BTCPERSHARE RESEARCH

Bitcoin treasury research, explained through the shareholder.

Original analysis of BTC/share, capital structure, valuation, and the financing strategies behind public Bitcoin treasury companies.

Strategy raised $164 million. 40% went to Bitcoin. BTCperShare filing analysis for November 2, 2026, with a gold bitcoin beside a stack of coins.

FILING ANALYSIS · STRATEGY (MSTR / STRC)

Strategy Raised $164 Million Selling MSTR. Only 40% Went to Bitcoin.

Nov 2 2026

Strategy bought 811 BTC and repurchased $208.2 million of STRC. Gross bitcoin backing fell 0.165% per assumed diluted MSTR share.

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Strive taps the SATS ATM. A SATS preferred-stock certificate sits beside a bitcoin. Strive added 124 BTC, raised $0 through the ASST ATM and grew BTC per share by 0.29%.

FILING ANALYSIS · STRIVE (ASST / SATA / SATS)Strive Taps the SATS ATM for the First Time as ASST Falls 23%

Strive bought 124 bitcoin, mostly with existing cash. SATS supplied all weekly ATM proceeds as ASST fell 23.4% and gross bitcoin per share rose 0.29%.

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BTCperShare feature: Preferreds First for Bitcoin, with an orange Bitcoin coin, STRC plaque and tokenization network globe.

ANALYSIS · STRATEGY (MSTR / STRC / TOKENIZATION)Strategy Puts Preferreds First for Bitcoin Buying. Tokenization Could Expand the Market.

Strategy puts preferred stock first for Bitcoin accumulation. What the MSTR ATM, STRC recovery and tokenization mean for common shareholders.

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Daily dividends approved: Strategy shareholder vote covering STRC, STRF, STRK and STRD, with an orange checkmark on a daily calendar and a Bitcoin coin in BTCperShare branding.

ANALYSIS · STRATEGY (MSTR / STRC / PREFERREDS)Strategy Shareholders Approve Daily Dividends as STRC Nears $100

Daily payments could help STRC trade more steadily near $100, supporting preferred-funded Bitcoin purchases with less reliance on the MSTR common-share ATM.

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Strategy’s $205M STRC buyback: Bitcoin purchases pause, no common ATM sales, 2.07M STRC shares retired, 848,517 BTC held and a 12% STRC dividend rate. BTCperShare filing analysis, October 26, 2026.

FILING ANALYSIS · STRATEGY (MSTR / STRC)Strategy Spends $205M on STRC Buybacks as Bitcoin Buying Pauses

Strategy repurchased $204.9M of STRC and paused Bitcoin purchases and common ATM sales. The buyback removes $24.8M in annualized dividends at the current 12% rate.

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Strive adds 6,182 BTC: Bitcoin holdings up 16.79%, effective common shares up 2.63%, and gross BTC per share up 13.80% for October 16–23, 2026. New $1B SATS ATM capacity.

FILING ANALYSIS · STRIVE (ASST / SATA / SATS)Strive’s Bitcoin per Share Jumps 13.8% as SATS Capital Arrives

Strive added 6,182 BTC and grew effective Bitcoin per share 13.8%. SATS capital is on the balance sheet, with a new $1B ATM and larger preferred claims.

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SATS Hits Nasdaq: $630M gross IPO proceeds, a reported first-day price 5.12% above the IPO price, and a 15% dividend rate. An orange SATS engine powers Bitcoin.

RESEARCH · STRIVE (ASST / SATA / SATS)SATS Hits Nasdaq: What Strive’s $630M Raise Means for ASST

SATS debuted above its $90 IPO price after Strive raised $630M gross. What first-day demand, the funded reserve and flexible issuance mean for ASST.

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Strive adds 4,045 BTC: 36,818 BTC held, warrants expired, and SATS settlement expected October 20. BTCperShare filing analysis, October 19, 2026.

FILING ANALYSIS · STRIVE (ASST / SATA / SATS)Strive Adds 4,045 BTC as Warrant Dilution Leaves BTC per Share Flat

Strive reaches 36,818 BTC as final warrant dilution leaves effective BTC per share nearly flat. SATS brings $608.15M estimated net proceeds and a larger dividend reserve.

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Strategy’s $3B preferred buyback plan: expanded authorization, 267 BTC added, $193.1M in STRC buybacks, and BTC per share flat. October 19, 2026 BTCperShare filing analysis.

FILING ANALYSIS · STRATEGY (MSTR / STRC)Strategy Expands Preferred Buybacks to $3B as BTC per Share Stays Flat

Strategy added 267 BTC and repurchased $193.1 million of STRC. BTC per share stayed flat as preferred buyback authority rose to $3 billion and USD Cash declined.

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Strategy faces MSCI exit risk: about $2B in MSCI-linked holdings, 13M shares, November 11 final list and November 30 close, in BTCperShare orange and charcoal.

RESEARCH · STRATEGY (MSTR)MSCI’s New Rules Put Strategy at Risk of a $2 Billion Index Exit

MSCI’s new eligibility rules put Strategy on a potential-deletion list. About $2 billion of index-linked holdings is exposed, with implications for capital raising and Bitcoin per share.

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Strive’s warrant cash: a runway for SATS? $369.2M expected gross proceeds, 2,822 BTC added and a $112.5M proposed SATS reserve. Potential allocation, not confirmed.

RESEARCH · STRIVE (ASST / SATS / SATA)Strive’s Warrant Cash Could Fund the SATS Dividend Runway

Historical October 14 reserve scenarios, with an October 19 update for reported liquidity and the priced SATS deal.

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Strive introduces SATS preferred: 15% dividend, daily payments, fixed rate, cumulative dividends and an 18-month reserve. Two orange energy feeds power a Bitcoin engine.

RESEARCH · STRIVE (ASST / SATS / SATA)Strive Prices SATS at $90: $630M Gross, 16.67% Yield

Strive priced 7M SATS shares at $90: $630M gross and $608.15M estimated net proceeds, with a $700M initial preferred claim. The IPO closed October 20, with $157.5M added to the dividend reserve.

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Metaplanet’s ¥52B Bond Deal: Buybacks now, potential dilution later. BTCperShare research dated Oct 13 2026, with 0% coupon, ¥339 conversion and buybacks pills.

RESEARCH · METAPLANET (3350 / MPJPY)Metaplanet’s ¥52 Billion Bond Deal: Buybacks Now, Potential Dilution Later

Metaplanet’s ¥52 billion convertible funds loan repayment and buybacks. How the ¥339 conversion price changes the BTC-per-share math.

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