The Smarter Web Company's capital reduction reaches its confirmation hearing on Tuesday. If the Court sanctions it, distributable reserves are in place the next day - the reserves a sterling Bitcoin preferred would be paid from.
Strategy's perpetual preferred remains more than $10 shy of its $100 par value, and the July options chain shows why. Two heavily-populated call strikes and a steadily rising cost to borrow are holding the line just below $90.
Strategy's bitcoin sale last week isn't a retreat from its "never sell" pledge. It's the completion of a specific, three-part assignment S&P Global handed the company in October, filed in the same order S&P wrote it down.
Roughly 18 hours after opening a public poll on the question, Strive said investors should no longer assume it will automatically issue new SATA shares at $100, citing market conditions it does not consider normal.
Strategy will pay 12.00% on STRC from 1 July - but the rate rise arrives bolted to a $2.55bn USD Reserve floor, two $1bn buyback programmes, and a formal BTC monetisation mandate, and the company now says it will no longer lift the coupon simply because the stock trades below par.
STRC closed at $75.69, roughly a quarter below the $100 it was built to defend, with an intraday low of $73. The 1M VWAP sits at $91.46 and the effective yield has reached 15.19% against an 11.50% coupon. The July rate increase now writes itself. The lever the market is arguing over is the one Strat...
STRC has endured seven consecutive rate increases and its 1M VWAP sits at $94.09 while the stated yield remains 11.50%. The variable-rate guidance mechanism that was supposed to solve this problem has become part of it. There are four things Strategy needs to fix - and the market is watching all of...
BSTR Holdings goes to a shareholder vote on Friday with 30,021 BTC secured - Samson Mow's read of the capital stack suggests a fully deployed raise could take the company from fifth to second.
Strategy's preferred stock fell to $82.53 intraday on 18 June. The issuer's balance sheet was unchanged. What happened in between is a lesson in how quiet markets manufacture their own crises.
The acquisition of Siiibo Securities is dressed up as Project Nova. Read more carefully and it looks like a licence to go around the exchange rules blocking Mars and Mercury.
BPS tells you what a company holds. CEBE mNAV tells you what you own - and what the market is charging for it. The gap between them is the number that actually matters to common shareholders.
Strive's CEO sketched a deal between Metaplanet and Nakamoto on a recent podcast. He has no insider knowledge. The idea is worth examining anyway, because it answers a question each company is currently failing to answer alone.
