G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

🇺🇸 🚀 MICHAEL SAYLOR’S STRATEGY™ SITS ON $23.8B BITCOIN PROFIT

🟠 🦬 TEXAS GOES BITCOIN - HOUSE APPROVES STATE-RUN BTC RESERVE

🇯🇵🔥 METAPLANET GOES PARABOLIC - BITCOIN STRATEGY IGNITES GLOBAL SHORT SQUEEZE

🇺🇸 🚀 MICHAEL SAYLOR’S STRATEGY™ SITS ON $23.8B BITCOIN PROFIT - AND THEY’RE JUST GETTING STARTED 

Strategy™ is sitting on a $23.8 billion unrealized profit from their Bitcoin holdings.

Let that sink in.
This isn’t just a win - it’s a generational flex.
Michael Saylor’s Bitcoin strategy has become the gold standard of high-conviction investing.

And they’re not slowing down.

🔥 New play just dropped: Strategy has launched a $2.1 billion At-The-Market (ATM) equity program to sell shares of its 10.00% Series A Perpetual Strife Preferred Stock.

The move?
➡️ Use the proceeds to buy more Bitcoin and strengthen the balance sheet.
➡️ Continue fuelling a Bitcoin-centric corporate treasury unlike anything Wall Street has ever seen.

🧠 Smart, calculated, disciplined.
Strategy isn’t just making bold moves - they’re doing it through structured offerings filed with the SEC, using a long-term lens and real market timing.

They’ve filed the new preferred stock program under their active SEC shelf (File No. 333-284510), giving them flexibility to issue shares over time, as market conditions allow.

In plain English:
They’re not YOLOing.
They’re strategically scaling exposure - and bringing in new capital - in the middle of one of Bitcoin’s strongest bull cycles.

💥 Why this matters:
This isn’t just about stacking sats. Strategy is building a Bitcoin-backed capital structure from the ground up — one that rivals the tools of traditional finance.
CEO Phong Lee said it plainly: “We’re building a financial architecture backed by Bitcoin.”

🔍 Key facts from the investor update:

• Year-to-date BTC gains: $7.7B, aiming for $15B

• BTC yield at 16.3%, gunning for 25%

• Strife (STRF) up 16% in two months, now trading near par at $98.80

• Strike (STRK) jumped 24%, now ~$100

• Daily trading volume: $23M for Strife, $31M for Strike — 60x higher than comparable preferreds

• Previous $212M Strike ATM was fully absorbed — no pricing pressure

🧠 What is Strife?
A perpetual preferred stock with a 10% coupon, sitting top of Strategy’s capital stack.
Saylor calls it the “crown jewel” — an ultra-high-quality, fixed-income Bitcoin play.

⚡ And Strike?
An 8% yield with Bitcoin conversion upside, tailored for the “Bitcoin-curious.”
As Saylor put it: “It’s like a Bitcoin fellowship with a stipend.”

📊 Three ATM programs, one mission:

• $2.1B for Strife

• $21B for MSTR equity

• $21B for Strike
  All three are dynamically rebalanced daily, adjusting for market volatility and demand - a masterclass in capital optimization.

💬 Saylor’s philosophy:

📈 The takeaway?
Strategy is rewriting corporate finance - turning preferred shares into precision tools for Bitcoin accumulation.

🟠 🦬 TEXAS GOES BITCOIN - HOUSE APPROVES STATE-RUN BTC RESERVE
SB 21 heads to Governor Abbott’s desk with Bitcoin in its sights 🇺🇸

🚨 BIG NEWS OUT OF TEXAS - The Lone Star State just took a massive leap into the future of finance. The Texas House has officially passed SB 21, greenlighting a plan to create a state-managed Bitcoin reserve.

With Senate concurrence secured, the bill now lands on Governor Greg Abbott’s desk for final sign-off.

👊 If signed, Texas will become the second U.S. state - after New Hampshire - to formally hold Bitcoin on its balance sheet.

💼 What’s in the bill?

• Authorizes the Texas State Comptroller to invest in cryptocurrencies with a 12-month market cap over $500B — meaning Bitcoin only qualifies.

• Reframes BTC as a strategic reserve asset, not just a speculative bet.

• Reinstates a controversial donation clause, allowing private entities to contribute crypto directly to the reserve - drawing mixed reactions.

📣 “This is a long-term investment in Texas’ digital infrastructure,” said Rep. Giovanni Capriglione, the bill’s lead advocate.
Sen. Charles Schwertner originally introduced the bill, which flew through both chambers - 25-5 in the Senate, 101-42 in the House.

🏛️ What happens next?
Governor Greg Abbott - long a Bitcoin supporter who declared Texas the “crypto capital” in 2024 - now has the final say. Abbott has accepted BTC donations since 2014 and championed mining innovation. All signs point to a signature, not a veto.

🌎 Why it matters:

• Texas’ GDP is $2.7 trillion - making this move globally significant.

• It positions Bitcoin not just as a hedge, but as a pillar of public finance.

• The vote sends a clear signal: Bitcoin belongs on balance sheets.

📊 Nationwide, 47 similar bills have been floated in 26 states - but Texas just pulled ahead of the pack.

Bitcoin is no longer fringe. It’s becoming fiscal policy.
And Texas just put on the cowboy hat and walked straight into the future.

🇯🇵🔥 METAPLANET GOES PARABOLIC - BITCOIN STRATEGY IGNITES GLOBAL SHORT SQUEEZE

Tokyo just met Bitcoin mania. Metaplanet Inc. (3350.T), now holding 7,800 BTC worth over $800 million, has officially become the 10th largest public Bitcoin holder — leapfrogging even El Salvador.

After another 1,004 BTC buy on Monday, the Japanese firm’s Bitcoin-first strategy sent its stock skyrocketing, triggering consecutive trading halts on the Tokyo Stock Exchange. The share price jumped from 783 yen to 933 yen in 24 hours — closing at the daily limit-up. 🔒

But this isn’t just a rally.
It’s a global short squeeze in motion.
Metaplanet is the most shorted stock in Japan, with over 25% of shares borrowed — and now, short sellers are desperately scrambling to cover positions across thinly traded markets in Germany (DN3) and the U.S. (MTPLF).

💥 The Setup Is Pure GameStop Meets Bitcoin:

• Trading halts in Tokyo limit sell-side liquidity.

• U.S. and EU markets offer low supply but soaring demand.

• Short sellers are getting crushed - with no easy way out.

💡 What’s driving the frenzy?
Metaplanet’s Q1 FY2025 report shows 88% of revenue from Bitcoin options trading and a 170% BTC yield. Net income? ¥5.0 billion. Unrealized BTC gains? ¥13.5 billion.
Their goal: 10,000 BTC by year-end, funded by zero-coupon bonds and equity premiums via their “21 Million Plan.”

📈 In just over a year, Metaplanet has grown:

• From 98 BTC to 7,800 BTC

• Market cap: ¥470.3 billion (🔺 554.5% YTD)

• Net asset value: up 103x

• Market cap: up 138x

🇯🇵 Metaplanet isn’t a tech pivot — it’s a pure Bitcoin treasury vehicle listed on the TSE. And it’s now the most direct Bitcoin exposure Japanese investors can get without holding BTC themselves.

CEO Simon Gerovich called the current setup a “liquidity trap for short sellers” — and it shows. Metaplanet’s stock could become the next big meme trade, with a foundation in real BTC strategy, not just hype.

🎯 The big picture:
Metaplanet is proving what happens when BTC meets smart execution and market structure friction. With Bitcoin at ATH and demand for exposure red-hot, this story is far from over.

Bitcoin is the asset. Metaplanet is the vehicle. And this squeeze? It’s just getting started.

Short ₿its 🌟

🇸🇪 H100 Group Makes Bitcoin History in Sweden

H100 Group AB just became Sweden’s first publicly listed company to adopt Bitcoin as a treasury asset, buying 4.39 BTC (~$475K USD). The AI health tech firm says the move aligns with its values of sovereignty and innovation. Another public company joins the Bitcoin balance sheet wave of 2025.

🚨 The Blockchain Group Buys 227 BTC for €21.2M 🇪🇺

📈 BTC Yield: 861% YTD
💰 Total Holdings: 847 BTC

Europe’s first Bitcoin Treasury company is turning up the heat - swapping fiat for hard money and stacking sats at scale. The Bitcoin balance sheet revolution is well underway.

🇺🇸 KindlyMD Shareholders Approve Merger with Nakamoto Holdings 

KindlyMD is merging with Nakamoto Holdings, founded by BTC Inc CEO and Trump crypto adviser David Bailey, to build a network of Bitcoin-native companies and accumulate BTC on treasury.

KDLY stock popped 9% intraday and another 4.8% after-hours, now up 979% YTD. The deal is set to close in Q3 2025 - Bitcoin’s corporate adoption wave just got political.

💼 Strive Targets Mt. Gox Bitcoin Claims in Bold Treasury Move

Vivek Ramaswamy’s Strive is teaming up with 117 Castell to scoop up 75,000 BTC in discounted Mt. Gox claims - a bold play to build deep Bitcoin exposure. As it transitions into a Bitcoin treasury powerhouse, Strive’s upcoming merger with ASST has already sent shares soaring 1,170%. The goal? Outperform Bitcoin - by buying it smarter.

Tweet of The Week

Podcast of The Week

🎙️ Simon Gerovich on Metaplanet’s Bitcoin-Fueled Ascent 📈

Simon Gerovich, President of Metaplanet (3350.T | $MTPLF) - the top-performing stock in the world - unpacks the strategy behind the company’s meteoric rise. After embracing a Bitcoin treasury model à la Michael Saylor, Metaplanet rocketed to the top of Japan’s markets and hasn’t looked back. From accretive dilution to baffled Wall Street analysts, this episode is your front-row seat to the future of corporate finance.

If you have questions about how Bitcoin could help you or your business, please don’t hesitate to reach out for a free 30-minute consultation 🕒. We're here to help you navigate the future of Bitcoin 💡

Thanks for reading! We hope you’ve enjoyed this week’s edition and look forward to seeing you next week! 👋

Daniel 

for Bitcoin on Balance

32 York Street, Sydney NSW 2000, Australia

https://www.bitcoinonbalance.com/