BTCperShare
BTCPERSHARE RESEARCH

Bitcoin treasury analysis.

Original company, security and capital-structure research built around shareholder outcomes.

Analysis
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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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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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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Smarter Web MORE IPO raises £10 million, with £4 million planned for Bitcoin, in BTCperShare orange and charcoal above the London skyline.
ANALYSIS · SMARTER WEB (SWC / MORE)Smarter Web MORE IPO Clears the Minimum but Adds Costly Capital

Updated October 23: Smarter Web holds 2,850 BTC after a 20 BTC purchase. Ordinary ATM sales temper per-share growth; only 25 MORE shares sold through its ATM.

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Strive (ASST) $27 warrants expire October 13, 2026 at 5 PM ET, with up to $628 million at stake, in BTCperShare orange and charcoal.
ANALYSIS · STRIVE (ASST)Strive’s $27 Warrants Expire Tuesday. Up to $628M Is at Stake.

Original analysis of Strive’s October 13 warrant deadline, now with the exercise outcome and a link to the reported October 16 cap table.

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Tokenization finds its market: an STRC preferred-stock certificate becomes digital tokens beside an STRCx coin, in BTCperShare orange and charcoal.
ANALYSIS · STRATEGY (MSTR / STRC / STRCx)STRCx Shows Why Tokenization Is Finally Finding Its Market

STRCx shows how demand, useful assets and clearer rules are bringing tokenization to market—and what a broader buyer base could mean for Strategy.

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Robinhood adds $25 million in Bitcoin to its balance sheet, in BTCperShare’s orange and charcoal Analysis branding.
ANALYSIS · ROBINHOOD (HOOD)Robinhood Added $25 Million of Bitcoin. Here’s Why a Small Buy Still Matters.

Robinhood’s $25 million Bitcoin buy equals 0.47% of its June cash balance. Why the allocation matters for corporate adoption, accounting and treasury-stock investors.

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Hypothetical: What if Washington bought MSTR? A Bitcoin coin, U.S. Capitol model and MSTR plaque in BTCperShare branding.
ANALYSIS · STRATEGY (MSTR) · HYPOTHETICALWhat If the U.S. Government Took a Stake in Strategy?

A hypothetical U.S. stake in MSTR could lift demand, but Bitcoin per share would depend on the price, deal terms and use of proceeds.

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Strategy proposes daily dividends for STRF, STRC, STRK and STRD, with a Bitcoin coin and daily calendar.
ANALYSIS · STRATEGY (MSTR / PREFERREDS)Strategy Proposes Daily Dividends, Following Strive’s SATA Lead

Updated October 28: preliminary results show shareholders approved daily dividends. Read the approval update alongside our original analysis of the proposal, voting process and SATA precedent.

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A new buyer for the dip: DCAP, STRC and SATA
ANALYSIS · DIGITAL CREDIT (DCAP / STRC / SATA)DCAP’s Bigger Bet: Buying STRC and SATA When Others Sell

Strategy is already buying back STRC. DCAP could bring outside buying alongside it, potentially helping prices recover while easing the demand on Strategy’s own cash.

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ASSX ETF: What 2X Daily Exposure Means for Strive Investors
ANALYSIS · STRIVE (ASST / ASSX)ASSX ETF: What 2X Daily Exposure Means for Strive Investors

ASSX brings 2X daily exposure to Strive stock. How it works, what MSTU’s experience reveals, and what the launch means for ASST shareholders.

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SEC Opens the Door to 24/7 Tokenized MSTR and STRC Trading in the U.S.
ANALYSIS · STRATEGY (MSTR / STRC)SEC Opens the Door to 24/7 Tokenized MSTR and STRC Trading in the U.S.

The SEC’s Innovation Exemption opens a path toward 24/7 tokenized MSTR and STRC trading in the U.S. What it could mean for Strategy and BTC/share.

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MSTR Stock Token growth on Robinhood Chain
ANALYSIS · STRATEGY (MSTR)MSTR Is Growing Fast on Robinhood Chain — Here’s Why It Matters

Robinhood’s Stock Token market is growing quickly, and MSTR token supply is growing with it. Why 1:1 share backing could eventually matter for mNAV and BTC/share.

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Strategy’s S&P B− upgrade path
ANALYSIS · STRATEGY (MSTR)Strategy’s S&P B− Upgrade Path: More Cash, Less Net Debt, Still S&P’s Call

More cash, less convertible debt and continued capital access strengthen the upgrade case. What does it mean for BTC/share?

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