Justin Sun plans to add between $50 million and $100 million worth of bitcoin (BTC) to the blockchain's holdings, the Tron founder told CoinDesk.
The company says that accepting bitcoin payments has led to a "self-reinforcing cycle" where crypto revenue helps fund upgrades and improvements.
Upon completion, the combined firm would hold nearly 13,000 BTC, surpassing the holdings of Tesla and Trump Media & Technology Group.
The proposed deal would take Sweden-based H100 into Switzerland and deepen its institutional bitcoin treasury strategy.
An SEC filing shows the Kraken facility will be used to retire an outstanding Antalpha loan and requires significant bitcoin collateral.
The firm offers public equity exposure to bitcoin, focusing on "capital-efficient bitcoin accumulation" and Bitcoin ecosystem services.
A removal could lead to outflows of up to $8.8 billion if other index providers follow suit because the stock is part of many passive investment products.
Strategy fell to the lowest since October, 2024, and ether and solana treasury plays including BitMine, Sharplink, Solana Company, Upexi tumbled nearly 10%.
The broker said fears over Strategy’s solvency are misplaced and the stock remains the strongest asymmetric bet on bitcoin.
The company adopted a bitcoin treasury plan by deploying a strategy inspired by Metaplanet, with 66% shareholder approval, to mitigate negative returns from government bonds.
A sharp market pullback has exposed which BTC-focused public companies can actually execute, and which were never built for volatility.
The company's holdings, which include bitcoin and ether, have been managed through trading and hedging strategies since 2017.
Upsized 2 million-share SATA issuance priced at $80 includes a 12% dividend and potential bitcoin allocation.
The preferred shares, dubbed SATA, are set to carry an initial 12% annual dividend, payable monthly in cash.
The broker said the company's full-cap bitcoin strategy is maturing, as preferred equity drives accretion and a new S&P credit rating expands its investor base.
The firm mostly funded the fresh buys with sales of common stock.
The move is part of a growing trend among DAT companies, including ETHZilla, Metaplanet, Sequans, and Empery Digital.
The company is expected to report another quarterly profit on Thursday, possibly reviving expectations for S&P 500 inclusion, 10x Research's Markus Thielen argued.
The Wall Street bank initiated coverage of Strategy with a buy/high risk rating and a $485 price target.
The boom in corporate bitcoin buyers highlights how fast DATs are scaling. But their model is fragile when outperformance depends on premiums, converts, and cheap debt.
The company's bitcoin-linked perpetual preferred shares give it a lasting capital edge, analyst Mark Palmer said.
The firm has opportunities in three areas: crypto infrastructure, stablecoin payments and its bitcoin treasury strategy.
NYDIG argued that mNAV fails to account for operating businesses and uses assumed shares outstanding, which can be inaccurate.
These companies are not actively trading, but rather holding onto their bitcoin and stablecoins like USDT and USDC for conservative, cash-management purposes.
Semler (SMLR) rose to just $32.06 yesterday even as the implied acquisition value was above $86, an unusually wide arbitrage spread, said analyst Mark Palmer.
As investors look for alternatives to traditional assets, bitcoin could evolve from a speculative bet into a legitimate pillar of the global financial system, the bank said.
The company also plans to raise 204.1 billion yen ($1.4 billion) in an international share sale to increase its bitcoin holdings.
Public companies crossed 1 million BTC in holdings, but overall accumulation lagged compared to July, a pause that coincided with Bitcoin's bull market stalling.
The company's bid to join the S&P 500 index was rejected, despite meeting eligibility criteria, the report said.