Treasury

Big news: Treasury launches with the ambition to become Europe’s largest Bitcoin treasury company. Backed by @winklevosscap & @nakamoto Treasury has: ⚡ Raised €126M ($147M) ⚡ Accumulated 1,000+ BTC ⚡ Plans reverse listing on Euronext Amsterdam (ticker: $TRSR) We’re building Europe’s Digital Golden Age. 🌍💛 More: treasury-btc.com/news/press-rel…

Of course - Bitcoin-per-Share growth trumps Bitcoin accumulation.

Another great initiative. Shows how far we've come over the past few years - but also that we're still early. And that all of us in the space have our work cut out for us.

Proud to be named Best Newcomer at the @DutchBlockWeek awards. Thank you to everyone who voted. We built Treasury to give European investors accessible, actively managed Bitcoin exposure. An institutional-grade vehicle, listed close to home on Euronext Amsterdam. We're just getting started. 🟠

Bitcoin showed strong support at the $60k level. We asked @julian_liniger from @relai_app who stepped in as the buyer at these prices.

Treasury Forum: MSTR / STRC What's happening x.com/i/broadcasts/1…

Live in one hour on X. #MSTR's new capital framework and what 12% #STRC really signals. No hype, just the mechanics of how the machine works now. @KhingOei x @BTCBULLRIDER | 17:15 CEST

.@Strategy just rewrote its own playbook. A $1.25B Bitcoin monetization program, STRC's dividend pushed to 12%, and the market asking whether the flywheel has finally stopped turning. Tomorrow we go straight at it. MSTR and STRC, breakdown. @khingoei x @BTCBULLRIDER | Treasury Forum July 2 · 17:15 CEST · Live on X

Great interview @CryptoMichNL. @saylor leaves no doubt he thinks and acts in the interest of - in no particular order - $MSTR, $STRC and bitcoin:native.

The market will re-rate $STRC to those trading levels. 100%.

Great explanation of something fundamental that's easy to miss. What makes the $MSTR capital markets machine which @saylor designed unique and so innovative, is getting maximum value from this liquidity via its ATM offerings. ATMs existed but public companies rarely used them, as no company could justify diluting its shareholders every single day. Saylor inverted that: deploy the ATM issuance at a premium to NAV, purchase Bitcoin and the dilution becomes accretive - it's the killer capital markets app.

Pre-market $STRC is bid up toward 82. The market is rewarding $MSTR's below press release, and the logic is clean. This is the cash reserve and buyback discipline I've been discussing. @Strategy now holds a $2.55bn USD reserve dedicated to preferred dividends and interest, 17.4 months of coverage standing alone and 25.9 months once you include authorized BTC monetization capacity. On top of that, a $1bn program to buy back Digital Credit at a discount to its stated amount, which directly lowers the forward dividend load, plus a $1bn MSTR buyback for when common trades below intrinsic value. The deeper shift is the one @phongle named and @saylor has eluded to: Strategy is moving from one-way issuance to active two-way capital management. Issue when capital is cheap, repurchase when the instruments are mispriced, and defend the STRC peg near $100 with real liquidity behind it. That is how a Bitcoin-backed credit business is supposed to operate. And these are the types of strong actions by management that are required in times of market stress.

After many years in distressed debt, the pattern still rarely changes: the market's read on a company's credit shifts, the paper sells off, and the fear feeds itself. What makes those situations event-driven, and dangerous, is the catalyst on the calendar — a maturity, a redemption, a covenant test, a margin call, cash running out. A date when the company has to perform, and if it can't, the loss crystallises. $STRC has none of that. It's a perpetual preferred. No maturity, no redemption a holder can pull, no covenants, no acceleration, and not even collateral (just liquidation preference). The dividend is cumulative and can be deferred without an event of default, and it sits on more than 3x unencumbered Bitcoin coverage. In other words, the company has no solvency or liquidity issues, the usual drivers of the price action we've seen. The credit risk the market is pricing at a 26% discount has no mechanism to materialise. It is being priced into a perfect storm though. Bitcoin has broken below $60k, and $MSTR closed Friday at an mNAV of 1.00 — the enterprise now worth exactly the Bitcoin it holds, with no premium left to capitalize on. The asset is falling at the same moment the funding scare bites. So the selloff is a perception loop. STRC below par means @Strategy can't issue at par, which shuts the cheapest funding channel, which feeds the coverage worry, which pushes STRC lower. It is untethered to anything on the calendar, which means the company can end it on its own. The priority is stability and continuity of the funding machine, even where that comes at the expense of bitcoin-per-share growth and asks something of MSTR shareholders (could be for a few quarters). The move is a large raise paired with decisive action on the capital structure. Issue common through the ATM or in a private transaction, buy no Bitcoin, and allocate the proceeds to the USD reserve and to buying STRC back below par. At 74 cents, a dollar of buyback retires $1.35 of par. The issuer becomes the marginal buyer under par, coverage roughly doubles, and the funding channel reopens. The current circumstances call for a strong, oversized move: issue a large amount of equity, rank continuity of the franchise above bitcoin-per-share for a few quarters, and stand under STRC until the question goes quiet. Every prior test, Strategy has answered with force, so I expect they answer this one the same way. The tools sit entirely in management's hands, and a credit scare with no forcing event ends the moment the issuer decides to end it.

Reminder: this goes live in 21 mins 👇

21On with Julian Liniger: Spot demand vs Capital markets demand x.com/i/broadcasts/1…

Real yields are turning negative again. AI buildout and fiscal expansion need loose conditions. For European fixed income allocators, negative real yields impair their entire duration books. The case for scarcity is structural.

ANNOUNCEMENT: We’re welcoming Treasury Founder & CEO Khing Oei to BFC in NYC. 🟠 🗓️ June 26–27, 2026 | NYC 📍 The Glasshouse, Hudson Yards

At @proofoftalk, we did not pitch. We asked. 10 questions to a room of investors and ecosystem players. The same questions we hold ourselves to. → 100% expect the Bitcoin treasury model to still exist in 10 years → 83% see room beyond Strategy → 75% say Europe is ready → 67% say the model generates shareholder value Not a trade with an exit. A structure built to compound across cycles. Europe needs its own. We are building it!

Treasury is headed to @BitcoinForCorps NYC 🟠 @khingoei speaks on "Digital Credit: The Foundation for What's Next," Fri June 26, 4:25pm ET. This is where the Bitcoin treasury model is being shaped. If you're there, let's connect.

Bitcoin has bounced off $60k multiple times this cycle. >200,000 BTC were net purchased between $59k & $63k in a single week. Weak hands out, strong hands in.