G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

🐻 Bitcoin Bear Turns Accidental Mega Bull
Vanguard Becomes #1 Shareholder of Strategy

💥 Cantor Fitzgerald Teams Up with Adam Back to Launch $10B+ Bitcoin Treasury Company

🚨 Strategy Adds 4,225 BTC — Now Holds Over 600K Bitcoin

🇬🇧 Smarter Web Company Adds $36M in BTC, Cracks Top 25 Treasuries

🐻 Bitcoin Bear Turns Accidental Mega Bull
Vanguard Becomes #1 Shareholder of Strategy - the World’s Biggest Corporate Bitcoin Holder

Vanguard has spent years trashing Bitcoin - calling it speculative, refusing to offer Bitcoin ETFs, and blocking crypto access on its platform.

And yet... it just became the largest shareholder of Strategy (formerly MicroStrategy), the company that owns more than $73 billion in BTC. That’s over 2.8% of the total Bitcoin supply.

The twist?
Vanguard didn’t buy Strategy stock because it wanted to. It bought it because Strategy got added to major indices, and Vanguard’s index funds had to follow suit. Now it owns over 20 million shares - worth $9.26 billion - in a company whose business model is literally buy Bitcoin and never sell.

“God has a sense of humor,” said Bloomberg’s Eric Balchunas. Vanguard called Bitcoin “speculative” - now it’s fueling the rocket.

📈 The irony is thick. The exposure is real. The tide is turning.

👉 Bitcoin wins again - even without permission.

🐻 Vanguard Hates Bitcoin… So It Accidentally Became One of Its Biggest Bulls

How the world’s most anti-bitcoin giant became the #1 shareholder of the ultimate Bitcoin company

Vanguard has spent years warning investors to stay far away from Bitcoin.

It’s blocked spot Bitcoin ETFs.
Called crypto “speculative” and “valueless.”
And repeatedly told clients: “Bitcoin has no place in a long-term portfolio.”

So what did Vanguard just do?

👉 It became the single largest institutional shareholder of Strategy (MSTR) - the company with the most aggressive Bitcoin treasury strategy on Earth.

Yes, that Strategy. Formerly MicroStrategy. Michael Saylor’s Bitcoin shrine.
The company that’s bought over 601,550 BTC, now worth $73+ billion, and shows no signs of slowing down.

And guess who owns more of it than anyone else?

Vanguard.

🤯 Wait… what? How?

This wasn’t a strategic bet. This wasn’t a crypto pivot.

This was indexing logic gone rogue.

Strategy’s stock soared - up over 3,300% since 2020 - and landed in major benchmarks like the Nasdaq 100.
Vanguard tracks the index. So Vanguard bought the stock. Again. And again. And again.

Now it holds more than 20 million shares, or nearly 8% of Strategy’s Class A stock, across multiple funds including:

• 🟢 Vanguard Total Stock Market Index (VITSX)

• 🟣 Vanguard Extended Market Index Fund (VIEIX)

• 🟠 Vanguard Growth ETF (VUG)

All told, Vanguard now has $9.26 billion worth of exposure to the most Bitcoin-heavy company in the world.

And it didn’t even want it.

😅 "God has a sense of humour”

As Bloomberg’s Eric Balchunas put it:

The bitcoin community agrees.

The irony is thick. The message is clear:
Bitcoin is becoming too big to ignore - even for those who tried.

🧠 Passive investing, meet unstoppable Bitcoin

What started as a fringe asset is now warping the behaviour of trillion-dollar institutions.

Strategy’s rise - powered by relentless BTC buys - forced legacy giants like Vanguard to get off the sidelines, whether they like it or not.

And here’s the kicker: Vanguard’s own buy and hold forever philosophy isn’t that different from Michael Saylor’s laser-eyed Bitcoin conviction.
Both play the long game. Both ignore short-term noise.
One just ended up holding the other’s bag. A $9.26 billion one.

🎯 Bitcoin doesn’t need permission. Just gravity.

Bitcoin didn’t ask Vanguard to believe. It just outperformed everything else.
And now even its loudest critics are holding billions in BTC - indirectly, of course.

Michael Saylor called it “a powerful signal of growing institutional support.”
We call it cosmic justice.

💥 Cantor Fitzgerald Teams Up with Adam Back to Launch $10B+ Bitcoin Treasury Company

BSTR to go public with 30,000 BTC, $800M+ in fiat, and a mission to bring Bitcoin into modern finance

Wall Street just took another step onto the Bitcoin Standard - and this time, it’s teaming up with one of Bitcoin’s original cypherpunks.

Adam Back, inventor of Hashcash and early Bitcoin pioneer, has merged his firm Blockstream Capital with a Cantor Fitzgerald–backed SPAC to launch BSTR, a pure Bitcoin treasury powerhouse.

BSTR will go public with:

• ⚡️ 30,000+ BTC on its balance sheet (valued at over $3.5B)

• 💸 $800M+ in additional capital to accumulate even more

• 🧠 Adam Back as CEO and a seasoned hedge fund CIO on board

• 🔥 A playbook designed to maximize BTC per share and build real-world Bitcoin adoption

🚀 BSTR: A Bitcoin-first balance sheet for the public markets

This isn’t just another crypto company.

It’s a Bitcoin-native financial engine, purpose-built to stack sats at scale and bring BTC-denominated products into traditional markets. The company is going public via Cantor Equity Partners 1, a SPAC that raised $200M earlier this year.

Upon closing, BSTR will instantly rank among the top four largest public Bitcoin holders, just behind Strategy (formerly MicroStrategy) and major ETF trusts.

And unlike those companies? BSTR’s core business is Bitcoin.

💰 Deal details: In-kind BTC, fiat, and equity - all for more Bitcoin

The structure is as bold as the mission:

• 🟠 25,000 BTC contributed by Blockstream Capital Partners

• 🟡 Another 5,000+ BTC raised via in-kind PIPE at $10/share

• 💵 $1.5B in fiat capital, including:

  • $750M in convertible notes

  • $350M in preferred stock

  • $400M in common equity

Total deal value: $4B+ now, with eyes on $10B+ by end of year.
This is Wall Street going full-send on Bitcoin — but doing it with financial engineering and regulatory clarity.

🧱 Built to serve the Bitcoin era of corporate finance

BSTR isn’t just buying Bitcoin. It’s building the blueprint for future corporate treasury models:

• 🧠 Advisory services for companies wanting to adopt Bitcoin as a reserve asset

• 📈 BTC-denominated capital market products

• 🏦 A long-term Bitcoin holding company with revenue reinvested in… more Bitcoin

This is Michael Saylor’s playbook — but upgraded, institutionalized, and backed by one of Wall Street’s most established names: Cantor Fitzgerald.

🌍 The new financial order is here

This is Cantor’s second mega-Bitcoin move in 2025, following a $3.6B SPAC deal with Tether and SoftBank. Combined, Cantor is targeting over $10B in BTC holdings - making it one of the world’s largest institutional Bitcoin whales.

And they’re not alone.

• 🟢 142+ public companies now hold BTC

• 💼 $112B+ worth of Bitcoin sits on corporate balance sheets

• 🏛️ Bitcoin is becoming the default reserve asset — slowly, then suddenly

🏁 The bottom line?

Adam Back and Cantor Fitzgerald just launched the most Bitcoin-native public company ever built.
It’s not just holding BTC. It’s built to accumulate, defend, and normalize it at the highest level of finance.

If you thought Bitcoin wasn’t ready for Wall Street… Wall Street is ready for Bitcoin.

Short ₿its 🌟

🚨 Strategy Adds 4,225 BTC — Now Holds Over 600K Bitcoin
Between July 7–13, Strategy acquired 4,225 BTC for $472.5M at an average price of $111,827/BTC. Total holdings now sit at 601,550 BTC, worth $42.87B — the largest corporate stash on Earth.

🇯🇵 Metaplanet Adds More Bitcoin - BTC Yield Keeps Surging
Tokyo-based Metaplanet just added 797 BTC for ¥13.8B, pushing total holdings to 16,352 BTC. With a 129.4% BTC Yield last quarter and 19.4% QTD, their Bitcoin treasury strategy is on a tear.

🇬🇧 Smarter Web Company Adds $36M in BTC, Cracks Top 25 Treasuries
The UK-based firm bought 325 more BTC, bringing its total to 1,600 BTC and landing it among the top 25 public Bitcoin holders - with eyes now set on the top 20.

🏥 Semler Scientific Adds 210 BTC, Now Holds 4,846 BTC
The Nasdaq-listed medtech firm spent $25M to grow its Bitcoin stack, securing the 14th-largest public BTC treasury — now valued near $570M.

🇫🇷 The Blockchain Group Raises €6M, Adds 29 BTC to Treasury
Backed by a €5M investment from Adam Back, the Euronext-listed firm now holds 1,933 BTC, with year-to-date BTC yield soaring to 1,368%.

🇨🇦 LQWD Adds 57.5 BTC, Total Holdings Now ~238.5 BTC
The Lightning Network infrastructure firm spent $6.8M at an average of $118,162/BTC, pushing its YTD BTC Yield to 54.6% and doubling down on its Bitcoin-first growth strategy.

Tweet of The Week

Podcast of The Week

🟠 📈 Strategy CEO Phong Le on Why Bitcoin Treasuries Deserve the Premium
In a sharp breakdown, Strategy’s Phong Le explains why the market assigns a premium to Bitcoin treasury companies - and why it’s no “alchemy.” Comparing MSTR’s valuation to Microsoft and Morgan Stanley, he argues Bitcoin on the balance sheet is a strategic edge, and NAV multiples are just catching up to Bitcoin's role in a new era of 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/