Michael Saylor, chairman of the largest public Bitcoin treasury company, Strategy (formerly MicroStrategy), is embarking on what could be his most daring financial venture yet: the introduction of perpetual preferred stock as a new funding mechanism. This new approach seeks to move away from traditional methods like common stock sales and convertible bonds, which have already helped Strategy amass $75 billion in Bitcoin assets. Saylor’s Bitcoin Credit Model The perpetual preferred stock, branded “Stretch,” offers a unique financial structure—these securities do not mature and can even defer dividend payments, providing flexibility for the issuer while potentially unsettling investors. Related Reading: Ethereum Faces The Level That Decides Everything: Analyst The Stretch offering features variable-rate dividends and lacks voting rights, positioning it as neither conventional debt nor typical equity. Saylor believes this could provide the company with the necessary capital to continue acquiring Bitcoin. According to Bloomberg, over the next four years, he plans to retire billions in convertible notes, reduce common stock sales, and rely more heavily on preferred offerings as his primary funding source. This ambitious plan aims to establish a “BTC Credit Model,” where Bitcoin underpins a new stream of income. Saylor envisions the potential to raise “$100 billion… even $200 billion” if demand for these securities is strong. High-Yield Risks So far this year, Strategy has raised approximately $6 billion through four perpetual preferred offerings, with the latest $2.5 billion tranche being one of the largest capital raises in the crypto space this year. As Michael Youngworth from Bank of America noted, this retail-driven approach is unique in the corporate preferred market, which is typically dominated by investment-grade institutions. However, there are concerns about the sustainability of this model. The perpetual preferreds require ongoing, substantial dividend payments, which could be a challenge given that Bitcoin itself does not generate income. Saylor’s push for perpetual preferreds is also a strategic response to the limitations of the convertible market, which tends to exclude retail investors. Related Reading: Analyst Says XRP Price Could Explode 44,000% To Cross $1,000 Strategy’s CEO, Phong Le, has framed this shift as a way to create a more resilient capital structure, particularly in light of the challenges faced during the 2022 “crypto winter.” Despite the potential advantages, the high yields associated with perpetual preferreds—often between 8% and 10%—could become burdensome, especially in a market downturn, according to experts. Critics like short-seller Jim Chanos have labeled these instruments as “crazy” for institutions to buy, given their non-cumulative nature and the issuer’s discretion over dividend payments. When writing, Bitcoin trades at $117,260, retracing over 5% from the recently achieved $124,400 all-time high earlier in the week. Year-to-date, the market’s leading crypto is up 101%. Featured image from DALL-E, chart from TradingView.com
Strategy (formerly MicroStrategy) and El Salvador showcased huge paper gains from their Bitcoin holdings after the flagship crypto surged to a new all-time high above $124,000. Strategy’s Bitcoin holdings reach ATH On Aug. 13, Strategy Chairman Michael Saylor announced that the company’s Bitcoin portfolio had reached a record high of $77.2 billion. This nearly doubles […]
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Some argue the "circular-economy optics" of some digital asset treasury deals raise ethical concerns all too familiar in crypto.
NBIM's Strategy holdings were worth over $1.1 billion as of June 30, and it has also held shares in Block, Coinbase, MARA, and Metaplanet.
The firm now holds a total of 2,395 BTC ($284.8 million), maintaining its place in the top 25 public bitcoin treasury companies.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Strategy, the world’s largest corporate holder of Bitcoin, has expanded its treasury with the purchase of 155 BTC for $18 million. The acquisition, announced on Aug. 11, came at an average price of $116,401 per coin, marking a 25% year-to-date yield on the company’s Bitcoin position in 2025. Notably, this is Strategy’s second-smallest purchase of […]
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Strategy's BTC holdings have nearly reached 3% of the total 21 million bitcoin supply — worth around $76 billion.
Michael Saylor, founder of Strategy, suggested this week that a rumored move by the US to impose tariffs on gold imports could push money out of the metal and into Bitcoin. Related Reading: Ripple-SEC Legal Drama Ends; XRP Skyrockets 13% According to a Bloomberg interview, Saylor argued that Bitcoin cannot be taxed at the border because it “lives in cyberspace, where there are no tariffs.” He said the coin’s lack of physical weight and its speed of settlement make it more attractive than gold in a world where import duties on bullion are being discussed. Saylor Frames Bitcoin As Tariff-Proof Asset Reports have disclosed that others in the industry agree. Simon Gerovich, president of Metaplanet, called gold “heavy, slow, and political,” and labeled Bitcoin “light, fast, and free.” Based on reports, Metaplanet — a Japanese company that manages a Bitcoin treasury — bought nearly $54 million in Bitcoin recently, bringing its total holdings to 17,595 BTC, roughly $1.78 billion at current values. Those numbers matter to investors watching whether corporate treasuries will switch allocation from stored metal to digital coins. Market Reaction And Price Moves Markets reacted in different ways. Gold futures hit an all-time high after the tariff news, as traders scrambled to price the possible cost impact of new import rules. Bitcoin, meanwhile, traded roughly sideways in the same period, moving down by less than 1% in the last 24 hours. The split response shows that a policy shock can push some capital into metal while other buyers may sit on the sidelines or look to crypto for a different kind of hedge. This is the purchasing power of the U.S. Dollar This is the ultimate chart pattern for all fiat currencies Some think Gold is a great store of value (preserving its purchasing power) – and it is But the ultimate store of value will prove to be Bitcoin $BTC pic.twitter.com/4rdar3TRtT — Peter Brandt (@PeterLBrandt) August 8, 2025 Brandt Highlights Dollar Decline Over Decades Veteran trader Peter Brandt added fuel to the debate by posting a long-run chart that traces the US dollar’s purchasing power from $1.00 in 1971 to about $0.031 in 2025, based on M2 money growth. Related Reading: Crypto Is Here To Stay—Even The SEC Can’t Do Anything About It, Analyst Says Brandt pointed to a roughly 95% decline in that period and said this trend shows fiat currency can lose value over decades. He argued that while gold has held value for many years, Bitcoin is now positioned to serve as a store of value going forward. According to market watchers, the tariff talk has changed the short-term mood but not resolved which asset is the better long-term refuge. Institutional buyers like Strategy and Metaplanet are making public bets on Bitcoin, and that shapes expectations. At the same time, gold’s record high reminds investors that demand for tangible stores of value can spike on policy risk. Featured image from Unsplash, chart from TradingView
Despite the recent Bitcoin (BTC) price correction after a significant rally that propelled the cryptocurrency to a record high of $123,000, some analysts remain optimistic about the potential for a renewed bull run. However, one expert has raised a concerning warning that could signal the end of this bullish cycle. Fears Of Mass Sell-Off According to market expert OxArtikal’s thesis shared on social media platform X (formerly Twitter), Michael Saylor’s Strategy (previously MicroStrategy), the largest corporate holder of Bitcoin, is reportedly planning to sell all of its Bitcoin holdings by 2025. This revelation comes amid movements of their substantial Bitcoin reserves to different wallets, raising alarms about the potential implications for the market. Related Reading: XRP Soars 35% in a Month: Will Ripple’s Legal Win and Whale Activity Send Price to New Highs? Strategy currently controls over 628,000 BTC, representing more than 3% of Bitcoin’s total circulating supply. For context, the collapse of FTX, which held approximately 20,000 BTC, triggered a significant downturn in the market. The expert believes that the potential sale of Strategy’s Bitcoin holdings could have a dramatically larger impact, estimated to be 30 times more severe. Notably, Saylor has long maintained that Strategy would never sell its Bitcoin. However, the expert identified that in late June, the company quietly transferred 7,382 BTC—valued at nearly $800 million—out of its wallets and into three new wallets with no prior transaction history. This Bitcoin was subsequently sent to Coinbase Prime, a sell-side custodian, without any public announcement or clarification during the company’s Q2 earnings report. If Strategy were to liquidate even a small portion of its holdings, the psychological ramifications could be profound, OxArtikal further stated. He shared that this could lead to a mass sell-off, while institutional investors could reconsider their BTC allocations. Bitcoin Could Crash Below $70,000 Historically, Strategy’s actions have coincided with significant market shifts. In 2022, the company transferred 34,000 BTC to secure a loan, shortly before a major market crash. Now, as they appear to be moving substantial amounts of Bitcoin again, the expert fears that a similar scenario could unfold. OxArtikal asserts that sell-off by Strategy could potentially drive the price below $70,000 within days, undermining the retail comeback and deterring new investors who view Bitcoin as a long-term safe haven. Related Reading: Bitcoin Stuck In Macro Purgatory—Top Analyst Says Q4 Or Bust While it is not confirmed that Saylor will sell his holdings, the signs are troubling: the recent wallet movements, the involvement of Coinbase Prime, and a lack of transparency during earnings calls all point to a potential shift in strategy. If Strategy were to exit the Bitcoin market, the expert claims that it wouldn’t merely result in a correction; it could trigger a market-wide reset, erasing years of built-up trust and confidence in Bitcoin as “digital gold.” Featured image from DALL-E, chart from TradingView.com
A Nickel Digital Asset Management survey says around 10% of S&P 500 companies will establish bitcoin treasuries at some point.
The ETF, which bets against MSTR, has seen a net inflow of $16.3 million in the past six months, while its bullish counterpart has experienced significant outflows.
Coinbase plans a $2 billion private offering of convertible notes after lackluster Q2 earnings that analysts say presents a buying opportunity for COIN.
Michael Saylor’s enterprise software company, Strategy (previously MicroStrategy), has made headlines once again with a substantial Bitcoin (BTC) acquisition, pushing its total holdings beyond 600,000 coins. The company purchased an impressive $2.46 billion worth of Bitcoin over the past week, marking its third-largest purchase by dollar amount since it began acquiring the digital asset five years ago. Bitcoin Acquisition At Record Prices Between July 28 and August 3, Strategy added 21,021 Bitcoin to its holdings, bringing its total to 628,791 tokens. At current market prices, the firm’s portfolio is valued at over $71 billion. Saylor has adeptly transformed his company from a traditional software provider into the leading corporate buyer of Bitcoin, utilizing innovative financial strategies to fuel these purchases. Related Reading: Top Analyst Says Bitcoin Is Trapped: ‘Nothing To Do Until October’ The latest acquisition was made at an average price of $117,526 per token, which is the second-highest price the company has ever paid, just shy of the $118,940 average from the previous month. Strategy is the largest corporate Bitcoin holder, according to data from BitcoinTreasuries.net. BTC mining company MARA Holdings is second with 50,000 coins, which highlights Saylor’s firm’s purchasing power. Notably, this position has not only solidified Saylor’s influence in the crypto space but has also inspired other public companies to adopt similar treasury strategies aimed at accumulating and holding digital currencies. These include Trump’s social media company, boosted by a new regulatory regime and legislation in the US aimed at positioning the country as the crypto capital of the world, a mission that President Donald Trump has advocated since his election campaign last year. Saylor’s Strategy Pledges To Protect Shareholder Value To fund these massive purchases, Bitcoin bull Michael Saylor has employed a mix of common and preferred share sales alongside debt instruments. Recently, the company launched its latest preferred stock offering, dubbed “Stretch,” in late July. In its second-quarter report, Strategy announced an unrealized gain of $14 billion, primarily driven by the recent rebound in Bitcoin prices and a new accounting requirement that necessitated the revaluation of its Bitcoin holdings. Saylor has also made a commitment to investors, stating that he will refrain from issuing new common shares at less than 2.5 times the company’s net asset value, except for covering debt interest or preferred dividends. Related Reading: Analyst Warns XRP Investors Not To Let Fear Dictate Moves As Long As Price Holds This Level This pledge comes in light of concerns raised by critics like Jim Chanos, who have expressed apprehension about the premium that Strategy’s Bitcoin holdings place on its share price and the numerous securities offerings the company has executed. Since its initial foray into Bitcoin, Strategy’s stock, MSTR, has skyrocketed over 3,000%, significantly outperforming Bitcoin itself and major stock indices such as the S&P 500 and Nasdaq 100. The company’s largest purchases occurred in November, totaling $5.4 billion and $4.6 billion, respectively, demonstrating Saylor’s aggressive strategy in the cryptocurrency market. However, on Monday, the firm did not disclose any further purchases, as it has commonly done over the past few months. Perhaps it is starting to reassess its direction with biweekly acquisitions. It remains to be seen what the firm’s next moves will be, as there have been no further official comments on the matter. Featured image from DALL-E, chart from TradingView.com
Michael Saylor likens Strategy’s latest Bitcoin-backed preferred stock to Apple’s iPhone, calling STRC a breakthrough in corporate finance with massive market potential.
Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), has dismissed concerns that the firm holds too much Bitcoin. In an Aug. 1 interview with CNBC, Saylor argued that owning 3% to 7% of the total Bitcoin supply is not excessive. Instead, he called it a balanced position that allows other institutions and individuals to participate. […]
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The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The Bitcoin treasury company released Q2 earnings results on Thursday, showing record net income of $10 billion.
Bitcoin-focused firm Strategy posted $10 billion in net income for the second quarter of 2025, its strongest financial performance to date. Bitwise CIO Matt Hougan pointed out that Strategy’s profits were nearly three times higher than Goldman Sachs, which reported $3.7 billion over the same period. Strategy also outperformed Bank of America, which earned $6.8 […]
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Strategy (previously MicroStrategy) announced its first profit in six quarters, buoyed by a notable surge in cryptocurrency values during the latest quarter that saw the market’s largest cryptocurrencies,, including Bitcoin (BTC), recover from previous price corrections. This development comes as the crypto firm, the largest corporate holder of Bitcoin, capitalizes on a favorable market environment that saw Bitcoin reached a new all-time high past $123,000 for the first time, following the signing of the GENIUS Act into law by US President Donald Trump earlier this month. Strategy Reports $14 Billion Gain As of June 30, Strategy held an impressive 597,325 BTC, purchased at an average price of $70,982 per coin. With Bitcoin currently trading in a consolidation between $114,000 and $120,000, the company recorded a staggering $14 billion unrealized fair value gain on its digital assets. Related Reading: Trump-Appointed Group Calls For Easier Crypto Regulations From Federal Authorities This marked a stark contrast to the previous year, when the company co-founded by Bitcoin bull Michael Saylor, faced a loss of $102.6 million, or 57 cents per share. For the three months ending June 30, Strategy posted a net profit of $9.97 billion, or $32.60 per share as the company has increasingly ramped up its acquisition efforts through new initiatives this year. ‘Hyper-Growth Phase’ For Bitcoin Historically, the company faced restrictions on recognizing gains from Bitcoin unless it sold the assets; it could only account for losses if the cryptocurrency’s value fell below its purchase price. However, this recent profit signals a shift in its financial strategy, reflecting broader corporate acceptance of cryptocurrencies. Strategy began its Bitcoin accumulation in 2020, initially using cash and later financing its purchases through low-cost convertible bonds and stock sales. The firm is now ranked first among the top 100 public Bitcoin treasury companies. Following it are the mining firm MARA Holdings, XXI, the Bitcoin Standard Treasury Company, and Riot Platforms. Related Reading: Chainlink Acknowledged By The White House As Key Player In Crypto Infrastructure The company’s stock, MSTR, has surged nearly 39% this year, outpacing Bitcoin’s own 25% increase. This momentum has inspired other public companies to adopt similar strategies, emulating the buy-and-hold treasury approach championed by Strategy’s co-founder Michael Saylor. On a recent post-earnings call by the company, Saylor remarked that the digital asset industry is entering a “hyper-growth, hyper-adoption phase” for Bitcoin as a treasury reserve asset. Moreover, several companies are now diversifying their crypto holdings, exploring other tokens like Ethereum (ETH) and utilizing mergers with blank-check companies to integrate crypto assets into their equity structures. Strategy’s stock, which saw a nearly fivefold increase last year, even earned it a place in the Nasdaq 100 index in December. When writing, the market’s leading crypto trades at $115,780, meaning a 6% gap between current prices and its record high. Featured image from DALL-E, chart from TradingView.com
The offering comes just days after closing on the sale of $2.5 billion of STRC preferred shares.
The Bitcoin treasury company reported second-quarter earnings results after Thursday's closing bell.
Treasury companies give large token holders the opportunity for a sophisticated exit that bypasses traditional market liquidity constraints.
Thousands of Bitcoin flowed through an Anchorage Digital address and Gemini hot wallets in what partly seems like a shift in BTC treasury holdings.
The UK firm now holds a total of 2,050 BTC ($242 million), solidifying its place in the top 25 public bitcoin treasury companies.
Strategy (MSTR) — recognized as the world’s largest Bitcoin (BTC) treasury company — has made headlines with the successful closing of its initial public offering (IPO) of 28,011,111 shares of variable rate series A perpetual stretch preferred stock. Priced at $90 per share, this offering stands out as the largest US IPO of 2025 and one of the most significant crypto-related offerings in recent years, to which STRC is projected to commence trading on the Nasdaq Global Select Market around July 30, 2025. Strategy Set To Boost Bitcoin Holdings According to the official announcement issued on Tuesday, the IPO generated gross proceeds of approximately $2.521 billion, with net proceeds estimated at around $2.474 billion after accounting for underwriting discounts and offering expenses. Related Reading: Ethereum Price To $20,000? ETH Is Mirroring Bitcoin’s Move From 2021 Strategy plans to utilize these funds to acquire 21,021 BTC at an average price of $117,256 each. This acquisition will increase the company’s total Bitcoin holdings to approximately 628,791 Bitcoin, amassed at an aggregate cost of about $46.8 billion, translating to an average purchase price of $73,227 per bitcoin, inclusive of related fees and expenses. These strategic moves have led analysts to anticipate a notable rebound for Strategy’s stock. As reported by NewsBTC, amid a positive shift in Wall Street’s outlook, they are projecting an 84% reduction in the company’s loss per share year-over-year for the second quarter. Analysts expect Strategy to achieve profitability of $7.30 per share this year, marking a remarkable 209% increase compared to the previous year. MSTR Price Target Raised The bullish sentiment surrounding Strategy stock has intensified, particularly following a price upgrade from TD Cowen. Several analysts have revised their price targets upward, reflecting heightened confidence in the company’s strategic trajectory. Barclays analyst Ramsey El-Assal has adjusted his price target for MSTR from $421 to $475, maintaining an “Overweight” rating that underscores his belief in the company’s initiatives. Cantor Fitzgerald analyst Brett Knoblauch slightly lowered his price target from $619 to $614 but retained an “Overweight” rating, expressing faith in Strategy’s ability to maintain its premium net asset value while continuing to expand its Bitcoin holdings. Related Reading: XRP Dormant Coins On The Move: Reason Behind Price Plunge? Analysts at H.C. Wainwright also raised their price target from $480 to $521 for MSTR, citing the company’s revised guidance for 2025 and its ambitious capital-raising plans. The report further notes that out of 13 analysts covering the stock, 11 recommend a “Strong Buy,” one suggests a “Moderate Buy,” and another has issued a “Strong Sell” rating. The consensus price target currently stands at $543.62, while TD Cowen’s highest target reaches $680. As of this writing, MSTR closed the trading session dropping 9% to its current valuation of $398 per share. Bitcoin, on the other hand, consolidates just 4% below its all-time high at $117,250. Featured image from DALL-E, chart from TradingView.com
The firm days ago sold nearly $2.5 billion of its new preferred series, dubbed STRC or "stretch," and quickly deployed the funds into BTC.
The Stretch offering raised approximately $2.521 billion in gross proceeds, making it "the largest U.S. IPO completed in 2025 to date."
Bitcoin is holding steady as we approach the end of July, while Ethereum is seeing a surge in speculative interest.
TD Cowen remains uber bullish on Strategy's stock, maintaining a "buy" rating and $680 price target on Monday.