TD Cowen defends Strategy’s Bitcoin premium, saying per‑share BTC has more than doubled in 18 months and forecasting 900,000 coins by 2027.
The STRC stock will accumulate cumulative dividends at a variable rate per annum on the stated amount of $100 per share.
Strategy has bought another 6,220 BTC for $739.8 million, bringing its total holdings to 607,770 BTC — worth around $71.8 billion.
Bitcoin powerhouse Strategy has added 6,220 BTC to its reserves, spending $739.8 million in cash at an average price of $118,940 per coin, according to a July 21 SEC filing. The latest acquisition represents 13.82 days worth of new Bitcoin supply, or almost double the total BTC mined between July 14 and 20. Meanwhile, this […]
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The percentage of Bitcoin’s long-term holders’ supply has reached a 15-year high, providing a bullish outlook for the flagship crypto. Asset manager Ark Invest highlighted this development in a recent report and explained what this could mean for BTC going forward. Bitcoin Long-Term Holders Supply Hit 74% According to the Ark Invest report, the long-term holders’ supply has reached 74% of Bitcoin’s total supply, marking a 15-year high for this metric. The asset manager noted that this trend indicates growing market conviction in BTC’s role as a store of value or “digital gold.” These long-term holders refer to addresses that have held for 155 days or longer. Related Reading: Michael Saylor Reveals The Only Thing ‘Better Than Bitcoin’ As MSTR Stock Outperforms This development comes at a time when Bitcoin is witnessing massive demand from institutional investors through the ETFs and treasury companies. These investors are considered better ‘diamond-hands’ than retail investors, which means that this metric could keep rising, with long-term holders gaining more control of BTC’s total supply. This institutional buying has also driven the Bitcoin price to several all-time highs (ATHs) this year, with BTC reaching as high as $123,000 last week. The flagship crypto appears to still be in price discovery, as ETFs led by BlackRock and treasury companies, led by Saylor’s Strategy, continue to accumulate at an unprecedented pace. Cathie Wood’s Ark Invest is ultra bullish on the Bitcoin price, predicting that it could reach $1.5 million by 2030. They expect BTC to reach this target due to the rising institutional investment and global recognition of Bitcoin’s ability to serve as a store of value. In a CNBC interview, Cathie Wood also doubled down on this prediction. She explained that they expect BTC to take a significant share from gold or grow the store of value market. Wood added that institutions are still just testing the waters despite the massive accumulation so far. As such, she still expects a rise in adoption for these companies. Meanwhile, only about 1 million unmined Bitcoins are remaining. Other Bullish Metrics For BTC The Ark Invest report also revealed that global liquidity per bitcoin reached a 12-year high. This metric reached this high with $5.7 million in global M2 supply per BTC in circulation. The asset manager remarked that this ratio could continue to rise given Bitcoin’s diminishing future supply growth and the continued expansion of global liquidity. Related Reading: This Analyst Predicted Bitcoin’s Rally To $120,000 Months Ago, Here’s The Rest Of The Forecast Meanwhile, in June, Bitcoin managed to hold above the support between $96,000 and $99,000 and is now well above these levels. $98,888, $96,278, and $71,393 are BTC’s short-term holder cost basis, 200-day moving average, and on-chain mean, respectively, which is why this development is bullish for the flagship crypto. At the time of writing, the Bitcoin price is trading at around $19,100, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from Tradingview.com
Trump Media says its bitcoin treasury has swelled to roughly $2 billion after it announced a $2.5 billion crypto strategy in May.
Strategy acquired 6,220 bitcoin for $739.8 million, boosting its trove to 607,770 which is now now the ninth‑largest liquidity pile compared to S&P 500 holdings.
Bit Digital increased its ether treasury to about 120,000 ETH, chasing SharpLink and BitMine in the corporate race to accumulate Ethereum.
BitMine Immersion’s holdings has doubled to 300,657 ETH as investors like Peter Thiel’s Founders Fund bet on Ethereum treasuries.
The Smarter Web Company has purchased another 325 BTC for approximately $36.45 million at an average price of $112,157 per bitcoin.
As Bitcoin treasury bets stumble in 2025, Strategy thrives with disciplined capital, mNAV premiums and long-term focus.
Global investment bank TD Cowen has recently revised its price target for Strategy’s (previously MicroStrategy) stock, MSTR, raising it from $590 to $680 per share and a bullish prediction for Bitcoin (BTC) prices, which could soar to $155,000 by December. Possible 53% Drop For Bitcoin The firm’s study outlines a base-case scenario for Bitcoin at $128,000 by year-end, with a more pessimistic outlook placing it as low as $55,000, which could mean a major 53% crash from current prices. TD Cowen analysts assert that a significant increase in Bitcoin prices is expected to positively impact Strategy’s share price, given its status as the world’s largest corporate holder of Bitcoin. Related Reading: Prepare For ATHs: ‘XRP Train Has Left The Station – Analyst On July 14, Strategy purchased an additional 4,225 BTC for $472.5 million, averaging $111,827 per coin. This latest acquisition brings the company’s total Bitcoin holdings to an impressive 601,550 BTC. Analysts at TD Cowen noted that what began as a defensive measure to preserve the value of its assets has evolved into a proactive strategy aimed at enhancing shareholder value. Strategy plans to continue acquiring Bitcoin through proceeds from upcoming debt and equity offerings. The firm anticipates that Strategy will raise around $84 billion through its innovative “42/42” plan, which involves an equal mix of debt and equity, potentially increasing its Bitcoin reserves to 900,000 BTC by the end of 2027. Strategy As Strong Investment Option TD Cowen has initiated buy ratings on Strategy’s preferred shares, emphasizing their attractive income potential and price appreciation, which are expected to be less volatile than common shares or Bitcoin itself. This endorsement comes after the firm first recognized Strategy’s Bitcoin strategy in 2023, describing it as a “paradigm shift.” At that time, they highlighted the company’s approach of utilizing cash from its software business to invest in Bitcoin as a long-term hedge against dollar inflation. Analysts believe that Bitcoin’s finite supply makes it a more reliable store of value compared to traditional currencies or gold, presenting Strategy as an appealing option for investors looking to gain Bitcoin exposure. Related Reading: Avalanche Shatters Record With 20M Transactions—Is Real-World Use Finally Here? As institutional adoption of cryptocurrencies accelerates, Strategy’s acquisition strategy has become a blueprint for other corporate treasuries. The company’s total investment in Bitcoin now stands at $29.27 billion, yielding substantial unrealized gains with a cost basis of $71,268 per BTC. The latest report and Strategy’s recent purchase coincided with Bitcoin hitting a new all-time high, surpassing $123,000, underscoring the growing acceptance and adoption of BTC in the financial landscape. Nevertheless, the cryptocurrency has retraced to $117,000 in an attempt to find its next support level before moving on to uncharted territory once again if buying demand persists among investors. Featured image from DALL-E, chart from TradingView.com
Fidelity unit National Financial Services now owns a 12.9% stake in bitcoin‑treasury company Metaplanet, a firm with a billion‑dollar plan to stockpile BTC.
Bitcoin has been exploring new all-time highs (ATHs) recently, but Strategy still seems to be in accumulation mode as it has announced another large purchase. Strategy Has Bought 4,225 Bitcoin In Latest Acquisition As announced by Strategy Chairman Michael Saylor in an X post, the company has made a fresh Bitcoin acquisition, continuing its chain of 2025 buys. With the latest purchase, the firm has added 4,225 BTC to its holdings. According to the US Securities and Exchange Commission (SEC) filing, the buy occurred between July 7th and July 13th, and involved an average BTC cost basis of $111,827. This means the 4,225 tokens were acquired for about $472.5 million. Related Reading: Bitcoin Hits $123,000—But Inflows Are Just A Fraction Of 2024’s Peak In the same period as the acquisition, BTC witnessed a breakout to new ATHs. If the purchase is to go by, it seems Strategy is still interested in buying even at these high prices. “Short Bitcoin if you hate money,” said Saylor in an earlier X post. After the latest buy, the total holding of the firm has hit 601,550 BTC. The company spent around $42.87 billion to assemble this stack and today, its value stands at $72.25 billion, implying a significant profit of 68.5%. Earlier in the day, another Bitcoin treasury company added to its holdings: Metaplanet. According to the X post by CEO Simon Gerovich, the company has added 797 BTC to its reserve, taking the total to 16,352 BTC. Unlike Strategy, though, the firm’s average coin cost basis is on the higher side, standing at $100,191 right now. In some other news, while the big players in the market have been buying BTC for a while now, data from the on-chain analytics firm Glassnode suggests retail investors have finally joined in. In the chart, the data of the Accumulation Trend Score is shown for the different segments of the Bitcoin userbase. The “Accumulation Trend Score” is an indicator that tells us about whether the BTC investors are accumulating or distributing. From the graph, it’s visible that the score has recently been pretty close to 1 for the 1,000 to 10,000 BTC cohort. This means that these large hands, popularly known as the whales, have been showing a near-perfect accumulation trend. The latest rally in the cryptocurrency may be a product of this conviction. While the whales have been buying, the rest of the Bitcoin market has been showing behavior that tends more toward distribution. The mega whales, carrying more than 10,000 BTC, have remained in selling mode with an Accumulation Trend Score around 0.3. Related Reading: Bitcoin Breaks $118,000—But Liquidity Still Thin, Glassnode Warns Until recently, the hands with less than 1 BTC, the retail, were in a phase of distribution, but it seems the latest rally has caused them to change their tune, as they have started buying. BTC Price Bitcoin went up to $123,000 earlier, but it seems the asset has since seen a setback as its price is down to $119,900. Featured image from Dall-E, Glassnode.com, chart from TradingView.com
"Institutional dementia," said the top digital asset researcher at spot bitcoin ETF provider Van Eck.
Strategy (formerly MicroStrategy) said it purchased 4,225 Bitcoin for approximately $472.5 million between July 7 and 13, according to a July 14 statement with the US Securities and Exchange Commission (SEC). The acquisition, made at an average price of $111,827 per Bitcoin, brings the company’s total holdings to 601,550 BTC. These assets were acquired for […]
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TD Cowen's upside forecast for Bitcoin is $155,000 by December and expects Strategy to own nearly 900,000 BTC by 2027.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Vanguard, a $10 trillion money manager, has through its funds become the largest shareholder in Bitcoin stockpiler Strategy.
BitMine holds nearly $500 million in ETH as part of its Ethereum-focused treasury strategy, becoming the one of the largest public holders.
Strategy's holdings now total more than 2.8% of the total 21 million bitcoin supply — worth over $73 billion.
Tokyo-listed Remixpoint plans to amass 3,000 bitcoin, likely adopting a similar playbook used by Metaplanet to grow its 15,555 BTC stash.
Strategy (previously MicroStrategy), the Bitcoin proxy firm co-founded by Bitcoin bull Michael Saylor, has made headlines once again on Monday, but not for its usual Bitcoin acquisitions, but for its notable absence of purchases during the week of June 30 to July 6. This marks the first time since late March that the largest corporate holder of BTC has not added to its impressive treasury, which currently stands at 597,325 Bitcoin, valued at approximately $64.71 billion. Strategy Bitcoin Investment Hits A Pause The lack of activity in Bitcoin acquisitions is surprising, especially given Strategy’s aggressive purchases over the past few months. These purchases have brought the company close to holding nearly 3% of the cryptocurrency’s total supply. From April 7 through June 29, the company invested $6.77 billion in acquiring 69,140 BTC, averaging about $97,906 per coin. At current market prices, these investments have appreciated by 10.4%, now worth around $7.49 billion. Related Reading: XRP Could Hit $35 If It Captures A Quarter Of Remittance Market By 2029 In terms of trading, Strategy’s stock (trading on the Nasdaq under the ticker symbol MSTR) saw a slight decline of 0.7% during morning trading hours, which is in line with the 0.8% drop in Bitcoin prices. As of this writing, MSTR closed the day at $395. This highlights the close relationship between the company’s performance and the volatility of the cryptocurrency market. However, the company’s stock has enjoyed a rise of 38.5% in 2025, outpacing BTC’s 16.1% increase and the S&P 500’s modest gain of 6.1%. Up To $4.2 Billion For Future BTC Investments In addition to this pause in BTC purchases, Strategy did not issue any new common or preferred shares during the specified week. However, the company announced a sales agreement to potentially issue and sell up to $4.2 billion in 10% preferred stock. According to Monday’s press release on the matter by the Bitcoin proxy firm, the proceeds from this sales agreement are earmarked for general corporate purposes, which include future BTC acquisitions and working capital needs. Related Reading: Bitcoin To Repeat Parabolic Phase From 2017 And 2021? Here’s The Target The new preferred stock, known as Series A Perpetual Stride Preferred Stock, will be sold in a “disciplined manner,” taking market conditions into account, highlighting the firm’s ongoing commitment to leveraging its financial strategies to enhance its BTC holdings, even as it temporarily steps back from direct purchases. At the time of writing, BTC is trading at $107,855, marking a 1.5% decline within the last 24 hours, increasing the gap between the current price and its record by 3.5%. This follows a failed attempt last week to overcome the cryptocurrency’s most significant resistance level of $110,000 and establish a new all-time high above its current record of $111,800. Featured image from DALL-E, chart from TradingView.com
Strategy, the largest corporate holder of Bitcoin, expanded its digital asset portfolio by $21 billion in the second quarter of 2025, driven largely by BTC’s sharp price increase. According to the Michael Saylor-led firm, Bitcoin surged from $82,445 to $107,752 between April and June, pushing its unrealized gains on its BTC holdings to $14.05 billion. […]
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The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Strategy intends to use the proceeds for general corporate purposes, including the acquisition of bitcoin.
Strategy's BTC holdings total more than 2.8% of the maximum 21 million bitcoin supply — worth over $65 billion.
According to recent data, public companies have raced ahead of Bitcoin spot ETF issuers by snapping up more than twice as much BTC in the first half of 2025. Public firms added 245,510 BTC to their balance sheets from January through June, a 375% jump over the 51,653 BTC they bought in the same stretch last year. At the same time, spot ETF issuers purchased 118,424 BTC, leaving them well behind their corporate counterparts. Related Reading: Long-Term Bitcoin Holders Near Pain Point Last Seen In October 2024 Public Firm Purchases Smash ETF Buys According to data from Bitcoin Treasuries, the 245,510 BTC bought by public companies during H1 2025 is more than four times the 118,424 BTC ETF issuers gathered. That ETF component is 56% lower than the 267,878 BTC they purchased in H1 2024, despite the funds experiencing more robust inflows than they experienced towards the end of 2024. The difference indicates increasingly companies are holding Bitcoin directly instead of relying on exchange‑traded products. More Companies Join Bitcoin Rush Data shows 254 entities now hold Bitcoin, and 141 of those are public companies. That marks big growth from the start of the year, when only 67 firms had BTC, and the end of March, when the number hit 79. Those counts translate to a 140% rise in six months and a nearly 80% gain in three months, underlining how many new players have jumped in. Strategy’s Share Of Acquisition Dips Strategy (formerly MicroStrategy) still leads corporate buyers, but its slice of the total has shrunk. In H1 2024, Strategy’s purchase of 37,190 BTC made up 72% of all corporate buys. In the first half of 2025, the Michael Saylor‑led company purchased 135,600 BTC but now accounts for 55% of the total—down from its previous dominance. Firms such as Metaplanet, GameStop and ProCap have stepped into the spotlight, each adding large sums to their Bitcoin holdings. Supply Shock Could Be Coming According to industry commentary, the increase in corporate purchasing in addition to continuing ETF demand could take a bite out of available supply. When the next halving event reduces new Bitcoin issuance, less will flow into the market. Analysts caution that increasing institutional interest and declining supply might produce a significant price response. Related Reading: Ethereum Network Awakens—Massive On-Chain Moves Signal What’s Coming As public firms climb aboard and ETFs keep on buying—though at a reduced rate—the battle for Bitcoin is escalating. Although Strategy’s investments have increased in absolute value, the arrival of new buyers indicates the market is expanding. If that trend continues and reward for miners decreases following the halving, the battle for Bitcoin’s scarce supply could get fiercer. Investors and analysts alike will be paying close attention to how these forces influence the price of Bitcoin in the second half of 2025. Featured image from StormGain, chart from TradingView
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Nana Labs aims to hold 5-10% of BNB's circulating supply and announced a $500 million convertible note sale to fund its crypto treasury plans.