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bitcoin moved onto corporate balance sheets since 2020 — and it's only going to increase.

Purchase activity

Each square is one week of bitcoin buying — the brighter, the more BTC purchased. Squares open a company's purchase disclosure.

ALL DATs
Strategy · MSTR
Strive · ASST
lessmore

STRC

Strategy's preferred stock — sold for cash, cash buys bitcoin.

SATA

Strive's preferred stock — same machine, newer program.

The risk-free rate

For 200 years finance has measured every investment against government debt. Today that yardstick is the 3-month Treasury bill.

FRED · 3-month Treasury bill · 1934–2026

The yardstick is shrinking

A 1913 dollar keeps three cents of what it once bought. The standard everything is measured against is the thing losing value.

FRED · purchasing power of the consumer dollar · 1913–2026

The printer never stops

Since 1966 the money supply has grown 50 times over, and federal debt 122 times. Risk-free, priced in a unit that will not hold still.

FRED · M2, federal debt · 1966–2026

What you actually keep

The risk-free return minus inflation. Negative in 38% of all months since 1948. The safest asset in finance regularly pays less than nothing.

FRED · 3-month bill, CPI · 1948–2026

A unit that cannot be printed

Bitcoin is capped at 21 million, enforced by code rather than a committee. The first standard with no printer behind it.

FRED · bitcoin, Coinbase · 2014–2026

Digital credit

Fixed income paid on top of the asset that cannot be debased. Where the two systems meet.

Strategy 8-K · Strive 8-K · FRED
STRCStrategy, Aug 202612.00%
SATAStrive, 08-2813.0%
3-mo billFRED, 08-273.84%

Why this takes over.

isnt bitcoin too volatile for company cash?

depends how you hold it. long horizon and buying every month, hold it outright. need it to sit still and pay you, digital credit strips the swings off like a bond and hands you the yield.

arent treasuries the safer choice?

safer from swings, not from the printer. digital credit sits behind way more cash and bitcoin than it owes and the liquidity runs deep. more reward for barely more risk.

so what does a cfo actually buy?

STRC or SATA. bitcoin-backed digital credit, a coupon a t-bill cant touch, sitting on way more bitcoin and cash than it owes.

whos doing it?

the grid above. the rows get denser every year. thats the whole point.

Send this to the person who manages your company's cash.

written by lucas cashwell · every number links to its disclosure