies.

The horizon he describes is a five-year one: Bitcoin at $1 million a coin, with Falconedge holding thousands of BTC. Stated baldly that is a conviction, not a forecast, and Kashi presents it as such. What makes it more than a number is the mechanism underneath it. A company that compounds Bitcoin off its own revenue and its own trading infrastructure, without leaning on its shareholders to do it, accumulates in every kind of market. The bear market earns the coins. The bull market multiplies them. In the meantime, the stack compounds regardless.

The timing of the vote was not lost on anyone watching. STRC has spent the past several weeks under visible strain. Strategy sold 32 bitcoin earlier this month, a move that rattled preferred holders and sent STRC sliding to a low of $91 last week, the furthest the instrument has drifted below its $100 par value in recent memory. As of this morning, STRC has clawed back to approximately $96,85. The approval of the semi-monthly structure arrived at precisely the moment the instrument needed something concrete to point to.

It is something of a live stress test. Preferred holders are watching whether STRC can absorb a bitcoin sale, absorb negative market sentiment that has not been this pronounced in years, and still hold its structural integrity. The answer the vote provides is that the instrument's governance works, the holders are engaged, and the issuer is willing to adjust mechanics in real time rather than waiting for a more comfortable moment.

The mechanics of the change are straightforward. Under the monthly structure, STRC has shown a consistent and increasingly well-documented pattern around its mid-month record date: trading volume and at-the-market issuance velocity spike in the days before the date, then fall sharply afterward, leaving the back half of each month quieter and the price grinding slowly back toward par. On ex-dividend dates, STRC has averaged a drawdown of roughly 45 cents before recovering. That recovery currently takes weeks. The semi-monthly schedule is designed to compress that window. By splitting each month into two shorter cycles, the distance between any given ex-dividend date and the next record date shrinks dramatically. Strategy's own projection is that the typical price drop on ex-dividend dates will be cut roughly in half, and that the weeks-long recovery could shorten to days.

For existing holders, the most immediate benefit is frequency. Dividends paid twice per month means capital is returned to holders faster, reinvestment lag drops, and the effective yield curve of the instrument tightens. For prospective holders and index allocators, the semi-monthly cadence is expected to improve STRC's eligibility for low-volatility indices, a category of passive capital that has historically been priced out of the monthly structure due to the pronounced drawdown patterns around each record date. More passive demand flowing into STRC means more consistent pricing near par, which means more efficient ATM issuance for Strategy, which feeds directly into its capacity to acquire Bitcoin.

Strategy Executive Chairman Michael Saylor framed the change as continuous improvement rather than a structural repair. Saylor noted that the team concluded that doubling the frequency would make the instrument twice as good. CEO Phong Le offered a musical analogy, describing the move as stretching the instrument an octave higher — same yield, doubled frequency, greater clarity. Le also drew the connection for MSTR common shareholders: higher STRC demand raises Bitcoin yield, which presses mNAV higher, which lowers the overall cost of capital across the capital stack.

Payments will align with the U.S. bi-monthly payroll cycle and will only be made on days when markets are open, the company confirmed. The first semi-monthly record date will be June 30, with the initial payment under the new cadence on July 15. Accelerated dividends will effectively begin roughly one month after the vote.

Strategy also announced that it has acquired 1,550 Bitcoin. bringing their total holdings to 845,256 BTC, the figure is not coincidental. After selling 32 bitcoin earlier this month — a transaction that unsettled the market and contributed directly to STRC's slip below $91.50 — the 1,550 BTC acquisition is a direct statement of intent. The purchase is expected to restore confidence among both STRC holders and MSTR common shareholders that the company's accumulation strategy remains intact, and that the earlier sale was tactical rather than a shift in posture.

The semi-monthly vote is one piece of a larger picture emerging this week. With 1,550 Bitcoin added to the treasury and the dividend structure upgraded, Strategy is sending the same message on two fronts simultaneously: the Bitcoin accumulation strategy is not slowing, and the preferred stack designed to fund it is being made more durable. Whether the $93.50 price on STRC this morning is the bottom of this cycle or a waystation to further weakness depends heavily on Bitcoin's own trajectory in the weeks ahead. But the governance infrastructure around the instrument held under pressure, and that is not nothing.

The product works. The mechanism has a blind spot.

STRC is a transformative financial instrument. A variable-rate perpetual preferred, reset monthly against a VWAP target, designed to hold par across Bitcoin's volatility while funding the most aggressive institutional Bitcoin accumulation programme ever attempted - that is impressive financial engineering. It has worked. Since launch in July 2025 at a 9% coupon, the board has raised the dividend seven times in response to market feedback. The framework was built to be responsive. The problem is the frequency, not the principle.

Today STRC hit an intraday low of $92.12. Despite the fact it is not a reason to panic about the product, it is a quantifiable reason to raise the rate.

The yield maths have moved beyond a single reset

At $100 par, an 11.5% coupon produces $11.50 annually. At today's intraday low of $92.12, that same $11.50 implies a current yield of 12.49% - nearly 100 basis points above the stated coupon. The market is not sending a subtle signal. It is demanding a yield that the current rate cannot deliver at par and expressing that demand through price.

The framework's own sub-$95 trigger prescribes a minimum 50 bps increase. That takes the coupon to 12.0%. At 12.0%, STRC re-anchors to par only if the market's required yield simultaneously falls back to 12.0%. At a $92.12 print, a single 50 bps reset does not close the gap. The board should treat the framework minimum as a floor, not a target. A rate at or above 12.5% is what the current dislocation is asking for.

Why the framework misfired this month

The mechanics are straightforward. The full-month VWAP for May came in at $99.62, keeping shares close enough to their $100 par value to sit within the $95-$101 target band. No adjustment warranted. The framework read last month's temperature and found it acceptable. Bitcoin's move lower came on June 2-3, after the reset window had already closed.

This is a design feature, not a design flaw - but it has a consequence. In a fast drawdown, STRC is structurally undefended for up to a month. The thermostat cannot respond until the end of June at the earliest. Meanwhile the price gap compounds. What was a 65 basis point dislocation on June 3 is now approaching 100 basis points. Each day the rate sits at 11.5%, the distance the July reset needs to close grows wider.

The semi-monthly vote is good. It is not enough on its own.

The June 8 shareholder vote proposes moving STRC dividends from monthly to semi-monthly - the same annualised rate, paid twice as often. This is worth passing. Smaller, more frequent payments reduce the cyclical ex-div dip, create more entry and exit windows, and dampen per-payment volatility. But frequency and adequacy are separate dimensions. Receiving 11.5% in 24 instalments rather than 12 does not change the yield. The market is not discounting STRC because payments arrive monthly. It is discounting STRC because 11.5% is insufficient for current conditions.

The semi-monthly proposal will increase stability but only at a favourable market rate. A $92.12 print is a rate problem.

Competition is applying pressure from within Strategy's own stack

SATA launched at 13% with daily dividend payments, moving to that cadence on June 16. STRC at 11.5% yields less than SATA and soon to be less payments with daily dividends for SATA. For a capital allocator seeking yield, that positioning is difficult to defend at a near 8% discount to par when SATA is available from a comparable issuer at a higher rate. Raising STRC to at least 12% restores the instrument's relative-value logic and re-establishes the yield gap that justified its positioning.

The verdict

STRC is a transformative product with established proof of work. However, it is operating in a stressed market environment. The Bitcoin thesis is intact, the treasury is substantial, and the instrument's core mechanics remain sound. None of that is in dispute here. What is in dispute is whether the board uses the July reset to meet the market where it is or holds at a minimum that was calibrated for a different environment.

At $92.12, the market's answer is unambiguous. It is demanding 12.49%. The board should respond in kind - not with the framework minimum of 50 bps, but with a rate that reflects the current clearing yield. A reset to minimum 12% at the next declaration, combined with Bitcoin stabilisation and the semi-monthly structure coming online, is the combination that re-anchors STRC to par durably. The product deserves that fix. So do its holders.

12% should be the floor.

All opinions are held by the writer and not BitcoinTreasuries.net.

Bill noted that the timing aligned with a period of lower Bitcoin prices, which he views as favorable for capital deployment. "Sometimes it's better to be lucky than smart," he said.

Per public filings, BSTR expects to hold approximately 30,021 BTC at launch: 25,000 BTC contributed by the founding team (advised by Blockstream Capital) and 5,021 BTC via a Bitcoin in-kind equity PIPE — a structure that allows investors to contribute BTC directly in exchange for shares rather than converting to cash first.

The company has also raised fiat capital through three tranches: a $400M common equity PIPE, a $575M face-value convertible note at a 1% coupon, and $300M face-value preferred equity at a 7% coupon with a 15% discount (approximately $255M net proceeds). Bill indicated SPAC trust redemptions are expected to be low, though final figures will depend on shareholder votes.

BSTR plans to operate as an actively managed treasury rather than a passive Bitcoin holder. Bill outlined strategies including covered options writing, basis trading, market making, and unspecified proprietary initiatives. The company's stated goal is to grow Bitcoin-per-share over time — a metric used by several other public Bitcoin treasury companies to benchmark capital allocation efficiency.

The longer-term model, as described by Bill, draws on Berkshire Hathaway's structure: holding Bitcoin as the core asset while acquiring Bitcoin-ecosystem subsidiaries using low-cost capital. Whether that capital structure advantage holds will depend on market conditions and BSTR's ability to trade at a premium to net asset value — something several treasury companies have struggled to maintain in 2026.

Adam Back, BSTR's CEO, is a cryptographer known for inventing Hashcash, a proof-of-work system that influenced Bitcoin's design, and for leading Blockstream. His technical background is among the factors the company cites as a differentiating asset in the Bitcoin treasury space.

A shareholder vote and final regulatory approvals are expected in the coming weeks. If approved, BSTR will list on Nasdaq.

This article is based on an interview with BSTR management and public SEC filings. This is not financial advice.

Getting Bitcoin onto a balance sheet took a decade. The harder question is what to do with it once it is there.

The institutions tracked on BitcoinTreasuries.net hold close to 6% of the total Bitcoin supply. As the treasury ecosystem matures, the question most of them are asking in 2026 is not whether to hold Bitcoin. It is what to do with it once they do.

BitcoinTreasuries.net is naming Hemi as our preferred Onchain Treasury and Finance Partner, focused on helping institutions deploy programmable Bitcoin infrastructure for treasury workflows that stay anchored to the underlying asset.

Putting balance sheet Bitcoin to work

Most institutional Bitcoin holdings sit inert. The tools for activating them have historically required wrapping Bitcoin in a synthetic representation, introducing counterparty risk and severing the connection to the underlying asset.

Hemi takes a different approach. It is a Bitcoin-anchored infrastructure layer that lets institutions encode treasury logic directly against native Bitcoin. Applications and treasury policies operate against real Bitcoin activity. Audited mechanisms govern movement and settlement at every step, with a verifiable record throughout. When a position settles, it returns to the original asset.

Hemi launched on mainnet in March 2025 and has reached $1.2 billion in total value across 90+ ecosystem partners.

You can access the full Hemi institutional overview deck to learn more.

What the partnership delivers

Joint research, master classes, and case studies will be published over the coming months, structured around three things BitcoinTreasuries.net members have asked about repeatedly:

• A framework for evaluating programmable Bitcoin infrastructure. How to assess tradeoffs, risks, and custody implications before committing to any architecture.

• Reference architectures for treasury workflows. Practical starting points for institutions designing Bitcoin-anchored treasury programs.

• Case studies from institutions already deploying. Real examples from organizations that have moved from holding Bitcoin to putting it to work.

The first piece, a framework for evaluating Bitcoin-anchored treasury infrastructure, publishes in the coming months.

Why this partnership

"Our members track close to 6% of the total Bitcoin supply across corporate balance sheets, family offices, and institutional allocators," said Pete Rizzo, President of BitcoinTreasuries.net. "The most common question we have heard in 2026 is how to put it to work without giving it up. Hemi is one of the most credible answers we have seen."

"We spent a decade getting Bitcoin onto institutional balance sheets," said Matt Roszak, co-founder at Hemi Labs. "The next decade is about making those balance sheets work. Every treasury holding Bitcoin eventually answers the same question. The wrong answer is wrapping it. The right answer is programmability that respects the underlying asset."

Learn more

Hemi's architecture and ecosystem are available at hemi.xyz.

Onward, The BitcoinTreasuries.net Team

This is not investment advice and does not constitute an offer to buy or sell any security or financial product. Readers should conduct their own due diligence and seek professional advice before making any financial decisions. Availability may vary by restricted territories. Sponsored content. Produced in partnership with Hemi.

So which one do you buy? Do you buy either of them right now, with bitcoin sliding toward $65,000 and the broader crypto market rattled? And if you have been waiting for a moment where one of these instruments looked like a genuine opportunity, is this that moment?

Those are the right questions. The answers are not as simple as picking the higher yield.

A quick recap of what happened. Strategy, which holds 843,706 bitcoin as of May 31, disclosed in an 8-K filing that it sold 32 bitcoin between May 26 and May 31 at an average price of $77,135 per coin, generating approximately $2.5 million. The proceeds went directly to fund distributions on STRC. The sale was Strategy's first net bitcoin disposal in four years, and while 32 coins against a treasury of over 843,000 is roughly 0.004% of holdings, the symbolism hit hard. Michael Saylor built an identity around never selling. That identity just cracked, just a little, but enough for markets to notice.

STRC dropped to an intraday low of $94.60 on Tuesday. That is a three-month low, and it matters precisely because the entire pitch of STRC is stability. When you buy a preferred stock anchored to $100 par value, you are not supposed to be watching it trade six points below that.

By contrast, SATA is currently trading at $96.90 — closer to its $100 par value and holding up notably better than its larger rival during this week's turbulence.

The comparison to Strategy's December 2022 bitcoin sale is not unfair. That sale also happened near a market low, which in hindsight marked one of the better buying opportunities in the asset's history. Some investors are now making exactly that bet: that STRC at $94 is close to a floor, that the instrument's mechanics will pull it back toward par, and that the downside from here is limited while the upside is a return to $100 plus the 11.5% annual yield you collect along the way.

That is a legitimate thesis. It is also not the whole picture.

To understand what STRC and SATA are actually offering, you need to understand the structure these instruments are built on. Both are perpetual preferred stocks. Neither converts to common equity. Both are designed to trade near $100 through a variable dividend rate that adjusts to pull the price back to par when it strays — when the stock trades below $100, the rate goes up to attract buyers; when it trades above, the rate comes down. Monthly cash payments flow from each, classified primarily as return of capital for tax purposes, which reduces your cost basis rather than triggering ordinary income tax immediately. Both are cumulative, meaning unpaid dividends accrue. And both are backed by bitcoin balance sheets, not by operating cash flows.

That last point is the one most retail investors underweight.

Neither STRC nor SATA is collateralized by specific bitcoin holdings. You do not have a direct claim on a vault of coins. You have a claim on the issuer's balance sheet. Your protection is the issuer's ability to keep accumulating bitcoin, maintain capital markets access, and service its obligations. The difference between the two instruments is, at its core, a question of how much cushion sits beneath you.

Strategy holds 843,706 bitcoin, acquired at an average cost of $75,699. At today's price of roughly $63,600, that position is worth approximately $53.7 billion. STRC has grown to $10.5 billion outstanding, and at 11.5% annualised that puts annual dividend obligations at approximately $1.21 billion per year. At current bitcoin prices, Strategy's holdings represent roughly 44 years of coverage. At $50,000 per bitcoin you are looking at around 37 years of runway, and at $40,000 — a level that would represent a brutal further decline — still around 30 years before the math gets genuinely troubled. The company also has a legacy software business generating operating cash flow, $900 million in cash reserves, and a suite of capital-raising tools including the ATM program that raised $128.3 million in the same week it sold those 32 coins.

The 11.5% yield on STRC is not an accident. It reflects this creditworthiness. You are being paid less because you are taking on less risk relative to the asset base backing you.

SATA is structured identically but built on a smaller foundation. Strive holds 19,000 bitcoin as of June 1, having added 2,500 coins in the final week of May alone at an average of $74,092 each. At today's price that treasury is worth approximately $1.21 billion. SATA now has 7.51 million shares outstanding, which at 13% puts annual dividend obligations at roughly $97.7 million per year. That gives coverage of approximately 12 years at current bitcoin prices — far less runway than Strategy, which is precisely the risk the higher yield is compensating you for. Strive has zero debt, all bitcoin unencumbered, $137.3 million in cash as of June 1, and maintains an 18-month dividend reserve in cash and liquid securities.

The 13% yield compensates you for the smaller balance sheet. Strive is not Strategy. It does not have Strategy's scale, its secondary market liquidity, or its institutional profile. A large institution cannot easily park $500 million into SATA without moving the price. STRC has that depth. SATA is building toward it.

SATA's relative price resilience — holding at $96.90 while STRC has slid to $94 — may itself be a signal worth noting. An instrument trading closer to par during a sector-wide drawdown is either better insulated from the specific concern spooking the market, or it has less institutional selling pressure, or both.

The question of whether to prefer higher yield or more scale is the core trade-off, and it is a genuine one. Some investors hold both for exactly this reason — you get STRC's institutional grade cushion alongside SATA's higher cash flow, and you diversify single-issuer risk in a space where concentration is a real concern.

What SATA brings that STRC does not is a structural innovation that deserves credit. Starting June 16, SATA becomes the first publicly listed security in U.S. capital markets history to pay dividends every single business day. That is not a marketing gimmick. For investors whose financial lives are built around regular income — retirees, income-focused funds, anyone managing monthly expenses from a portfolio — the ability to receive cash every trading day represents a genuine change in how a security functions. Strive CEO Matthew Cole called it a zero-to-one innovation, and while you can argue about the framing, he is not wrong that no listed security has done this before.

Strive also made a notable move in its Q1 report: the company holds $50.5 million in STRC preferred stock on its own balance sheet. That is Strive buying Strategy's product with real money. It is also the kind of signal that tends to get missed in headline-driven coverage but tells you something about how the two companies view each other's instruments.

Now to the harder question. Should you buy either of these right now?

The case against waiting is actually stronger than it might feel in the middle of a drawdown. These instruments are not designed for people chasing bitcoin's upside. They are designed for people who are long-term bullish on bitcoin but need predictable income — the investor who believes bitcoin belongs in a portfolio but cannot stomach watching their retirement savings drop 45% alongside it. A retiree with a 20-year time horizon does not need bitcoin volatility. They need the quiet accumulation of 11.5% or 13% cash yield against an asset that has appreciated at 30% to 50% CAGR over long arcs. The volatility in the underlying does not necessarily impair the preferred; it is the preferred structure's whole point.

The case for waiting is equally coherent. If bitcoin continues to fall and sentiment around corporate treasury companies deteriorates, STRC could go lower before it goes higher, and SATA could face widening spreads as investors reassess the sector. The bitcoin sale by Strategy spooked people not because of its size but because of what it implies: that as STRC issuance grows, bitcoin sales to fund dividends may become more frequent. That is a structural concern, not a headline risk. It deserves scrutiny.

The more precise framing is this. STRC at $94 prices in significant uncertainty. If you believe Strategy's balance sheet is not impaired — 843,706 bitcoin, $900 million cash, $128 million raised in the same week as the sale — then $94 is almost certainly below fair value for a $100 par preferred paying 11.5%. The variable rate mechanism exists specifically to pull the price back to par. That does not mean it happens immediately or linearly. But the math works in one direction when you buy below par.

SATA is a different calculation. At $96.90, it is not distressed. It is gaining momentum. The daily dividend launch on June 16 is a real differentiator, the bitcoin accumulation has been aggressive, the balance sheet is clean, and 13% against a debt-free issuer with a growing treasury is genuinely attractive. The risk is not imminent; it is structural — if bitcoin falls hard enough for long enough, a smaller treasury faces pressure faster than a larger one.

Both instruments share the same existential dependency: continued capital market access and bitcoin's long-term trajectory. Neither is FDIC insured. Neither has a direct lien on specific coins. Neither works if bitcoin goes to zero and stays there. But if you believe, as both companies' investor bases do, that bitcoin is a multi-decade store of value still in early institutional adoption, then the question of which preferred stock to own is mostly a question of how much yield premium you require to accept Strive's smaller scale relative to Strategy's institutional depth.

For the long-term income investor, the answer might simply be: both.

Yet, there's a catch. When we search below the surface, it opens up a massive possibility. Is a preferred equity instrument coming to Britain?

What Was Filed

A capital reduction does not move SWC's net assets, alter its share count, or touch its convertible loan notes, warrants or options. It does one thing: it converts £210 million of locked share premium into distributable reserves. The RNS is careful to say the reduction authorises nothing specific on its own. It is equally careful about what the reserves are for.

Future uses, in the company's words, "could include the issuance of an alternative equity line which has attached to it a right to receive dividends, or buy-backs of the Company's share capital."

That first line is key.

The Distributable-Profits Problem

To see why this matters, start with the constraint it removes. As Ben Harvey laid out, a UK plc cannot pay a dividend without distributable profits - and a Bitcoin treasury company does not have them in the way a normal company does. Under IFRS, only realised gains count toward distributable profits. A buy-and-hold treasury, by design, does not realise. Bitcoin can appreciate for years on the balance sheet and contribute nothing to the reserve a dividend must legally be paid from.

That is a structural block, and it is specific to the UK. It is the reason no British company has been able to copy Strategy's preferred-equity playbook, however much it might want to.

SWC's route around it sits on the other side of the balance sheet. Since its main-market listing it has issued equity well above par - and by Harvey's reckoning the accounting par value is likely under 0.1p a share, so almost the entire raise landed as share premium. That premium, around £213 million to date, is locked from distribution under UK law as capital. The capital reduction is the key that turns it.

Here the detail matters, and it is where most coverage will be wrong. The £210 million cancellation does not arrive in distributable reserves intact. It first absorbs the company's accumulated losses - roughly £77.5 million on Harvey's breakdown, the bulk of it a £70.8 million IFRS impairment booked against Bitcoin's recent drawdown, with the remainder in convertible fair-value movements and listing costs. Only what survives that absorption becomes distributable: about £132.5 million.

So the transaction does two jobs at once. It clears the impairment overhang that has been sitting on the accounts, and it leaves £132.5 million of genuine dividend-paying capacity behind it. The same circular discloses a historic serious loss of capital under s656 of the Companies Act; that loss and the impairment Harvey identifies are the same event, addressed in the same vote.

The Dividend That Has No Recipient

Under the Companies Act 2006, a UK company can pay dividends only out of distributable reserves. Share premium - the cash investors pay above a share's nominal value - is locked and non-distributable by default. SWC's ordinary shares pay no dividend, and management has restated that they will not.

So the question answers itself. A company is manufacturing £210 million of dividend-paying capacity for a share class that, by its own policy, will never receive a dividend. The reserve is not being built for the common. It is being built for an instrument that carries a standing dividend obligation, ranks ahead of the ordinary shares, and sits structurally apart from them.

The RNS does not write the word "preferred." It describes an equity line with a right to a dividend. That is a perpetual preferred in all but name.

The Engineering, Step by Step

The mechanics are worth walking, and Zynx set them out in May. Take the illustrative case. A company issues new ordinary shares through an ATM. The nominal value of each share is 1p, but the market pays 40p, because the market values the business well above par. Issue 100 million shares and the company raises £40 million.

Here the accounting bites. Only the 1p nominal value counts as share capital - £1 million on that issue. The other £39 million records as share premium. The company can spend the full £40 million on Bitcoin immediately. What it cannot do is touch that £39 million for a dividend.

SWC's real par is thinner still Harvey's sub-0.1p figure means the share-premium share of each raise is larger than the illustration, not smaller. The capital reduction is the unlock either way. In Zynx's phrase, it converts market premium into legally distributable capital through balance sheet engineering. The company is doing exactly that now, at scale.

Strategy's playbook

This is the architecture Strategy built in the US, where a stack of perpetual preferreds - STRK, STRF, STRD, STRC - created a yield-bearing capital layer senior to the common. The appeal is specific. A perpetual preferred has no maturity date and no refinancing cliff: it is permanent capital that ranks ahead of ordinary shares but below senior debt. It lets an issuer raise long-duration money to accumulate Bitcoin without diluting common holders when the equity trades near or below the value of its holdings - and the dividend it pays is serviced from reserves of precisely the kind SWC is now creating. No issuer outside the United States has reproduced the model. SWC is the closest.

Timing is the open variable. The early consensus was that nothing would arrive before Q4 - court process, structuring, and a separate admission for any new instrument all consume time. SWC's CEO, Andrew Webley, was responded to that estimate directly. His answer: "No comment. But Q4? That's a long time to wait IMO."

He didn't deny it, and then he volunteered that the timeline was too slow - which only makes sense if there's something coming and he's the one setting its date. He's teasing the instrument, and signalling it arrives at the early end of the expected window.

The Size of the Prize

That structure is the reason the modest first tranche matters at all. At the inaugural Bitcoin Treasuries Unconference UK, Webley presented a breakdown of the UK asset base - roughly £46 trillion in total - since circulated by Jesse Myers. It places UK bonds at about £13 trillion and money at about £10.2 trillion.

Run the arithmetic. Fixed income and cash together are £23.2 trillion - slightly above half of all UK assets. Bitcoin, on the same slide, is £0.08 trillion: around 0.17% of the national balance sheet. That gap is the market a sterling Bitcoin-backed yield product walks into, and nothing competes for it. On Myers's framing, the UK commands roughly 6% of global assets, and its fixed-income share has had no Bitcoin-denominated alternative. Zynx's read on the destination is blunt: Bitcoin-backed products are going to eat fixed-income markets all around the world. A £25-40 million preferred is the first bite. The pool it is biting into is measured in trillions.

What Still Has to Clear

The instrument is not formally announced, and a clean path is not a finished one. The reduction needs the 17 June vote and High Court confirmation to take effect, with court directions expected between 3 and 14 July. The RNS notes that further shareholder approvals would likely be required before any specific instrument is issued. And the preferred is a separate security - it has to be structured, offered and admitted to trading on its own. The path still runs through court approval and, in effect, a second listing.

These are steps on the runway, not obstacles in the road. Harvey's view on the vote is unambiguous: it should be a resounding yes, because in one transaction SWC clears the impairment overhang and arms the balance sheet for preferreds. The board is behind it. The court process is procedural. What sits underneath is settled: SWC is creating £132.5 million of dividend capacity it does not need for its common, has named a dividend-bearing equity line as the use, and has a CEO who thinks Q4 is too far away.

The Direction of Travel

A company does not free £132.5 million of dividend capacity by accident, and it does not name preferred-style equity as the use case to fill space in a circular. Every piece that has to be true for a sterling perpetual preferred is being put in place, in order, on a published timetable.

When it lands, this will be the first Bitcoin-native claim on a £23 trillion market that has never had one - and, in Harvey's words, potentially the beginning of the biggest structural move in European Bitcoin treasuries to date. Smarter Web gets there first. Or will they?

Sourced from The Smarter Web Company's 1 June 2026 RNS and circular; the capital-reduction mechanics as explained by Zynx (@ZynxBTC); the IFRS, loss-absorption and issuance-sizing analysis of Ben Harvey (@0xbenharvey), whose figures are his estimates; and the UK asset breakdown presented by Andrew Webley at the inaugural Bitcoin Treasuries Unconference UK, circulated by Jesse Myers.

It's a fair question. And the answer depends almost entirely on one variable: what you believe Bitcoin does from here.

Michael Saylor framed it as cleanly as anyone has. "If you think Bitcoin is going to zero tomorrow forever, you don't want to own this. If you actually believe in Bitcoin, it's not terribly risky." He went further: "If you think Bitcoin is as good as the S&P, this is investment grade. If you think Bitcoin outperforms the S&P, it's almost riskless. If you think Bitcoin goes to zero, then this is distressed credit."

That is an unusually honest product description. It is also a useful analytical framework, because the answer to "can STRC blow up" is less a question of product design and more a question of Bitcoin's long-term trajectory. For believers, the current dip to $96.71 is a buying opportunity with an 11.89% effective yield. For skeptics, the structural risks below are worth understanding before sizing a position.

First, a Note on Strategy's 32 BTC Sale

A few days ago, Strategy disclosed the sale of 32 Bitcoin. Predictably, corners of crypto Twitter treated it as a distress signal, the beginning of the end, the first crack in the dam.

It almost certainly wasn't.

Selling 32 BTC when you hold 843,706 is not a liquidity event. It's a rounding error. The more plausible read is that this was deliberate market education. Strategy was signaling to institutional holders and analysts that Bitcoin sales are a normal operational tool, not an emergency lever. You don't panic-sell 32 coins. You teach the market what a controlled sale looks like before you ever need to do a large one.

Saylor addressed the concern directly: "Even if we sell 1 Bitcoin, we will buy 10x-20x more. It should be a non-issue after people understand it." He also laid out the math that makes that statement more than just confidence: "If we issue STRC equal to 2.3% of our Bitcoin holdings, we will be a net buyer of BTC forever, even if we sell BTC to pay the dividend." That is the structural logic that turns a dividend obligation from a liability into an accumulation engine. The preferred program is not competing with Bitcoin buying. It is funding it.

The scale of that accumulation is worth sitting with for a moment. Saylor recently noted that Strategy has already bought $11 billion of Bitcoin so far this year, purchasing at 2x the rate miners are able to produce it. The STRC preferred program alone is running at a $24 billion annual rate, which Saylor says will buy 2x to 3x the entire Bitcoin supply produced by miners on its own. That is not the capital deployment profile of a company preparing to sell. It is the profile of a company that views every dip as a reloading opportunity.

Not all Bitcoin sales by Strategy are net negatives for MSTR holders either. Tax-loss harvesting is one obvious mechanism, selling depreciated BTC at a loss to offset gains elsewhere in the corporate structure while maintaining effective exposure through reinvestment. Another is NAV reset management: selling Bitcoin at a calculated moment allows Strategy to reset its cost basis, potentially improving future reported return metrics and giving management flexibility to re-enter at lower prices, which is accretive if Bitcoin subsequently recovers. The 32-coin sale may serve one or both of these purposes. A sale is not automatically bearish on the company's Bitcoin conviction.

The Capital Structure Almost Nobody Reads

STRC is a preferred stock. It's worth understanding where it sits in a hypothetical Strategy liquidation scenario. In any wind-down scenario, convertible debt holders, currently $6.754 billion per Strategy's own dashboard, get paid before STRC and the other preferred classes. The total preferred obligation across all classes sits at $15.482 billion. Common shareholders (MSTR) are last.

The important thing to understand here is that STRC is actually well protected relative to MSTR common stock. It sits significantly higher in the waterfall. Common equity gets zeroed out first and gets zeroed out hard. STRC holders have a much larger buffer before they see any real impairment.

At Bitcoin's current price of $67,207, Strategy's 843,706 BTC is worth $56.7 billion. BTC value divided by senior claims: $56.7B / ($6.754B + $15.482B) ≈ 2.5x coverage. The BTC reserve alone covers annual dividend obligations at a ratio of 33.1 years. That is not the balance sheet of a company approaching distress.

The bear case math does compress on the way down, it's true. At approximately $26,290 per Bitcoin, MSTR common equity is wiped out entirely. But that number is roughly 60% below current prices. STRC has a long runway before reaching genuine impairment territory, and the yield adjusting upward automatically as price falls means holders are compensated for the incremental risk in real time.

The Number That Actually Matters: Around $50,000

The STRC product is designed with meaningful downside protection. The $100 par value creates a redemption floor. Right now STRC is at $96.71 with an effective yield of 11.89%, already reflecting some risk premium above the stated 11.5% target. At $95 that yield would push toward 12%, which historically stabilizes demand for income products. There are no margin calls or forced redemptions in the traditional sense, and Strategy carries 6.3 months of USD cash coverage at current annual dividend obligations of $1.712 billion covered by a $900M USD reserve.

The bull case here is straightforward. If Bitcoin climbs from $67,207 toward the $200,000 to $500,000 range that a number of credible analysts including Saylor himself have projected, the collateral base expands dramatically. Strategy's $56.7 billion BTC reserve becomes $150 billion or more. The preferred stack that represents $15.482 billion against $56.7 billion in collateral today becomes a tiny fraction of the total asset base. STRC at $96.71 with an 11.89% yield, bought today, would look extraordinarily cheap in retrospect. And with STRC's $24 billion run rate absorbing 2x to 3x annual miner supply, the structural demand pressure on Bitcoin's price is not easing. It is compounding.

The stress scenario requires a prolonged bear market below $50,000 sustained over multiple quarters, not a brief dip. At that level, Strategy's mNAV, currently 1.22, could approach 1.0, which constrains the ability to issue new common shares accretively. New preferred issuance would also get harder. The $1.712 billion annual dividend obligation would lean more heavily on the $900 million USD reserve and on Bitcoin sales to bridge any gap. That is a tighter operating environment, though not a catastrophic one given the depth of the BTC collateral at any price above $30,000. And even in that scenario, Saylor's 2.3% issuance threshold math suggests the company can sell Bitcoin to fund dividends and still remain a net accumulator, provided issuance stays within that boundary.

The Reflexive Dynamic Cuts Both Ways

The scenario bears discuss most is Strategy getting caught in a reflexive selling loop. If the company approached distress and began selling large quantities of its 843,706 Bitcoin, that selling pressure could push Bitcoin lower, worsen the balance sheet, and force more selling.

What gets less attention is that the reflexive dynamic works just as powerfully in the other direction. Strategy's 39% amplification factor, visible on the dashboard today, means that a sustained Bitcoin rally compresses the preferred obligations as a percentage of assets rapidly. A move from $67,207 to $100,000 per Bitcoin would add roughly $27.7 billion to Strategy's BTC reserve. The preferred stack stays fixed at $15.482 billion while the collateral base grows dramatically. STRC's risk profile improves nonlinearly on the way up.

Today's 9.15% single-day drop in MSTR to $136.08 illustrates the leverage in both directions. The same amplification that stings on a down day supercharges returns when Bitcoin trends higher for months. Holders who bought STRC during previous dips below par have collected double-digit yields while the collateral base recovered. And with Strategy already buying Bitcoin at 2x miner production rates this year and Saylor on record saying any Bitcoin sold will be replaced at 10x to 20x the volume, the institutional intent behind the treasury strategy has not quietly shifted. The accumulation playbook remains intact.

Putting It Together

The honest answer to "can STRC blow up" is: yes, under a specific set of conditions that require Bitcoin to fall roughly 26% from current levels and stay there for an extended period while Strategy simultaneously loses access to capital markets. That is not a scenario to dismiss entirely, but it is also not the base case for anyone with meaningful Bitcoin conviction.

Saylor's own framework remains the cleanest guide. If you believe Bitcoin outperforms the S&P over the next decade, STRC at $96.71 yielding 11.89% is, as he said, almost riskless. If you believe Bitcoin roughly matches broad equity returns, it is investment grade income with Bitcoin upside on the collateral. The only scenario where STRC genuinely fails is the scenario where Bitcoin fails, and if you believe that, the product was never designed for you.

At $67,207 today with STRC at a $3.29 discount to par, an effective yield approaching 12%, a company buying Bitcoin at twice the rate miners produce it, and a structural design that keeps Strategy a net Bitcoin buyer even when selling to fund dividends, the market is offering a modest entry premium for the risk. For holders with a multi-year Bitcoin outlook, that premium looks reasonable. For holders who need to know their $100 is safe next quarter regardless of what Bitcoin does, there are better products for that job.

All figures sourced from Strategy and STRC dashboards as of June 3, 2026.

This is the second of a BitcoinTreasuries.net series deep diving into the companies building the British Bitcoin ecosystem.

Two Investors Look at XCE and See Half a Company

Scott Ellam has noticed something about the people who study his business. They split into two camps, and each camp sees a different company.

"I speak to Bitcoin investors, and they focus on the Bitcoin treasury," Ellam told BitcoinTreasuries.net "And then I speak to traditional investors, and they focus on the operating business, and their bias is to think that the operating business is the only way to fund the Bitcoin treasury, and the Bitcoin treasury investors feel biased to think that the Bitcoin treasury is the only way to strengthen the Bitcoin treasury."

Connecting Excellence Group plc, listed on the Aquis Growth Market as XCE, is a public listed operating business built on a profitable, international, scalable executive-search firm, Spencer Riley, with an integrated Bitcoin treasury sitting above it. The structure is deliberate: the treasury is held at the topco, so the Bitcoin belongs to every shareholder rather than to the subsidiary that earns the cash. What it produces is a two-way loop. A stronger operating business lends strength, credibility and durability to the treasury, which makes the treasury more attractive to the market, which in turn makes the group more attractive to the next revenue generating recruiter and the next cashflowing acquisition as they progress in their strategy of rolling up competitors and people into the group. Ellam calls it "a compounding model between operating business and balance sheet." The half that both camps tend to miss is that the two sides drive each other, and the routes that matter most to this readership are the ones that grow the stack without issuing a single new share.

A Private Treasury, Then a Public One

The listing is recent. The treasury is not. The reasoning behind it is the part worth dwelling on, because it is a treasury thesis rather than a conversion story.

Ellam founded Spencer Riley in 2014 and spent the next six years building a cash reserve inside the business, holding it deliberately for an opportunity to scale. The opportunity arrived in 2020, when he moved the firm to Leeds - the centre of UK international executive search - intending to recruit billers out of the larger firms around him. Lockdown landed a week later, and the central banks' response reframed the entire balance sheet. "The cash reserve that we'd been building I could see was now going to be debased and was going to draw down in purchasing power over the next 5, 10, 15 years," he said. "So in 2021, in October, I committed the business to a Bitcoin balance sheet." The reserve he had built for six years to deploy into growth became the reason to hold Bitcoin instead of sterling.

The first balance sheet Bitcoin purchase went through in October 2021, giving the company a four-year accumulation record through the deepest part of the cycle before any share traded. For most of that period the balance sheet was a private competitive advantage, run anonymously. What turned the private treasury into a public one was watching another UK company map the regulatory route first. When Smarter Web listed, the path cleared. "They've cleared a path through the regulatory woods that allowed me to follow, with significantly reduced risk to the existing operations," Ellam said. "Now that has been cleared, I can go for it." XCE - Connecting Excellence Group was incorporated in May 2025, acquired Spencer Riley in September, and listed on the Access segment of Aquis on 11 December 2025. XCE was oversubscribed and raised £3.3m gross at roughly an £8m valuation. A US OTCQB quotation under XCELF followed in February 2026.

The board is built for the capital-markets work the model depends on. Chairman Sam Roberts is a qualified actuary who helped lead the first UK pension-scheme Bitcoin allocation at Cartwright. Richard Byworth, board adviser, runs a Bitcoin-denominated fund, carries deep convertible-markets experience, and designed the company's bond. Vijay Selvam, board member, is Chief Legal Officer at Elektron, Tethers mining business. Adam Back, key strategic investor and CEO of BSTR, has followed on through every round and, in April, increased his stake again.

Earned Fees Are the Channel That Doesn't Dilute

The operating business matters here for one treasury reason: it is designed to increase cashflow that converts into Bitcoin without touching the share count. And it earns that cash on a cycle entirely its own.

This is the strongest evidence for the model, and it is empirical. By Ellam's account, Spencer Riley grew revenue at a 37% compound annual rate between 2021 and 2025 - a stretch that contained an 80% drawdown in the Bitcoin price. The reason is structural: "executive recruitment is uncorrelated to the Bitcoin price." The cash engine kept compounding while the asset it buys fell by four-fifths, which is precisely the property a treasury wants underneath it. A pure-play vehicle accumulates fastest when markets are open and issuance is accretive, and stalls when they close. An operating business that earns through the drawdown keeps buying when the price is lowest. The uncorrelated cash flow is the mechanism that lets XCE accumulate counter-cyclically.

The economics of that engine are capital-light. Recruitment carries almost no fixed asset base, revenue scales with people rather than plant, individual recruiters generate revenue from their own clients and the business is sector and region agnostic in its scaling ability - a high biller can start tomorrow, in a new market for XCE and generate revenue the following week.

The incentive and retention mechanism is the part a pure-play treasury cannot replicate. Across the industry, recruiters are paid in salary and commission with no equity and no long-term incentive. XCE adds performance-linked options on top that are directly linked to the sales revenue an individual recruiter generates, long-dated over 5 years and only vesting when a recruiter has generated significant revenue and profit. So, it functions first as a lever to drive cash generation and increase Bitcoin per share, but it is also a compounding incentive and retention model no commission-only rival can match. The cash generated is earned from clients, not raised from the next investor, which is the distinction that separates this channel of acquiring from issuance.

The Fee That Settled in Bitcoin

On 14 April 2026 Spencer Riley invoiced and settled a search fee directly in Bitcoin - 0.516 BTC, around £27,472 - and kept it on the balance sheet rather than converting to sterling. The company believes it is the first UK-listed recruitment business to invoice and settle a fee in Bitcoin. The receipt took holdings to 52.941 BTC.

At today's scale this is a proof of concept, and it reads best as one. A fee banked in Bitcoin and retained grows Bitcoin-per-share with no issuance and no capital deployed - the purest version of the accumulation channel above. The lever it demonstrates compounds as corporate familiarity with Bitcoin spreads: a recruiter that can bank fees in Bitcoin accretes hard money to every share each time it places a candidate. The single settlement is small. The mechanism is the point, and it is repeatable.

The Bond That Dilutes Only on Outperformance

The most sophisticated instrument on XCE's balance sheet is the one least expected on a company this size: a Bitcoin-denominated convertible bond, designed by Byworth. The first tranche was issued for ten Bitcoin and settled entirely in Bitcoin.

The mechanism is in the conversion price. On a conventional convertible the strike is fixed in fiat, so the bond converts into equity once the share price clears a sterling or dollar level, regardless of what the underlying treasury asset has done. XCE's strike is denominated in Bitcoin and tracks it. Conversion only comes into the money when the share price has risen faster than Bitcoin itself, by a defined margin of roughly 20%. The consequence is a clean alignment between financing and performance. If XCE merely tracks Bitcoin, the bond does not convert, no shares are issued, and the company has in effect borrowed Bitcoin at a zero coupon for the term. If the equity beats Bitcoin past the hurdle, conversion occurs and the resulting dilution has been paid for by exactly that outperformance. Dilution becomes the reward for beating the asset on the balance sheet rather than the standing cost of carrying debt.

"It was the first time there's been a truly Bitcoin-denominated convertible bond, in that the conversion price tracked Bitcoin," Ellam said. He is precise about the lineage. He credits Capital B with pioneering Bitcoin-denominated convertibles and describes XCE's work as optimising on that template with the benefit of an experienced team and Adam Back as a regular sounding board for testing the structure. The contrast with the dollar-denominated convertibles that built the first wave of treasury balance sheets is the substance of the design: a Strategy-style convertible is a bet on the equity in dollar terms, while XCE's is a bet on the equity in Bitcoin terms, which is the unit its holders care about. For a Bitcoiner, the bond is a Bitcoin-denominated instrument with a free call on equity outperformance. For the company, it is financing that cannot dilute unless shareholders have already won.

The instrument is also built to absorb fiat demand without leaving the standard. The structure allows fiat-based investors to participate through mechanisms that switch into Bitcoin on receipt, so demand denominated in pounds still arrives on the balance sheet as Bitcoin. And the programme is staged rather than open-ended. Ellam wants the first tranche to convert precisely so the company can move on the next one - conversion clears the runway for a second issuance, which is how a ten-coin proof becomes a repeatable financing line as the balance sheet grows.

The bond sits inside a broader discipline tied to the company's premium to net asset value. When the shares trade at a healthy multiple of the underlying Bitcoin, accelerated placements buy more Bitcoin per share than they create in dilution, and issuing is accretive. When the premium compresses, the discipline is to wait. Adam Back's April subscription is the cleanest read on the equity: he took 33,457,143 shares at 1.75p, matching the prevailing mid-price rather than a discount, for £585,500 directed straight at the treasury. A strategic holder adding at market, rather than waiting for weakness, is a signal that needs no narration. Ellam is candid that the full equity toolkit becomes more powerful at scale , naming roughly £30m as the floor for a Main Market up-listing conversation and £50m as the level he would prefer. Smarter Web has already made the Aquis-to-LSE move, which turns that path from theory into precedent.

The Yield Is the Scorecard

The holdings trajectory is the hard anchor. The treasury has gone from 9.27 Bitcoin before the IPO to 63 Bitcoin, built through IPO proceeds, the uncorrelated operating cash flow described above, the ten-coin bond tranche, the Bitcoin-settled fee, and the Back subscription. Every one of those routes other than equity issuance lifts Bitcoin-per-share rather than diluting it, and the issuance that has occurred was structured to be accretive in Bitcoin terms. XCE reports the result as a Bitcoin yield of 0.98% quarter-to-date in the second quarter, 136% year-to-date and 442.2% since the IPO.

XCE Wants to Staff the Sector It Belongs To

XCE lists into a UK ecosystem that is small, crowded and unusually collaborative. More than a dozen UK-listed companies now hold or plan to hold Bitcoin. Smarter Web is the scaled vehicle, the only one TD Cowen has been willing to call that after its move to the LSE Main Market. Around it sits B HODL, Satsuma, Stack, Falcon Edge and others, each carrying a different operating business beneath the treasury because listing rules require one, which has produced a set of structurally distinct companies competing for the same pool of UK capital.

The UK operators compete for capital and, ultimately, for Bitcoin, but their interests converge on one thing - the regulatory and tax environment improving. That interest has a concrete object. The Property (Digital Assets etc.) Act, which received Royal Assent in December 2025, confirmed that digital assets such as Bitcoin can be held as personal property under English law, giving the sector firmer legal ground, while the FCA still classifies Bitcoin as high-risk and XCE itself remains unregulated. Asked for the single policy change he would make, Ellam's answer is blunt: "Remove capital gains from the currency that is Bitcoin." Treat it as money, in other words, not a chargeable asset disposed of at a gain. The ask is rooted in experience: he came up through what he calls punitive taxes on business owners, employees and directors, and reads a capital-gains charge on what he regards as a currency as a category error.

His wider point on policy is counterintuitive, and it is the more interesting half of the answer. A harsher environment, in his reading, speeds adoption. Private-business owners are pragmatic, and a debasing, heavily taxed backdrop sharpens the case for a Bitcoin balance sheet rather than weakening it. He also sees the ground shifting beneath the regulators. The professional class that sits between business and the state - the accountants, the auditors, the big four, the law firms - increasingly contains people who understand Bitcoin and argue for it, and in his framing they sit "downstream of regulators and talk upstream to the regulators." The treatment he wants is, on that reading, a question of when, not whether.

XCE's distinct position in this group is that it could place the people the rest of it needs to hire, and that the operating business doubles as an adoption channel. The company is building a dedicated Bitcoin recruitment division to match Bitcoin-literate executives with treasury companies, infrastructure businesses and the traditional firms now moving onto the asset. The deeper point is what recruiters are: every business leader in every market and jurisdiction speaks confidentially to an executive recruiter about their biggest challenges and their career and business ambitions. A recruitment network aligned with Bitcoin therefore reaches into the boardroom of almost every industry at once, which makes the operating business a vector for corporate adoption rather than only a cash engine for the treasury. Ellam reads the demand as a question of timing. "Once you've got the need and the urgency aligned, people will move into Bitcoin pretty rapidly," he said. "Right now there's a need, but there's not an urgency. That urgency is building."

The Five-Year Test

The case Ellam makes for the next five years is an operating one, not a price call. He wants XCE to disrupt executive search, grow EBITDA through hiring and acquisition, and earn a genuine equity multiple on that profit on top of its Bitcoin net asset value - the largest UK search firms trade at a mid-single-digit multiple of operating profit, and his pitch is that multiple plus a compounding treasury underneath it. "Where we want to see the business in five and ten years is disrupting our industry and driving increasing EBITDA with a multiple valuation, and an mNAV that is a multiple as a result of that," he said.

The route runs through acquisition as much as hiring, and the logic of the roll-up is grounded in a structural problem the rest of the industry cannot solve. Every privately owned recruitment firm faces the same three constraints: it generates cash that loses value over time, it cannot offer the equity needed to attract and keep its billers, and it has no exit, because the assets are people who can walk and neither trade buyers nor private equity reliably bid for them. The result, in Ellam's description, is owners who "work in their own company their entire career only to self-fund a management buyout." XCE turns each of those constraints into a reason to sell to it. An owner who joins the listed vehicle can switch both cash reserves and ongoing cash flows into Bitcoin, back their recruiters with performance equity, and build a stake toward an exit that did not previously exist. The acquisition universe is large: roughly thirty direct competitors operating internationally, more than 500 recruitment firms in the UK, and thousands globally, typically of five to fifty headcount, none with long-term equity to offer. XCE is, on Ellam's framing, "the only listed vehicle with a Bitcoin treasury backing those share options."

For now the test is visible in a single number that moves one way. The treasury holds 63 Bitcoin, the fees increasingly arrive in Bitcoin, the cash engine compounds on a cycle uncorrelated to the price, and the bond is engineered so that growth costs shareholders nothing unless they have already beaten the asset they own. The two investors Ellam meets each see half of it. The company is built on the half they are both missing.

The buy was funded almost exclusively through Strive's Variable Rate Series A Perpetual Preferred Stock, known by its ticker SATA. According to the 8-K filed with the SEC, Strive issued 1,754,188 new SATA shares during the period. At approximately $100 per share par value, that translates to roughly $175.41 million raised through SATA alone, covering approximately 94.7% of the total $185.2 million purchase price. The remaining $9.82 million came from Class A common stock (ASST) sold through its at-the-market program, with 3,190,618 new Class A shares issued. To put it plainly: SATA did essentially all the heavy lifting here.

This is worth pausing on, because last week was quietly historic for SATA. The instrument had a record-breaking stretch of demand, and our SATA accumulation tracker had estimated significant capital had been raised ahead of the official filing. The actual announcement confirms, and slightly trims, the 2,649 BTC our dashboard had pinned before the filing landed. The order of magnitude of Strive's announcement this week was never in doubt.

The $74,092 average cost is slightly below Strive's previous buy. On May 22, the company acquired 1,109 bitcoin at an average of $76,989 per coin. That prior purchase was made when bitcoin was trading above $74,000. This latest round was executed during the slide that pulled bitcoin toward $70,800 by Tuesday morning, suggesting Strive's treasury team was buying into weakness rather than chasing momentum.

The percentage increase this buy represents is genuinely staggering. Going from 16,500 BTC to 19,000 BTC in a single week is a 15.15% increase in total holdings. That number sounds almost implausible when said aloud. For context, Strategy, which currently holds 843,706 BTC and sold bitcoin for only the second time ever just yesterday, would need to acquire approximately 127,821 bitcoin in a single week to match that same percentage gain. That is not a realistic comparison in absolute terms, but it illustrates exactly why percentage-based BTC yield metrics favor younger, faster-growing treasury companies.

The timing is not lost on anyone. The day before Strive's announcement, Strategy disclosed it had sold 32 bitcoin for $2.5 million at an average of $77,135 per coin. It was only the second time Strategy has ever sold bitcoin, and the market reacted accordingly, sending BTC lower and pulling down the broader crypto market. Strive announcing a 2,500 BTC purchase on the very next day, funded almost entirely through preferred equity, is the clearest possible contrast in corporate treasury philosophy.

The 8-K also revealed several other notable developments. Cash and cash equivalents grew by $44 million during the period, from $93.3 million to $137.3 million, even after deploying $185 million into bitcoin. That is a direct result of raising $229 million total while spending $185 million on the purchase.

The filing also disclosed a slight decline in Strive's holdings of Strategy's STRC preferred stock, which fell from $50.1 million to $49.5 million in fair value, a $600,000 decrease likely reflecting market price movement rather than a sale. Strive additionally noted it raised cash reserves to maintain its 18-month SATA dividend reserve requirement — a threshold now met by the $137.3 million cash position reported at period end — suggesting management is actively backstopping preferred dividend obligations as the share count grows. The company's quarter-to-date BTC yield now stands at 23.0%, with a year-to-date yield of 36.7% and an amplification ratio of 57.0%.

The math behind that amplification ratio is cleaner than it looks, because the balance sheet itself is clean. SATA's notional value is about $751 million and Strive carries no debt. Divide by a bitcoin NAV of roughly $1.31 billion and you get approximately 57 cents of preferred equity outstanding behind every dollar of bitcoin. There is no convertible layer, no term loan, no bank line. Strive swiftly wiped out the legacy debt that came with the recently completed merger with Semler Scientific, leaving the structure entirely preferred-funded. Common shareholders get an augmented bitcoin position with senior claims ahead of them, but no debt maturities to defend and no covenant that forces a sale at the wrong price.

The bigger structural shift arrives June 16, when SATA moves to a daily dividends paid every business day. That ends the monthly rhythm our own Oliver Koblizek wrote about this morning, where buying clusters ahead of the ex-dividend cutoff and then goes quiet. Spread the payout across every session and the monthly "event" disappears. It also turns SATA into something day traders should be watching. The 8-K spells out the mechanic: shares sold through 4:00 p.m. EST count for that day and settle the next business day. Under a daily dividend, a trader unwinding equity positions into the close can sweep idle cash into SATA before 4:00, collect that day's accrual, and redeploy the next morning. At SATA's 13% variable annualized rate, a single day's dividend is worth about a nickel on a $100 share. That shrinks the ex-dividend adjustment to almost nothing, which should pin the peg far tighter than the monthly schedule ever did. The result, if SATA holds near its $100 par, is a high-yield, bitcoin-backed place to park cash overnight. The peg is the whole assumption. Lose it and the parking trade turns into a price bet.

Despite the size of this acquisition, Strive did not move up in the global corporate bitcoin rankings. The company remains in 7th place, edging past SpaceX's reported holdings just as the rocket maker heads toward its IPO. SpaceX will debut at No. 8 when it lists, one rung behind Strive and one ahead of Coinbase. To reach 6th, Strive would need to acquire 5,300 more bitcoin, the amount currently held by Bullish, the crypto exchange, which sits at 24,300 BTC. At this week's pace, that would be roughly two more weeks of buying.

At 19,000 BTC, Strive is no longer a minor player in the corporate bitcoin treasury space. It is accumulating at a velocity that most treasury companies cannot match, using a capital structure built almost entirely around preferred equity demand rather than common dilution. Whether that demand holds at scale, and whether SATA can keep printing at the pace required to fund ambitions this large, is the only question that matters going forward.

Strategy once again led monthly buying as it acquired 25,404 BTC in May. Though that’s less than half of its April purchases, Strategy dominates the sector with more than two-thirds of overall holdings and room to raise billions in ATM proceeds for future buying.

Meanwhile, Elon Musk’s SpaceX reported holding 18,712 BTC — May’s second-largest number, making up one-third of the month’s growth prior to sales.* We expect to add SpaceX to our public companies leaderboard at #7 on its anticipated June 12 IPO date.

Other public companies added or disclosed about 6,900 BTC this month, according to our calculations. Notable updates:

• Strive added 1,943 BTC across four disclosures in May while raising significant proceeds through ATM sales of its SATA digital credit

• Coinbase increased holdings by 1,103 BTC over the quarter

• Apimeds Pharmaceuticals disclosed 1,000 BTC and was newly added to our site**

• BitGo increased its holdings by 776 BTC in Q1 2026**

• American Bitcoin increased its holdings by 500 BTC in May

Sales and holding reductions cut public company balances by about 7,500 BTC in May. The largest reduction we calculated this month was for MARA Holdings, whose latest quarterly filing reported holdings 3,386 BTC lower than our estimate after its March sale.

Other notable reductions include Core Scientific (-1,990 BTC)**, Sequans Communications (-1,481 BTC), and Prenetics (-502 BTC, reducing its holdings to zero).

Additionally, Strategy disclosed in a June 1 filing the sale of 32 BTC between May 26 and May 30. This will be included in next month's totals due to the filing date.

As of May 31, 2026, BitcoinTreasuries.net now records:

• Public company holdings above 1.2 million BTC

• Nearly 4.2 million BTC across all categories

• A valuation above $91 billion for public company holdings alone

BitcoinTreasuries.net continues to analyse holding changes and sector trends in our monthly report. Our April Corporate Adoption Report focused on Strategy’s record-breaking STRC volumes and ATM sales throughout April as well as growth in Bitcoin ETF holdings.

We’re set to publish our May report in the coming weeks, focused on the continued rise of STRC, growth in Strive’s SATA digital credit offering, altcoin treasury trends, and more.

Sign up to be among the first notified of the release.

Notes

*SpaceX’s addition will increase the total holdings in our publicly-traded treasury category by the full disclosure amount (+18,712). However, this will increase our site-wide holdings by just 10,427 BTC because we previously recorded SpaceX as a private company with estimated holdings of 8,285 BTC based on Arkham Intelligence data.

** This is the second month of a methodology change in which we include newly submitted but backdated entries in our monthly buying recap. Critically, this means that three large changes — Apimeds (+1,000 BTC), BitGo (+776 BTC), and Core Scientific (-1,990 BTC) — are included in the above overview and may not have been included under the previous method. This method has not been retroactively applied to past monthly totals in the header chart.

Nothing went wrong. The answer is four words: the ex-dividend date.

This is the cutoff point after which new buyers no longer qualify for the upcoming dividend payment. If you want this month's payout, you need to hold SATA before that date passes. What this creates is a very predictable cycle of demand: investors pile in ahead of the cutoff to secure the yield, and once that date passes, the urgency to buy evaporates. Some holders may even exit after qualifying for the dividend, having captured exactly what they came for. The buying pressure concentrates in the days leading up to the ex-date, and then, almost mechanically, it fades. That is what observers saw this week. Not a breakdown, not a change in strategy. Just the calendar doing what the calendar always does.

To understand why this cycle is so powerful, it helps to understand what SATA actually is. Strive's preferred stock delivers a high-yield dividend to investors who want Bitcoin exposure paired with an income component. When investors purchase SATA shares, Strive deploys that capital directly into Bitcoin. The product is designed to attract income-focused buyers who want consistent payouts while still participating in a Bitcoin treasury strategy. That structure is what makes it work, and it is also what makes the ex-dividend pause completely inevitable.

SATA's price typically dips slightly on the ex-dividend day, reflecting the foregone dividend value for anyone buying after the cutoff. When it trades below its par value, Strive cannot issue new shares efficiently, which halts fresh capital raises and, by extension, Bitcoin purchases. The data feeds on BitcoinTreasuries.net go quiet, and that silence gets mistaken for something more serious than it is. It is not. It is the instrument doing exactly what it was designed to do, pausing between cycles before demand builds again ahead of the next payout.

What makes this particular pause stand out is what immediately preceded it. The week ending May 29 was the strongest in SATA's history across every metric that matters. An estimated 2,649 bitcoin was acquired across just four trading days, with Monday lost to the Memorial Day holiday, worth roughly $193 million at an average Bitcoin price of around $73,000. Friday alone accounted for an estimated 1,179 bitcoin on $164 million in volume, a single session larger than any full week SATA had previously managed. Those numbers are estimates pending today's official filing, but the methodology is sound and the order of magnitude is not in question.

It is also worth noting that the quiet period ahead may be among the last of its kind. Strive has announced plans to move SATA to daily dividend payments on every business day. Once that structure is live, the concentrated buying pressure that currently builds before each monthly cutoff will smooth out across the entire trading calendar. The ex-dividend pause, already a normal and expected feature of how the instrument operates, will become largely irrelevant.

This modest sale represents a symbolic move rather than one driven by financial necessity. It demonstrates that selective Bitcoin sales do not necessarily harm shareholders and can in certain scenarios enhance Bitcoin holdings per share over time. The company has long prepared the market for such actions. During its Q1 2026 earnings call Executive Chairman Michael Saylor and CEO Phong Le outlined plans to sell Bitcoin opportunistically when advantageous while emphasizing continued commitment to accumulating more of the asset overall.

"We will sell Bitcoin when it is advantageous to the company" said Le. "We are not going to sit back and just say we will never sell the Bitcoin." The executives stressed that such sales could actually increase shareholder exposure to Bitcoin on a per share basis by enabling strategic capital management. Saylor likened the decision to a real estate developer selling land at a profit describing it not as a "retreat" from the core strategy but as a natural expression of it. He also highlighted the company's estimated 2.2 billion dollars in unrealized tax benefits from high cost basis Bitcoin that could be realized through targeted sales.

This sale is not the company's first. In December 2022 Strategy previously sold 704 Bitcoin marking an earlier instance of trimming holdings. The current action feels particularly relevant however because the proceeds directly support payments to preferred stockholders. The company maintains a USD reserve specifically designated for dividend obligations and this Bitcoin sale supplements that liquidity. Proceeds from the 32 Bitcoin sold are expected to fund distributions on instruments such as the Variable Rate Series A Perpetual Stretch Preferred Stock known as STRC which carries an 11.50 percent annual dividend rate.

Investors appear to view the development positively. The move reinforces Strategy's flexible yet Bitcoin centric philosophy. By selling a tiny fraction of its massive holdings roughly 0.004 percent the company signals confidence in its ability to navigate short term cash needs without compromising long term Bitcoin accumulation goals. Saylor and Le have repeatedly messaged that the firm remains a net buyer of Bitcoin over time and that tactical sales can create net gains for shareholders through accretive capital allocation.

The announcement aligns with broader transparency efforts. Strategy regularly updates the market through SEC filings and its public dashboard on Bitcoin holdings preferred stock activity and other metrics. This latest disclosure underscores the maturity of its Bitcoin treasury strategy turning what some might see as a negative into a demonstration of disciplined financial engineering. As Strategy continues to innovate in digital asset management this small sale serves as a practical example of balancing immediate obligations with sustained Bitcoin advocacy.

Now that the week has passed its ex-dividend date, trading volume is almost certainly going to slow down for a couple of weeks before picking up again ahead of the next cycle. But it is worth noting that we are not far away from SATA paying daily dividends on every business day. Once that structure is in place, the concept of an ex-dividend date will largely stop being relevant, and the concentrated buying pressure that currently builds up before each cutoff will be smoothed across the entire calendar instead.

Here is how each day broke down:

• Tuesday, May 26: 402.11 BTC acquired | $30.78M net proceeds | $58.09M daily volume | $76,544 avg BTC price | 315.7K shares issued

• Wednesday, May 27: 493.72 BTC acquired | $37.00M net proceeds | $70.68M daily volume | $74,935 avg BTC price | 379.4K shares issued

• Thursday, May 28: 573.79 BTC acquired | $41.93M net proceeds | $101.80M daily volume | $73,075 avg BTC price | 430.0K shares issued

• Friday, May 29: 1,179.4 BTC acquired | $86.65M net proceeds | $164.02M daily volume | $73,476 avg BTC price | 888.6K shares issued

That Friday figure alone was bigger than any full week SATA had previously produced.

These numbers are estimations, not confirmed figures. The methodology behind them is sound and we are confident in the calculations, but they should be treated as such until Strive files official documentation with the SEC. At that point we will have the real numbers to compare against.

What makes even the estimated figures so striking is what they mean relative to Strive's current holdings. With a total stack of approximately 16,500 bitcoin, this single week's estimated acquisition of 2,649 bitcoin would represent roughly 16.1 percent of the company's entire treasury in just four trading days. To put that rate into perspective with a comparison that might be more familiar: for Strategy to match that same percentage of holdings in a single week, Michael Saylor would have needed to acquire approximately 135,000 bitcoin. That figure would be more than three times larger than Strategy's largest single purchase ever recorded, something that as of right now is highly unlikely to happen.

This is not a slight against Michael Saylor or Strategy. Strategy has built the most significant bitcoin treasury in corporate history and has done so through years of consistent, disciplined accumulation. The point of the comparison is simply to illustrate the scale at which Strive is currently growing relative to its own base. In absolute bitcoin terms, Strive is still a much smaller holder. But as a percentage of total holdings, the growth rate SATA is producing week over week is something the market has not seen before.

Wall Street is starting to notice. TD Cowen analyst Lance Vitanza, speaking last week at the Bitcoin Treasuries Unconference in Bristol, said he believes "given its size, Strategy isn't likely to see explosive growth like smaller peers Strive" and that "if you're bullish on Bitcoin, focus on smaller players with scale benefits that haven't plateaued." That kind of language from an institutional research analyst at a major investment bank signals a meaningful shift in how the traditional finance world is beginning to evaluate the bitcoin treasury space, and which names within it have the most room to run.

Strive CEO Matt Cole, also speaking at the Bristol conference, outlined his vision for where the broader market is heading. He said he believes "the digital credit market can easily reach $3 trillion in the next 10 years, as demand grows exponentially" and that "digital credit is a massive opportunity" with "strong demand for more issuers." SATA's recent volume numbers suggest that demand is not a future projection for Strive but a present reality. The daily volume figures recorded last week, particularly the $164 million on Friday, would have seemed implausible when the product first launched.

The trajectory since launch has been steep. Just over a month ago, SATA was producing weekly totals that would fit comfortably within a single one of last week's sessions. The product has gone through multiple phases of acceleration, and each time observers have wondered whether the pace could be sustained, the next week has answered the question. Whether that continues after the ex-dividend quiet period remains to be seen, but the structural drivers have not changed. The yield, the daily dividend roadmap, and the broader institutional appetite for bitcoin-linked instruments with defined income characteristics are all still in place.

Track it all on BitcoinTreasuries.net, with minute by minute accumulation, yield, price, and buying activity available through the SATA BTC Accumulation Tracker.

The run started on Tuesday, May 26, with an estimated 402.11 bitcoin acquired on net ATM proceeds of $30.78 million and total daily volume of $58.09 million, at an average bitcoin price of $76,544. Wednesday followed with a new single day record of 493.72 bitcoin on $37.00 million in net proceeds and $70.68 million in volume, at an average bitcoin price of $74,935. Then came Thursday, May 28, which broke that record almost immediately, with an estimated 573.79 bitcoin acquired on $41.93 million in net proceeds and $101.80 million in daily volume, at an average bitcoin price of $73,075. That brings the three day running total to 1,469.62 bitcoin, and it is worth noting that even before the regular session opened on Thursday, premarket trading alone had already added an estimated 19.32 bitcoin, a strong signal of just how much demand has built up around the product.

Today, Friday, is the last trading day before SATA's ex dividend date, and historically these final sessions before the cutoff have produced some of the biggest single day numbers. There is a real possibility that by the time the bell rings this afternoon, SATA will have raised enough capital to buy 2,000 bitcoin in a single four day week.

The comparison to STRC is becoming harder to ignore. Strive currently holds 16,500 bitcoin. The 1,469.62 bitcoin acquired over just three days represents approximately 8.9 percent of the company's total holdings, and that figure may climb further before the week is out. To put that in perspective, for Strategy to move the needle by the same percentage relative to its 843,738 bitcoin stack, Michael Saylor would need to raise enough capital to acquire roughly 75,000 bitcoin. That is not a comparison anyone would have made when SATA was launching, and it speaks to how dramatically the product's demand profile has changed in a short period of time.

Just nine days ago SATA was producing two day totals of around 218 bitcoin. That was considered a strong performance at the time. The product is now doing more than that in a single morning. Much of the demand is being driven by SATA's current yield of 13 percent and by Strive's imminent launch of daily dividend payments on business days. Once daily dividends arrive, the ex dividend cycle that currently concentrates buying pressure into a narrow window at the end of each period will be smoothed out across the entire calendar. That shift may reduce the intensity of individual days, but the structural demand picture should only strengthen over time.

Track it all on BitcoinTreasuries.net, with minute by minute accumulation, yield, price, and buying activity available through the SATA BTC Accumulation Tracker.

But today, in a press release out of Paris, the French telecommunications company not only announced that it had sold another tranche of its bitcoin to fully redeem the convertible debt it issued in July 2025, it also confirmed that the Bitcoin treasury strategy itself is over. The company is now down to roughly 658 BTC, all of which are unencumbered, and management said plainly that Sequans is "no longer pursuing a digital asset treasury strategy and will monetize remaining holdings over time."

In other words, the last 658 bitcoin will be sold off gradually, and the company is walking away from the bet entirely. The reason given is a renewed focus on its core IoT semiconductor business, scaling its 4G and RF transceiver portfolio, advancing the 5G eRedCap roadmap, and pushing into new markets such as defense and drone systems.

Sequans, a French telecommunications and fabless semiconductor company, launched the strategy in the summer of 2025 with the help of Swan Bitcoin and its CEO Cory Klippsten. The goal at the time was to plant a flag among the giants of the space such as Strategy and Metaplanet, raising $384 million through a private placement of convertible debt and equity to fund the buys.

Something clearly did not go as planned. Their average cost basis sat at roughly $116,700 per bitcoin, which is brutal when you remember that bitcoin fell from its all time high above $126,000 last October all the way down to roughly $60,000 earlier this year, with prices still hovering in the $70,000s today. The company did not buy the dip. Instead, it started selling.

They unloaded 970 BTC in November 2025 to slash convertible debt, sold another 1,025 BTC during the first quarter of 2026 as revenue fell 24.8% year over year and operating losses ballooned to over $50 million, and now they've sold the rest of what was needed to fully retire the convertible notes that matured June 1.

Whether this was a sincere conviction play that collapsed under the weight of a falling bitcoin price, a sinking core business, and a debt structure that required overcollateralized BTC pledges, or whether it was always more of a marketing pivot to juice a struggling stock, is something people can argue either way. The shares are down sharply since the peak of the hype, and at no point did the company use the drawdown as an opportunity to accumulate. CEO Georges Karam framed today's announcement around balance sheet simplification and getting back to what Sequans actually does, which is selling chipsets for cellular IoT applications.

Not every Bitcoin Treasury company is going to make it, and that was always going to be the case. There will be winners and there will be losers. Some, like Strive, have managed to cross the threshold into a credibly run treasury vehicle with a rising share count and a growing stack. Others, like Sequans, never really found the formula.

The combination of buying near the absolute top, taking on convertible debt collateralized by the very asset they were trying to accumulate, and operating a core business that was simultaneously losing money meant that the moment bitcoin pulled back, the entire model started cannibalizing itself. The forced selling to meet debt redemptions essentially locked in the worst possible outcome, selling low what had been bought high.

Today's announcement drops Sequans further down the Bitcoin 100 leaderboard, from 40th to 59th, and as they continue to sell the remaining 658 BTC over the coming months, they will eventually disappear from the rankings entirely. Sequans was the first major publicly listed treasury company to start meaningfully offloading its stack. It will not be the last.

Regardless, that previous record has now been broken again, with SATA raising enough money in only two trading days this week to buy 895.83 bitcoin, and the week isn't even over yet. The ex dividend date falls on June 1, which means this is the last full trading week before it hits.

Yesterday alone produced an estimated 493.72 bitcoin acquisition, with net ATM proceeds of $37.00 million and total daily volume of $70.68 million, at an average bitcoin price of $74,935. The figures from the day before were not far behind, with 402.11 bitcoin estimated to have been acquired on $30.78 million in net proceeds and $58.09 million in daily volume, putting the two day total at the headline 895.83 figure. What's remarkable is how quickly SATA went from relatively unknown to something everyone seems to be watching. Just a month or two ago, SATA buying 70 bitcoin in a day was newsworthy. Today that same number would be a disappointment to many. Only eight days ago we reported that the product had raised enough to buy 218 bitcoin across two days, and now, with almost 900 bitcoin acquired in the same span, demand measured by bitcoin equivalent has climbed roughly 311 percent.

The demand stems from SATA's high yield, currently sitting at 13 percent, and from the fact that Strive will very soon launch daily dividend payments on business days.

Track it all on BitcoinTreasuries.net, with minute by minute accumulation, yield, price, and buying activity available through our SATA BTC Accumulation Tracker.

According to our estimations, yesterday's 493 bitcoin buy alone would grow SATA's BTC NAV by roughly 3 percent, and that's the result of a single trading day. SATA yesterday also accounted for about 39 percent of the daily trading volume that Strategy's STRC put up, and while STRC has already passed its ex dividend date and is not currently trading at par, the comparison is still revealing. For a company that owns 16,500 bitcoin to come anywhere close to a product backed by Michael Saylor's stack of 843,738 bitcoin in terms of daily preferred stock activity is genuinely interesting and something worth watching closely. Saylor himself recently described SATA as one of the most interesting things happening in the space right now.

At the time of writing, Wednesday's premarket trading has begun and SATA is not currently at par, sitting at $99.99, but with the expectation it will likely tap par again today and continue the buying spree.

Eventually that spree will slow because of the approaching ex dividend date on June 1. However, these ex dividend cycles may soon be a thing of the past, which would mean more consistent demand flowing into SATA throughout the calendar. That shift might lead to less explosive single days because there would no longer be a specific deadline investors need to buy SATA by in order to collect the dividend, but the overall demand picture should grow even if daily buys decrease at the start, because SATA would be able to trade at par for far more days throughout the year.

At first glance, this is a disappointment — especially for the wave of retail investors who piled into MSTR over the past year. But once you zoom out and look at what Strategy itself is actually doing, and at what's driving the dip in the first place, the picture is a lot less bearish than the headline.

Year-to-date in 2026, Strategy has added more than 170,000 BTC to its treasury, a roughly 25% increase in total holdings. The most recent purchase alone was 24,869 BTC, acquired between May 11 and May 17 at an average price of $80,985 per coin — funded almost entirely (about 97%) through sales of STRC preferred stock, with the remainder coming from MSTR common. That brings total holdings to 843,738 BTC, acquired for around $63.87 billion at the blended cost of ~$75,700. Bitcoin Per Share now stands at 220,900 satoshis, and the company has reported a 12.6% BTC Yield year-to-date — meaning shareholders are getting more bitcoin per share even as the dollar value of those coins fluctuates. With BTC at $74,945, the BTC Reserve is currently valued at $63.2 billion, putting Strategy's mNAV (market cap to BTC value) at 1.21. In other words: the mechanism is working exactly as designed. Saylor isn't pausing, isn't selling, and isn't slowing the cadence. If anything, he's leaning in.

Because Strategy is essentially a leveraged bet on bitcoin, it's expected to be more volatile than the underlying. So when BTC has a rough week, MSTR has a rougher one. The question is what's actually driving the move. The recent dip is largely tied to the U.S.–Iran conflict and the ongoing crisis at the Strait of Hormuz, where roughly 20% of the world's oil transits. After the U.S. struck missile sites and mine-laying vessels in southern Iran, global markets sold off anything still perceived as "risk-on" — and despite years of bitcoin maximalists arguing otherwise, a meaningful slice of the market still treats BTC that way. Worth noting: bitcoin has actually held up better than many other risk assets since the crisis started, but personal views aside, that's the bucket traders are putting it in.

A second catalyst hit over the weekend, when bitcoin slipped below $75,000 after the SEC was reported to have delayed its decision on tokenized stocks, citing regulatory concerns. Add to that growing skepticism about whether the CLARITY Act can actually make it through Congress, and you get the perfect storm of macro and regulatory uncertainty hitting at the same time. So as is usually the case with markets, the real culprit isn't anything Strategy did — it's unpredictability. People aren't sure what happens with the world's oil supply, whether a U.S. Bitcoin Strategic Reserve actually starts buying, or whether pro-bitcoin regulation can survive a divided Washington.

Then there's the other side of the equation, which the market hasn't fully digested yet: the United States just got its first openly pro-bitcoin Federal Reserve Chair in history. Kevin Warsh was confirmed by the Senate on May 13 in a 54–45 vote, replacing Jerome Powell on May 15. Warsh isn't a recent convert — he's been publicly favorable on bitcoin for years, famously saying back in January 2021 that "Bitcoin is the new gold for anyone under 40." He's also personally invested in crypto-native firms like Bitwise and Polymarket, and his most recent financial disclosures put his net worth between $131 million and $209 million, with meaningful crypto exposure.

He's not unambiguously dovish — Warsh's reputation as an inflation hawk was the reason BTC initially dropped 14% on news of his nomination. But J.P. Morgan and others expect him to push for rate cuts driven by his "AI productivity" thesis, which argues that technology-driven productivity gains let the Fed cut without reigniting inflation. Whether he actually cuts and how aggressively remains to be seen, but the signal is clear: the new chair understands the asset, owns the asset, and isn't ideologically hostile to it. That alone is a massive shift from the Powell era. Rate cuts would, historically, be pro-bitcoin and pro-MSTR — more liquidity, weaker dollar, higher allocation to scarce assets. If Warsh delivers even a modest cutting cycle, the macro setup flips fast.

Here's the part that gets lost in the red ink: a treasury sitting at unrealized losses is a paper problem, not a structural one. Strategy's convertible notes don't carry margin call provisions, the company isn't a forced seller at any price, and STRC — its Variable Rate Series A Perpetual Stretch Preferred Stock — has continued to perform remarkably well even through the bear leg. STRC's notional has now grown to $10.49 billion, paying an 11.50% variable dividend (11.58% effective yield), doing roughly $335 million in 30-day average daily volume, and running at just 4.2% historical volatility. In other words, the capital engine that funds the bitcoin buying is functioning better in a downturn than most people expected — Strategy is raising billions in high-yield credit at near-par with bond-like volatility, then converting that capital into bitcoin. The dividend coverage tells the same story. Strategy's BTC reserve covers 36.9 years of preferred dividends at current bitcoin prices, and the USD reserve alone covers 6.1 months. Net leverage sits at just 9%. This is not a company on the edge.

That's the part that matters. Strategy's whole thesis was never "be right on bitcoin every single week." It was "build a capital structure that can buy bitcoin through every weather, accumulate faster than dilution, and let time and policy do the rest." Right now we're getting the stress test, and the machine is still humming: ATM offerings are still raising billions, STRC is still oversubscribed, BTC-per-share is still climbing, and Saylor is still buying at higher prices than the cost basis because he believes the long-run number is much higher.

Going red on cost basis is, frankly, what was always going to happen at some point. Strategy is a leveraged bet on a volatile asset — if it never went underwater, the leverage wouldn't be real. The question isn't whether the treasury is green or red on any given Tuesday. The question is whether the accumulation machine can keep running, whether the macro backdrop turns supportive, and whether bitcoin holds its long-term trajectory. On all three counts, the picture is actually looking better than the price chart suggests. The Orange March continues.

For context, last week's full five-session record came in at 794 BTC, itself more than double the prior weekly high of 371 BTC set at the start of May. Yesterday's one-day haul of 402.11 BTC represents roughly 51% of that entire weekly record, in a single trading session. Put another way: SATA needed five days to hit 794 BTC last week. Yesterday it covered half that ground before the bell.

If even two or three more sessions clear at this pace, last week's record falls before Friday's close.

This is SATA's ex-dividend week, and that's not incidental. A quick primer: the ex-dividend date is the cutoff after which new buyers of a stock no longer receive the upcoming dividend payment. For preferred stocks like SATA, which are engineered to trade near par ($100), this creates a predictable, repeating cycle. In the run-up to the ex-date, the stock tends to trade richer as buyers price in the incoming payment. Immediately after, the price typically softens by roughly the dividend amount.

For SATA specifically, the ATM only runs when shares trade above par ($100). The mechanic that gets them there is the run-up into the ex-dividend date itself: buyers bid SATA richer to capture the upcoming payment, which lifts the stock above par and reopens issuance. Strive then sells new preferred shares directly into that demand, takes the cash proceeds, and converts them into Bitcoin. Once the ex-date passes, SATA softens and the ATM tends to pause until demand rebuilds. There's also a cross-instrument rotation reinforcing the move: Strategy's STRC and Strive's SATA have offset ex-dividend calendars, so when STRC goes ex-dividend, capital tends to rotate out of STRC and into SATA, which pushes SATA further above par. The net effect is a recurring monthly pulse of demand, and every previous pulse has produced a record-sized buying week.

This time around, the mechanical setup is stacking with two reinforcing tailwinds. Michael Saylor publicly endorsed SATA on Friday, calling the rise of the instrument "the most interesting story in Bitcoin right now," and that landed mid-record. On top of that, Strive's move to daily dividend payments, set to begin June 16, is fast approaching. Daily payouts collapse the blackout windows between ex-dates that have historically stalled issuance for weeks at a time, effectively turning the monthly pulse into a continuous flow.

Yesterday's 402.11 BTC haul is, in other words, the opening shot of the cycle, not the peak.

The daily-record haul also lands days after Strive's broader corporate stack crossed a notable threshold. In a recent 8-K, the company disclosed acquiring 1,109 BTC, lifting its total holdings from 15,391 to 16,500 BTC and leapfrogging both Riot Platforms and Coinbase (16,492 BTC) to take the #7 slot among public corporate holders globally.

The framing matters because Coinbase only discloses corporate Bitcoin holdings quarterly, so the cadence stays opaque between filings. Strive is filing near-rolling 8-Ks, meaning investors see the stack grow in close to real time, and now they see it growing faster than the exchange's.

The 1,109 BTC headline is the company-wide number across all funding sources. The 402.11 BTC daily figure is the SATA-specific piece, and it's the more forward-looking of the two. The 8-K captures what Strive has already bought; the SATA tape captures what it's positioned to keep buying every day this window stays open.

If yesterday is the opening session of this ex-dividend cycle, the question is no longer whether SATA breaks last week's 794 BTC record. It's by how much.

In its latest SEC filing, Strive revealed it acquired 1,109 BTC, lifting its total holdings from 15,391 BTC to 16,500 BTC. That's a roughly 7.2% jump in a single buy. The acquisition pushes the company from the ninth-largest public corporate holder to seventh, leapfrogging both Riot Platforms and Coinbase, which now holds 16,492 BTC.

The optics here are hard to ignore. Strive, a comparatively small company by market cap, now holds more Bitcoin on its balance sheet than one of the pioneering names of the entire crypto industry. Coinbase CEO Brian Armstrong has publicly stated his company is buying Bitcoin every day, but because Coinbase only discloses its corporate holdings on a quarterly basis, the precise cadence and size of those purchases remain opaque to the market in between filings. Strive, by contrast, has been disclosing buys via 8-K filings on a near-rolling basis, giving investors a much clearer picture of its accumulation.

The Dallas-based firm, listed on Nasdaq under the ticker ASST and led by CEO Matt Cole, has emerged as a standout corporate accumulator in 2026. Since completing its acquisition of Semler Scientific in January 2026, when its treasury stood at 12,798 BTC, Strive has added more than 3,700 BTC across a series of disclosed purchases. The company describes itself as the first public asset management Bitcoin treasury corporation, and it frames Bitcoin as the hurdle rate against which all of its capital allocation decisions are measured. Recent purchases leading up to this milestone include 789 BTC at an average of $77,890 on April 27, 444 BTC at an average of $76,307 in early May, and 381 BTC at an average of $79,348 from May 13 to 18, before the latest 1,109 BTC buy pushed the stack to 16,500.

The buy isn't happening in isolation. Strive has also been paying down debt and announced plans to launch daily dividends. That combination, paired with the accelerated accumulation, has some Wall Street observers projecting renewed upside for the stock. ASST shares have traded in the $16 to $18 range recently, well off their 52-week high, and some analysts have floated the possibility that the company could climb back toward the $38 mark if the current trajectory holds.

One open question is the funding mix. Strive's 8-K does not break down how much of the 1,109 BTC was financed via proceeds from its Variable Rate Series A Perpetual Preferred Stock (SATA). Our prior estimate was that roughly 794 BTC would be purchased with SATA proceeds, and the actual figure came in well above that. The gap can plausibly be explained a few ways:

• Strive raised more capital during the SATA issuance window than the market expected.

• The company tapped common stock issuance to fund part of the buy.

• Or some combination of the two.

Strip away the rankings and the headline, and the underlying story is this: a Bitcoin treasury company an order of magnitude smaller than Coinbase has now out-accumulated the exchange, while simultaneously deleveraging its balance sheet and rolling out a dividend program. The flywheel that Strive's leadership has been pitching investors, Bitcoin-per-share growth funded through accretive capital markets activity, is no longer theoretical. It is starting to spin.

In recent months, the Vivek Ramaswamy-backed company, led by Chairman and CEO Matt Cole, has accelerated its Bitcoin acquisition machine, leaning almost entirely on perpetual preferred equity rather than debt to fund every additional coin.

The latest formal disclosure pushed Strive's holdings to 15,391 BTC after a 382 Bitcoin purchase between May 13 and May 18 at an average price of about $79,348 per Bitcoin. At Bitcoin's current spot price of roughly $77,464, that treasury is worth approximately $1.19 billion, and the position now ranks #9 among public corporate Bitcoin holders, ahead of #10 Hut 8 (13,696 BTC) by roughly 1,695 BTC. Because Hut 8 is a miner that periodically sells production while Strive accumulates, the gap is likely to keep widening structurally, not just from individual purchases.

The pace has since gone vertical. In the week that followed, Strive's SATA preferred stock is estimated to have funded an additional 794 BTC of purchases — more than doubling its prior weekly record — with the figure derived from SATA issuance flows rather than a formal 8-K disclosure. The print was striking enough to prompt Michael Saylor himself to call SATA "the most interesting story in Bitcoin right now."

Despite year-to-date gains of roughly 24% and the stock recently trading around $18, many observers continue to question why shares haven't re-rated more aggressively alongside the expanding treasury. The apparent disconnect reflects how the market is still digesting Strive's transformation from a niche anti-ESG asset manager into a hybrid Bitcoin treasury and digital credit company, one that combines aggressive accumulation with a non-dilutive financing toolkit anchored by its Variable Rate Series A Perpetual Preferred Stock, known as SATA. Following the repurchase and cancellation of subsidiary Semler Scientific's 4.25% Convertible Senior Notes due 2030, Strive now reports no outstanding debt, leaning entirely on equity-only leverage to fund Bitcoin purchases.

Several Wall Street firms have recently adjusted their outlooks upward or reaffirmed strong conviction, with price targets that increasingly reflect the belief that investors will eventually assign full or even premium value to Strive's Bitcoin holdings, layered with recognition of its capital markets innovation. Among the most ambitious calls is H.C. Wainwright's $38 target, which stands out as a bold endorsement of the company's potential to deliver outsized returns from current levels.

H.C. Wainwright: $38 and the Highest Bar on the Street

H.C. Wainwright analyst Mike Colonnese maintains a Buy rating with a $38 price target, one of the highest on Wall Street and implying roughly 109% upside from current levels. The firm derives its target by applying a 1.75x multiple to its estimated year-end 2026 net asset value of Strive's Bitcoin holdings of $2.7 billion, up from $2.5 billion previously. That multiple represents a modest premium to Strategy's three-year average market-to-net-asset-value. H.C. Wainwright forecasts Strive will end 2026 with roughly 18,017 Bitcoin, multiplied by a $150,000 per-coin year-end price assumption.

Execution is the standout factor in the firm's thesis. Despite a challenging tape, Strive has outperformed expectations in 2026 through stronger-than-anticipated SATA issuance, with one recent week's estimated 794 BTC of purchases representing more than double the company's previous weekly record. H.C. Wainwright essentially bets that Strive's model will continue compounding advantages, turning a relatively small treasury today into a high-beta proxy with asymmetric upside as Bitcoin's long-term scarcity narrative reasserts itself. Notably, the firm initially trimmed its target to $36 before raising it back to $38, attributing the upward revision to stable market-to-NAV ratios and the continued expansion of Bitcoin per share.

TD Cowen: $30 on Capital Efficiency and Daily Dividends

TD Cowen strikes a balanced middle ground with strong conviction. Analyst Lance Vitanza recently raised the target to $30 from $28 and reaffirmed a Buy rating. The target was originally set at $26 when TD Cowen initiated coverage in April 2026, then walked higher across two consecutive revisions as the firm gained confidence in Strive's capital-raising prowess.

The latest bump was driven specifically by Strive's decision to move SATA to daily dividend payments beginning June 16, 2026, while maintaining a 13.00% annualized payout rate. That structural shift is more than a marketing line: it is the first preferred stock in the U.S. capital markets engineered to pay every business day, with Strive's own data showing that monthly ex-dividend dates had become the largest non-fundamental driver of SATA's price volatility. By dissolving the monthly event into roughly 250 micro-payments per year, Strive opens the door to ETF wrappers, structured products, and tokenized cash-flow instruments that monthly-paying preferreds simply cannot support. TD Cowen views the change as a meaningful capital efficiency enhancement: the daily dividend structure should improve liquidity, broaden investor demand, and support increased SATA issuance, which in turn accelerates Bitcoin accumulation per share. The firm's stance acknowledges dilution risks inherent in a rapid-issuance model but counters that the Bitcoin yield, measured in expanding holdings per share and currently running at 18.4% year-to-date, more than compensates over time.

Maxim Group and B. Riley Round Out the Bull Camp

Maxim Group adds further weight to the bullish camp, with analyst Matthew Galinko reiterating a Buy rating and lifting his target to $28 from $20, a sharp upward revision that implies roughly 56% upside. The call underscores Strive's structural edge as the first publicly traded asset management Bitcoin treasury company, with a board and executive team Matt Cole has assembled specifically around Bitcoin treasury management, capital markets, and policy.

B. Riley Securities offers the most conservative of the bullish takes. Analyst Fedor Shabalin raised the firm's target to $20 from $19 while keeping a Buy rating. The print was broadly consistent with the firm's prior expectations, with the modest revision reflecting a measured macro-sensitive baseline that still sees clear upside from current levels. B. Riley's view plays well against H.C. Wainwright's higher bar by focusing on near-term fundamentals: even without aggressive Bitcoin price assumptions, Strive's preferred-equity flywheel and clean balance sheet warrant a higher multiple than the market is currently applying.

What the Spectrum of Targets Reveals

These diverging yet collectively upward targets reveal Wall Street's maturing appreciation for Strive as more than a fledgling Bitcoin treasury wannabe. The company functions as a deliberate Bitcoin development vehicle, where the treasury is paired with an equity-only leverage model and a yield-bearing preferred share that has scaled to billions in interest within a short period. Traditional valuation metrics struggle here because the legacy asset management business, still operating roughly 13 ETFs and a direct indexing platform, now plays a supporting role to the balance sheet's compounding potential.

The spectrum of forecasts tells its own compelling narrative. B. Riley's $20 with Fedor Shabalin serves as a grounded, macro-sensitive anchor that still sees meaningful upside. Maxim Group's $28 with Matthew Galinko and TD Cowen's $30 with Lance Vitanza incorporate greater faith in operational ingenuity, the SATA capital-raising engine, and Bitcoin's trajectory. H.C. Wainwright's $38 with Mike Colonnese pushes furthest by fully embracing the leverage embedded in the preferred-equity model, the first-mover status among asset-management-backed treasuries, and the compounding Bitcoin-per-share gains.

Skeptics will highlight the stock's punishing drawdown over the past year and argue for direct Bitcoin ownership instead. But the bulls respond that Strive delivers a different set of benefits: a debt-free balance sheet, a perpetual preferred instrument with no maturity wall, exposure to Strategy's own STRC preferred (Strive holds roughly $50 million of MSTR's Variable Rate Series A Perpetual Stretch Preferred Stock), and a management team explicitly building toward what CEO Matt Cole describes as a consolidating Bitcoin treasury landscape where only operators with clear strategies and scale will survive.

The Takeaway

Ultimately, the building bullishness stems from recognition that Strive isn't just participating in the Bitcoin treasury story. It is actively shaping a distinct chapter through equity-only leverage, daily-dividend preferred shares, and a willingness to acquire other Bitcoin treasury businesses outright, as it did with Semler Scientific. With Saylor publicly endorsing SATA, the daily-dividend mechanism going live on June 16, an estimated weekly buying record now sitting near 800 BTC, and Strive having already moved ahead of Hut 8 into the #9 spot among public corporate holders, the structural setup heading into the second half of 2026 looks materially different from the one analysts modeled even three months ago.

Whether shares climb toward $20, $28, $30, or stretch all the way to $38 and beyond will depend on Bitcoin's path, the continued strength of SATA issuance, and the market's willingness to reward a hybrid model that mixes asset management roots with Saylor-style accumulation discipline. For now, the analysts are voting with raised targets and Buy ratings across the board, suggesting the current price action understates the strategic build-out unfolding in Dallas. Investors who continue to dismiss the shift may soon wonder why they didn't get positioned sooner as Wall Street's conviction in Strive continues to compound, much like the Bitcoin per share it's quietly stacking week after week.

What Was Repurchased

The 2029 convertible notes were issued in November 2024 at a $3 billion notional size, 0% coupon, with a conversion price of $672.40 per share. At the time of the repurchase, MSTR was trading near $183 - roughly 73% below the conversion threshold. The equity optionality embedded in these notes had long since been priced out of the instrument. What remained was a fixed cash obligation due in 2029, with no realistic conversion path.

Buying back $1.5 billion face value at $1.38 billion eliminates approximately $120 million in future liability. More directly, it removes the shares those notes could theoretically convert into - reducing potential dilution and increasing Bitcoin per share for existing common holders. The mechanism is not a traditional stock buyback, which retires current shares immediately. In a convertible-heavy structure like Strategy's, retiring the convertible is the functional equivalent: anti-dilution capital allocation at a discount to face value.

Approximately $1.5 billion of the 2029 tranche remains outstanding following settlement. Strategy held 843,738 BTC at an average cost basis of approximately $75,700 per coin at the time of the announcement.

The Funding Question

Strategy named three potential funding sources in its disclosure: existing cash and liquid assets, proceeds from its ATM equity programmes (both MSTR common and STRC preferred), and Bitcoin sales. The actual split has not been confirmed publicly, but the most likely composition is MSTR ATM proceeds as the primary channel, supplemented by a modest Bitcoin sale.

MSTR common equity (ATM). At prevailing mNAV multiples, issuing common stock to fund a debt retirement is mechanically accretive on a per-BTC basis: shares are issued above net asset value, proceeds retire debt below face value, and the residual effect is an increase in Bitcoin per share for remaining common holders. The MSTR ATM is Strategy's highest-velocity capital channel and the most probable primary mechanism here.

Bitcoin sales. Strategy's blended acquisition cost sits at approximately $75,700. Any BTC liquidated to fund this transaction would, at current prices, be sold at a gain. The conventional framing that selling Bitcoin signals a change in thesis does not hold up to the arithmetic. Selling an asset at a loss to retire a zero-coupon liability at a discount is a defined financial trade with tax benefits. Whether and at what scale this lever was used remains to be confirmed. The secondary observation is that the option itself matters. A balance sheet that can service a $1.38 billion debt retirement through voluntary asset management - rather than under duress - is a structurally different entity from one that cannot.

Cash. As of May 22, 2026, Strategy held $2.21 billion in cash and cash equivalents. This means cash alone could theoretically absorb the entire $1.38 billion settlement without touching Bitcoin or issuing a single new share. The strategic calculus here is straightforward. A cash-funded redemption carries zero cost of capital, zero dilution, and zero BTC reduction. It extinguishes a fixed liability at a discount to par - the 2029 notes were trading well below face value - and immediately improves the quality of the balance sheet with no market signal required.

The Structural Implications

The debt retirement does two things beyond the immediate balance sheet arithmetic. The first is mNAV breakeven compression. A lower debt load reduces the asset coverage required to sustain the current mNAV premium - the point at which the market's valuation of Strategy's Bitcoin treasury exceeds the liabilities sitting against it narrows. That compression makes future capital raises structurally cheaper.

The second is credit quality. Preferred instruments — STRK, STRF, STRD, STRC — sit above common equity in the capital stack but below senior debt. When the senior debt layer shrinks, the implicit credit support beneath the preferreds improves. A cleaner liability structure strengthens the case for the preferred dividend's sustainability, which in turn supports the instruments' ability to trade near par. For STRC holders and for the ATM programme that depends on par stability, this matters.

The Convertible Transition

Strategy's capital structure has moved through three recognisable phases. The first was convertible debt - zero-coupon instruments that attracted capital through equity optionality at a time when no Bitcoin-native credit market existed. The second was common equity ATM - high-velocity, flexible issuance against a rising mNAV. The third is preferred equity, now a live, trading category generating continuous capital at scale.

The 2029 note repurchase fits within a pattern that has been visible since early 2026: Strategy is retiring convertible debt that has passed its conversion viability threshold while expanding the preferred stack. The notes were useful when MSTR's share price made conversion credible for holders. At $672.40 conversion price against a $183 share price, that window has closed. The debt accrues as a liability without the equity management benefits that justified its issuance.

The convertible market had a ceiling. Saylor acknowledged as much in a recent interview: "We did the converts. We became the biggest issuer of converts in the world... but they all traded cheap. They were all undervalued and we basically maxed out the capital and the market had no more capital. We outgrew the market."

When an instrument trades cheap and the issuer has exhausted the market's capacity for it, retiring that instrument at a discount is a rational reallocation of balance sheet space toward the capital channel that replaced it.

STRC is now an $8.5 billion instrument. The convertible note market served as a bridge to the preferred equity era. Retiring bridge debt once the destination is operational is a logical sequence.

The instinct to treat any Bitcoin liquidation as a negative signal is understandable but analytically incomplete. Strategy's capital structure mechanics define a precise threshold at which selling Bitcoin is accretive.

The relevant figure is the mNAV breakeven: approximately 1.22x. Below that level, Strategy's market capitalisation carries insufficient premium to net asset value for ATM equity issuance to be accretive on a per-BTC basis. Issuing shares when mNAV is compressed below 1.22x dilutes existing holders in Bitcoin-per-share terms. At that point, selling Bitcoin directly is the cleaner capital action as no equity dilution occurs, and the liability is serviced at spot. Retiring debt will bring this mNAV breakeven down towards 1x, making BPS accretion more accessible for Strategy.

When Bitcoin is sold to retire convertible notes, the effects compound across the capital structure. The immediate consequence is a reduction in Assumed Diluted Shares Outstanding. The 2029 notes, while out-of-the-money at current conversion prices, still carry a theoretical dilution tail that sits in the ADSO count. Retiring those notes removes that tail entirely, tightening the denominator in the Bitcoin-per-share calculation. Fewer assumed shares outstanding against the same BTC treasury means BPS accretion directly and mechanically without any new Bitcoin needing to be acquired.

The secondary effect is on delta hedging. Convertible notes are hedged by the institutional holders who buy them - typically through short positions in MSTR common stock that track the notes' changing delta as MSTR's share price moves relative to the conversion threshold. Retiring the notes eliminates that hedging pressure. The short interest tied to the convertible arbitrage position unwinds, removing a structural headwind on MSTR's equity price. That dynamic is not widely discussed in coverage of this transaction and is one of the cleaner structural benefits of the repurchase.

The third effect is credit quality. With less senior debt on the balance sheet, the implicit credit support beneath the preferred instruments improves. A reduced senior debt layer narrows the distance between the preferreds and the first-loss position, strengthening the case for dividend sustainability and supporting the instruments' ability to trade near par. Over time, that improved credit profile has implications for how the preferred stack is rated and priced by institutional allocators.

The tax dimension operates separately from all of the above. Strategy's treasury spans years of accumulation across a wide price range. Coins acquired at the higher end of that range carry embedded losses that can be realised on sale. Those recognised losses offset taxable gains elsewhere on the balance sheet. The interaction between tax-loss harvesting on high-cost BTC and discount-to-par retirement of zero-coupon debt creates a liability management window with a tax efficiency component that ATM issuance does not replicate.

The mechanisms are distinct but cumulative. The mNAV threshold governs when Bitcoin sales are more accretive than equity issuance. The ADSO retirement and delta unwind are structural benefits that follow regardless of mNAV. The credit quality improvement accrues to the preferred stack. The tax-loss harvesting governs which Bitcoin to sell - high-cost tranches first, realising losses that reduce the net cash cost of the retirement.

Taken together, this is not a reluctant use of Bitcoin. It is a precise deployment of a capital tool with five separable positive effects on the balance sheet, the share structure, the preferred instruments, and the tax position.

Shrink to Grow

Strategy accumulated 24,869 BTC last week, funded by $2.01 billion in ATM equity sales. The repurchase week and the accumulation week were consecutive, not competing. The balance sheet optimisation and the acquisition programme ran independently, which is the point.

Reducing the debt layer lowers refinancing risk, reduces the mNAV breakeven, and strengthens the credit quality of the preferred stack. Each of those outcomes improves the conditions under which the next capital raise happens. The logic is not complicated: a cleaner balance sheet is a cheaper balance sheet, and a cheaper balance sheet accumulates more Bitcoin over time.

The week without a Bitcoin purchase was not a pause. It was preparation.

Monday opened with 72.37 BTC at $5.55M in net ATM proceeds, and Tuesday roughly doubled that with 146.41 BTC at $11.25M. Wednesday added another 133.86 BTC, and Thursday brought in 182.59 BTC, pushing the four-day total to 535.23 BTC. That was already past the old record with one session left to run. Then Friday alone added an estimated 259 BTC, the single largest day SATA has ever printed

Even Michael Saylor has now shown support for SATA saying "The most interesting story in Bitcoin right now is the rise of $SATA in the credit markets and the embrace of $ASST by the equity capital markets." A direct nod from Strategy's executive chairman, the architect of the playbook SATA is iterating on, landing in the middle of the heaviest buying day SATA has ever printed.

Track it all on BitcoinTreasuries.net, minute-by-minute accumulation, yield, price, and buying activity, using our SATA BTC Accumulation Tracker.

Two things are stacking on top of each other. The first is the ordinary dividend cycle we've watched play out for the better part of a year, with capital rotating out of STRC into SATA as the ex-dividend calendar shifts. That alone tends to push SATA back above par and reopen the ATM. What's different this time is the second factor: Strive's recent announcement that SATA will soon move to daily dividend payments, a Wall Street first. Existing preferred stock structures run monthly, quarterly, or at best semi-monthly. A daily payout effectively eliminates the "blackout" windows that have historically caused issuance to stall for weeks at a time after each ex-date. With Saylor's endorsement adding a third leg, the demand picture is now reinforcing itself from multiple directions at once.

The headline numbers still favor Strategy by a mile in absolute terms. Strategy bought an estimated 24,869 BTC last week, pushing its holdings from 818,869 to 843,738 BTC, a 3.04% week-on-week increase.

But on a percentage-of-treasury basis, Strive has now lapped that pace. A 794 BTC buy on top of Strive's 15,391 BTC treasury works out to a 5.16% increase, meaning for Strategy to match that same percentage growth against its 818,869 BTC base, it would have needed to buy roughly 42,250 BTC in a single week, around 17,400 BTC more than it actually did. The gap between the two has widened materially from where it stood seven days ago.

Official figures will be confirmed in upcoming regulatory filings, but the signal from last week is unambiguous: SATA is no longer a curiosity at the edges of the digital credit market. With Saylor publicly anointing it, the daily-dividend mechanism still ahead of it, and a record now sitting at nearly 800 BTC in a single week, the rankings table is going to look quite different by the end of the quarter.

The pace was clear by mid-week. Monday opened with 72.37 BTC at $5.55M in net ATM proceeds, and Tuesday roughly doubled that with 146.41 BTC at $11.25M — putting SATA at 218.78 BTC in just two trading days, more than half of the old weekly record before the week was even halfway through. Wednesday added another 133.86 BTC, and Thursday brought in 182.59 BTC — pushing the four-day total past the old record with one trading day left in the week.

Track it all on BitcoinTreasuries.net — minute-by-minute accumulation, yield, price, and buying activity using our SATA BTC Accumulation Tracker.

Two things are stacking on top of each other. The first is the ordinary dividend cycle we've watched play out for the better part of a year — capital rotating out of STRC into SATA as the ex-dividend calendar shifts. That alone tends to push SATA back above par and reopen the ATM. What's different this time is the second factor: Strive's recent announcement that SATA will soon move to daily dividend payments — a Wall Street first. Existing preferred stock structures run monthly, quarterly, or at best semi-monthly. A daily payout effectively eliminates the "blackout" windows that have historically caused issuance to stall for weeks at a time after each ex-date.

That structural change is doing a lot of work for SATA's legitimacy. It's converting the instrument from a yield-chasing rotation trade into something institutional capital can underwrite with a straight face. And because Strive's treasury is still relatively small compared to a giant like Strategy, that incoming capital lands with much greater proportional force.

The headline numbers favor Strategy by a mile in absolute terms. Strategy bought an estimated 24,869 BTC last week, pushing its holdings from 818,869 to 843,738 BTC — a 3.04% week-on-week increase.

But on a percentage-of-treasury basis, Strive has now leapfrogged that pace. A 535 BTC buy on top of Strive's current 15,391 BTC treasury works out to a 3.48% increase — meaning for Strategy to match that same percentage growth against its 843,738 BTC base, it would have needed to buy roughly 29,300 BTC in a single week, around 4,500 BTC more than it actually did.

That comparison is the real story. Strive is no longer just a smaller version of Strategy's playbook; on a relative basis it is now accumulating at a pace that, if sustained, would compound its treasury meaningfully faster than the market leader.

Once confirmed, this week's buy would push Strive into the 8th largest corporate Bitcoin treasury globally, surpassing Riot. The promotion is likely to be brief. SpaceX is scheduled to IPO on June 12, and its recent S-1 filing disclosed 18,712 BTC on the balance sheet — significantly more than the 8,285 BTC that public trackers had previously estimated. Once SpaceX lists, it will slot in ahead of Strive and bump the company back down to 9th.

That said, with the daily-dividend mechanism still ahead of it and the current pace of accumulation, it may only be a matter of time before Strive overtakes Musk's SpaceX outright. SpaceX's position is essentially static — a held balance, not an active accumulation program. Strive's is a flywheel that, by design, is meant to keep spinning.

Official figures will be confirmed in upcoming regulatory filings, but the signal from this week is unambiguous: SATA is no longer a curiosity at the edges of the digital credit market. It is starting to behave like a serious second instrument in the category — and at the current pace, the rankings table is going to look quite different by the end of the quarter.

Apyx backs its stablecoins directly with dividend-bearing preferred shares from publicly listed Bitcoin treasury companies, including STRC and SATA. The yield is not algorithmic or based on an emissions schedule, it comes from the dividends of Nasdaq-listed securities, distributed on-chain to token holders as those dividends are paid.

Today, Apyx joins BitcoinTreasuries.net as a preferred DAT-Backed Stablecoin Yield Partner and the official sponsor of our daily Bitcoin Treasuries livestreams on X.

What Apyx has built

Apyx separates stability from yield through a dual-asset structure.

apxUSD is the protocol's synthetic dollar, overcollateralized by dividend-bearing preferred shares from publicly listed Bitcoin treasury companies including Strategy. Holders maintain a stable, liquid position with a margin of safety built into the collateral structure.

apyUSD is the yield-bearing instrument. As the underlying preferred shares pay dividends, those cash flows are distributed to apyUSD holders through a continuously increasing exchange rate, grounded in the dividend schedules of publicly traded securities, not protocol incentives.

The collateral is publicly traded and subject to regulatory oversight. Daily dashboards and third-party attestation let holders track the underlying reserves and their position in real time.

As of this past week Apyx has accumulated over $288 million in STRC as part of its collateral backing, and that figure is still growing.

Why it fits here

Digital credit instruments have been a major driver of recent bitcoin accumulation. They are now serving as the foundation of an emerging ecosystem, pioneered by companies like Apyx.

The yield comes from Nasdaq-listed DAT companies, which means the income source is publicly traded and subject to regulatory oversight. Because the yield derives from equity dividends rather than crypto market dynamics, it adds a level of security and transparency that previously was not available.

"As Bitcoin treasury companies scale their balance sheets through increasingly sophisticated instruments, the ecosystem around them is maturing in parallel," said Pete Rizzo, President of BitcoinTreasuries.net. "Apyx represents exactly that kind of innovation, bringing transparency and yield on-chain while remaining grounded in public market structures."

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Our daily Bitcoin Treasuries livestreams on X track the biggest Bitcoin buys in real time — STRC, SATA, and the digital credit ecosystem behind them. Apyx is now the official streaming sponsor.

Follow @btctreasuries and turn on notifications. Learn more about Apyx at apyx.fi.

BitcoinTreasuries.net works with a select group of preferred partners across key Bitcoin treasury and institutional categories. Organizations interested in partnership opportunities can reach out directly.

Onward, 

The BitcoinTreasuries.net Team

Sponsored content. This article was produced in partnership with Apyx.

Apyx.fi products are not available to residents of the United States, the European Union, the European Economic Area, or other restricted territories listed in the terms of service. This content is for informational purposes only and does not constitute investment advice or an offer to buy or sell any security or financial product. Readers should conduct their own due diligence and seek professional advice before making any allocation decision.