News linked to both this project and an event.
Odaily reports: Analysts at StoneX and TD Cowen believe that Strategy's preferred stock financing structure has stabilized and liquidity has improved, creating conditions for the company to resume accumulating Bitcoin and increase its Bitcoin holdings per share. Both institutions maintain a Buy rating, with target prices of $435 and $260, respectively.As of the end of the third quarter, Strategy held $5.07 billion in U.S. dollar assets, including $4.83 billion in cash reserves, sufficient to cover approximately 3.2 to 3.4 years of preferred stock dividends and debt interest. Strategy also spent approximately $2 billion to repurchase STRC preferred shares, helping its price recover to near its $100 par value. However, because funds were prioritized for replenishing cash reserves and supporting preferred stock rather than accumulating Bitcoin, Strategy's Bitcoin holdings per share declined 3.7% during the year.Additionally, holders of STRC, STRF, STRK, and STRD preferred shares have approved daily accrual of dividends: STRC effective November 1, and the other three classes effective January 1 of next year. Management stated that the move is intended to reduce volatility, improve liquidity, and expand demand. TD Cowen believes that broader distribution channels and better liquidity could ultimately enhance Strategy's efficiency in issuing "digital credit" products.
Odaily reports: According to Bitfinex analysis, Strategy shareholders voted on October 28 to approve a proposal for daily dividend payments on STRC preferred stock, with preliminary results showing 99.3% of votes in favor. STRC is expected to shift from semi-monthly dividend payments to daily dividend payments starting November 1, with the first cash dividend payment arriving on November 2; Strategy's other three preferred stocks, STRF, STRK, and STRD, are expected to follow suit in January 2027.Strategy's move aims to reduce price volatility around ex-dividend dates. Company CEO Phong Le stated that previously, when STRC paid dividends monthly, prices fell by an average of about 49 basis points around the ex-dividend date, which dropped to about 36 basis points after switching to semi-monthly payments. The company expects that daily dividend payments will further disperse selling pressure and improve price stability.This model was not pioneered by Strategy. Bitcoin treasury company Strive converted its SATA preferred stock to daily dividend payments in June of this year and launched a subordinated preferred stock, SATS, with a fixed annual dividend rate of 15%. In October, Strive issued 7 million shares of SATS at $90 per share, raising approximately $630 million, and used about $511 million of that to purchase 6,182 BTC.
Odaily Report: Bitcoin treasury company Strategy is considering issuing preferred stock to finance additional Bitcoin purchases. Executive Chairman Michael Saylor said the company can create up to $30 billion in digital credit based on its existing balance sheet, without issuing additional common stock or requiring Bitcoin's price to continue rising.CEO Phong Le said that issuing digital credit will be Strategy's primary method for acquiring more Bitcoin; if the company raises $1 billion to $2 billion through STRC in a month, part of the funds could be allocated to USD reserves, with the remainder used to purchase Bitcoin.Strategy reported third-quarter net income of $19.53 billion, primarily driven by a $20.91 billion increase in the value of digital assets. As of October 25, the company held 848,517 Bitcoin, up 26% year-to-date. The $30 billion figure represents potential financing capacity, not a publicly announced fundraising target. (Cointelegraph)
Michael Saylor posted on X that Strategy has announced its Q3 2026 results: operating income reached $21 billion, the highest for a single quarter in the company's history; year-to-date financing totaled $21 billion; STRC has returned to normal; and it holds 848,517 bitcoins, up 26% since the beginning of the year.
Since 2025, as of October 5, Bitcoin treasury companies such as Strategy and Strive have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for more than 0.5% of Bitcoin's maximum supply; the related preferred stock market is approximately $12 billion. Perpetual preferred stock has no fixed maturity date, which can alleviate refinancing pressure and attract yield-oriented investors who are unwilling to hold Bitcoin directly; however, expanding issuance also increases dividend expenses. Sustained financing for Bitcoin purchases depends on preferred stock trading at or near par value. If prices fall below par, the appeal of new issuance may decline, and companies may turn to buybacks. James Butterfill, Head of Research at CoinShares, said Strategy's latest weekly report shows the company spent $193 million to repurchase STRC, bought 267 BTC during the same period, and raised its preferred stock repurchase authorization to $3 billion. Buybacks can reduce future dividend costs but also compete with Bitcoin purchases for capital. Ryan Rasmussen, Head of Research at Bitwise, expects ETFs will remain a larger source of Bitcoin demand over the long term, while perpetual preferred stock covers a different group of yield-oriented investors and provides another source of demand support for the market. Butterfill believes preferred stock may amplify market cycles: when financing conditions are favorable, it supports Bitcoin purchases; when market sentiment weakens, that support may diminish.
Odaily report: As the financing models of Bitcoin treasury companies Strategy and Strive come under pressure, related companies are attracting investors by offering higher-yield preferred stock to sustain their crypto asset accumulation strategies. Strategy's STRC preferred stock, which carries a 12% annualized dividend rate, has not been issued again since its price decline in June. The company is now seeking to promote daily dividend payments and continues to raise funds by issuing additional common stock to buy Bitcoin, resulting in equity dilution for existing shareholders.Bitcoin treasury company Strive disclosed that it has completed a $630 million preferred stock offering, with the fundraising scale about 25% higher than initially planned. The preferred stock carries a nominal annualized yield of 15% and was issued at a discount, with an effective yield of nearly 17%, far exceeding the yield on one-year high-grade U.S. Treasury bonds and approaching the returns on distressed debt. (Bloomberg)
Bitcoin Treasuries posted that Strive (ASST) is pushing for the second spot on the Bitcoin treasury rankings, with a funding round of $700 million that was 2x oversubscribed. As of now, cumulative Bitcoin treasury holdings have reached 36,818 BTC. SATS has begun trading. @GrafYves, @TheOtherParker_, and @TylerCompiler will provide analysis on this, and the discussion also touches on whether STRC has a pricing discrepancy relative to SATA.
Odaily reports: Bitcoin News posted on X that Strive's SATA preferred stock raised an estimated $55 million during the week of October 5, enough at last week's prices to purchase approximately 638 bitcoins. As of October 2, the company held 29,462 BTC. From September 28 to October 4, Strategy did not sell any STRC shares. An 8-K filing submitted on Monday will reveal whether this SATA cash was actually converted into Bitcoin.
Michael Saylor posted on X platform stating that Strategy and Strive conduct business based on the shared capital foundation of Bitcoin. Although the two parties differ in securities products, decisions, and target audiences, they can compete while jointly expanding long-term opportunities. He believes that more well-managed Bitcoin-backed digital credit issuers can help enhance investor awareness, liquidity, and institutional research coverage for this category, and may improve the financing environment for eligible issuers. Saylor also mentioned that Strive disclosed the purchase of $50 million worth of STRC on March 11, 2026.
Odaily News — Strategy is using large-scale buybacks to push the price of its perpetual preferred stock STRC back toward its $100 par value, in a bid to restore its Bitcoin financing capacity. Between July 20 and September 13, Strategy repurchased a total of 9.96 million STRC shares for approximately $950 million, accounting for about 18% of the trading volume during the same period. Of that, roughly $765 million can be traced to sales of MSTR common stock, while another approximately $161 million came from Bitcoin reductions.STRC had previously fallen to around $70, and has recently rebounded to as high as about $99. Analysts believe that only when STRC's price approaches or climbs above its $100 par value can Strategy effectively reissue the security and use the proceeds to purchase Bitcoin. However, after Strategy pulls back and reduces its buybacks, whether STRC can continue to hold near par value remains uncertain. (Bloomberg)
Odaily News - Bitfinex Securities, the tokenized investment platform under crypto exchange Bitfinex, has listed 5 tokenized notes, providing eligible investors with economic exposure to bitcoin treasury companies such as Strategy, Metaplanet, H100 Group, and Capital B. The platform has also listed Strategy's floating-rate perpetual preferred stock, STRC.The aforementioned notes are issued through the Luxembourg-based ORO (II) fund and managed by SICOS Securities. The underlying securities are held in custody by regulated financial institutions but do not grant investors direct ownership of shares in the corresponding companies. The products allow fractional investments starting from approximately $1 and support trading in USD, USDT, and Bitcoin, and are only available to eligible non-US investors.Bitfinex Securities stated that this marks the first time such products are available for secondary trading on a regulated tokenized securities exchange. Following the completion of a $50 million tokenized fundraising round for metals company Alkemya in August this year, the platform's total listed assets have surpassed $500 million. (Cointelegraph)
Odaily News: Business intelligence software company Strategy holds 840,447 BTC at an average purchase price of $75,385. After Bitcoin rose for five consecutive days, breaking above $78,000, the position has returned to profitability for the first time since July.Based on a Bitcoin price of $78,400, the position is valued at approximately $65.89 billion, representing paper gains of about $2.53 billion against the initial investment of $63.36 billion, a return of roughly 4%. Over the past six weeks, the position's value has fluctuated by approximately $15.5 billion.Since May, Strategy has sold 6,948 BTC, raising approximately $432.5 million. During the same period, the company raised $334 million through sales of MSTR stock, deploying the funds toward preferred stock dividends, STRC buybacks, and dollar reserves, the latter of which currently stand at $6.7 billion. (Decrypt)
Odaily News: Digital asset treasury company Strategy reported a net loss of $8.2 billion in Q2, mainly driven by an $8.3 billion unrealized loss on digital assets. Its software business generated $122 million in revenue for the quarter. The company's financial report adopts the fair value measurement model.Between August 3 and 9, Strategy sold 1,690 bitcoins, cashing out approximately $109 million and repurchasing STRC preferred shares. In the following week, the company did not sell any bitcoin but instead raised $334 million through common stock issuance, of which $52 million was used for preferred stock dividends, $132 million for buybacks, and $149 million went into its dollar reserves.Digital asset treasury company Twenty One Capital disclosed that as of June 30, each Class A share corresponded to 12,547 satoshis, down from 12,557 at the end of 2025. The company holds 43,514 bitcoins, valued at approximately $2.8 billion, with an equity market capitalization of about $1.6 billion, corresponding to roughly 0.57 times its bitcoin holdings valuation.Of the bitcoins held by Twenty One Capital, 16,116 are staked as collateral for $485 million in convertible bonds, corresponding to approximately $106 million in cash. Strategy's dollar reserves reached $4.8 billion as of August 16, which management says can cover approximately 2.7 years of debt and dividend expenses. (Forbes Digital Assets)
据 Strategy 向美国 SEC 提交的 8-K 文件，公司于 2026 年 8 月 10 日至 16 日未购买比特币，持仓维持在 840,447 枚，总持仓成本约 633.6 亿美元，平均成本约 75,385 美元。
Odaily News: Software company Strategy holds nearly 850,000 Bitcoin, valued at just over $50 billion, with some recent purchases funded through debt and stock issuance. Since Michael Saylor shifted the company toward Bitcoin accumulation in 2020, his wealth has fluctuated with Bitcoin's price. Michael Saylor stated that last year, with the aid of an AI chatbot, he earned $15 billion through the company's Bitcoin-backed preferred stock. Strategy's STRC offers an annual dividend yield of 12%, with its price recently recovering to near $100 after dipping to around $75 in late June. Over the past year, Strategy's common stock value has fallen by approximately 80% alongside Bitcoin's price decline. The company recently sold some of its Bitcoin holdings to manage debt and dividend commitments, and has built a $4 billion cash reserve, providing roughly two years of funding support before subsequent financing. Michael Saylor also mentioned that in May of last year, he used ChatGPT's deep research mode to design the company's convertible preferred stock product.
Odaily News: Michael Saylor, Executive Chairman of digital asset financial firm Strategy, stated that if you're looking for the next billion-dollar financial business, you should explore digital credit. He noted that digital credit can transform Bitcoin-centered capital strategies into yield-generating products. Within Strategy's digital credit product line, the Stride Preferred Stock (STRD), Stretch Preferred Stock (STRC), Strike Preferred Stock (STRK), and Strife Preferred Stock (STRF) offer effective yields of 15.29%, 12.63%, 12.08%, and 10.38%, respectively. These preferred securities provide the company with an additional financing avenue beyond common stock and debt.
Strategy posted on X: "Our ambition is to become the world's largest company by market capitalization—holding the most capitalized Bitcoin (BTC), issuing the most powerful credit instrument (STRC), and creating the best equity asset (MSTR)."Strategy stated that its strategic core includes three major directions:Bitcoin reserves: Continuously accumulate BTC and treat Bitcoin as a long-term capital asset;Credit instruments: Expand capital sources through preferred stocks such as STRC and other financial tools;Equity value: Provide investors with Bitcoin exposure through MSTR stock and enhance shareholder value.Strategy is currently one of the public companies holding the largest amount of Bitcoin globally. In recent years, the company has raised funds through issuing stocks, convertible bonds, and preferred shares, using the proceeds to purchase BTC, forming a cycle of "capital market financing—accumulating Bitcoin—enhancing company value."Strategy founder Michael Saylor has long believed that Bitcoin is scarce capital in the digital age, and the company aims to position itself as a core platform connecting traditional capital markets with the Bitcoin economy by continuously expanding BTC reserves and innovating financial instruments.Market observers believe that Strategy's goal is not merely to become a Bitcoin-holding company, but to establish a new corporate capital structure with Bitcoin as the underlying asset.
Strategy Executive Chairman Michael Saylor confirmed that the company's Variable Rate Series A Perpetual Preferred Stock STRC will maintain a Stretch Dividend Rate of 12.00% in August 2026. STRC was launched in July 2025 with an initial rate of 9%, and has since seen seven consecutive monthly increases. STRC's dividend adjustment mechanism stipulates that when its trading price falls below $95, the dividend rate increases by 0.5%, and once triggered, the increase is irreversible even if the price recovers. Strategy resets this rate monthly to drive STRC's price closer to its $100 par value, and issues new shares through its ATM program to raise funds for Bitcoin purchases. STRC closed at $89.46 on July 31, down from the previous closing price of $89.50, approximately 10% to 11% below its $100 par value. The stock touched a low of $71.25 in June and has not returned to par value since mid-May. Strategy has paused new STRC issuance through its ATM program, limiting its ability to use this funding channel to increase its Bitcoin holdings. The company maintains a liquidity buffer covering approximately 26 months of dividend and interest obligations, and in late June, authorized a $2 billion preferred stock and common stock buyback and Bitcoin monetization program through the Digital Credit Capital Framework.
Odaily News, Strategy Executive Chairman Michael Saylor said at the company's Q2 earnings call that while the company has previously allocated nearly "100% of its funds to Bitcoin," it may adopt a combined strategy of holding both cash and BTC going forward. He stated, "Perhaps the best way to buy the most Bitcoin is not to buy the most Bitcoin immediately."TD Cowen and Benchmark both maintained their Buy ratings on Strategy following the Q2 earnings call. The two firms believe that the core goal of the company's current management has shifted toward bringing its STRC preferred stock price back to near par value, thereby restoring its ability to function as a financing tool.TD Cowen analyst Lance Vitanza said the most important takeaway from the call was management's strong focus on STRC. Company executives repeatedly emphasized that restoring STRC to par value is the core objective, and noted that despite recent price deviations in the security, institutional adoption continues to rise.Benchmark analyst Mark Palmer holds a similar view. He pointed out that Saylor and his team spent most of the 90-minute call focused on the same goal: restoring STRC to the $99–$100 range, making it once again the primary engine for the company to raise capital and purchase Bitcoin.
Odaily Strategy sold nearly $467 million worth of MSTR common stock last week but did not increase its Bitcoin holdings. Analysts believe this indicates that the company is implementing its recently proposed Digital Credit Capital Framework and beginning to prioritize strengthening its balance sheet, rather than solely pursuing short-term BTC accumulation.According to the latest filings, Strategy has increased its U.S. dollar cash reserves to $3 billion, while its Bitcoin holdings remain unchanged at 843,775 BTC. Both Benchmark and TD Cowen believe this move strengthens the company's balance sheet and helps boost market confidence in its preferred equity financing model.TD Cowen reiterated its "Buy" rating and $260 price target for Strategy stock, stating that this operation is an early signal of management executing the new capital allocation framework. The firm noted that Strategy's choice to expand dollar reserves and pause Bitcoin purchases demonstrates a greater emphasis on balance sheet discipline rather than maximizing short-term BTC accumulation.Benchmark also maintained its "Buy" rating with a $570 price target. On Monday, Strategy's stock price traded at approximately $91.50, near its long-term low. Overall, analysts believe that amid pressure on preferred equity financing tools like STRC and market focus on dividend coverage capacity, Strategy's increase in cash reserves may help alleviate investor concerns regarding a forced sale of BTC.