Research archive.

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

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%.

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

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

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.

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.

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.

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.

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.

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.

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

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.

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

The October 9 snapshot: 3,311 BTC added and effective BTC/share up 1.72%. Includes an October 19 update with the final warrant outcome and current balances.

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.

Strategy added 250 BTC while BTC per share stayed flat. Its $192.4 million STRC buyback reduces annualized dividends by $23.2 million at the current 12% rate.

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

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

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.

Strive's October 5 filing shows 3.79% effective BTC per share growth, a smaller warrant balance and a new $500 million SATA repurchase facility.

Strategy added 334 BTC as ADSO BTC/share rose 0.02%. Its $176.3 million STRC buyback lowers annualized dividends by $21.3 million at the current 12% rate.

Could Bitcoin preferreds help you retire before saving 25× expenses? Test an $800,000 FIRE portfolio against income cuts, inflation, taxes, and market losses.

Strategy bought more Bitcoin, but ADSO BTC/share fell 0.13%. Some 42% of MSTR proceeds funded STRC buybacks, reducing annualized dividends by $18.4 million at 12%.

Strive bought fewer Bitcoin, yet effective BTC/share growth improved to 3.51%. Warrant exercises slowed, and $684.4 million of potential exercise proceeds remain.

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.

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.

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.

Strategy bought 950 BTC with USD Cash, sold no ATM shares, and still spent $174 million repurchasing STRC. ADSO BTC/share increased approximately 0.11%.

Strive added 1,355 BTC while effective common shares rose 2.1%. BTC/share still increased 3.2% as warrant exercises joined SATA in the financing mix.

How much capital would you need for $500, $1,000 or $2,500 a month from STRC or SATA? Worked examples with purchase price, yield on cost and saved calculator scenarios.

Comparing direct Bitcoin, spot ETFs, and treasury companies—and how Bitcoin-per-share growth changes the equation.

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

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.

Strategy repurchased 1.42 million STRC shares for $139.3 million while holding 845,050 BTC. The buybacks reduced preferred claims and annualized dividends without directly increasing BTC/share.

Strive reached 25,000 BTC as SATA crossed $1 billion in notional outstanding. Bitcoin grew approximately 1.9%, while effective common shares rose just 0.04%.

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.

How gross and net mNAV differ—and why the formula, share count and capital structure all matter when valuing a Bitcoin treasury company.

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

Why Strategy chose to retire STRC rather than add Bitcoin—and what the capital allocation decision means for BTC/share.

How preferred equity can fund Bitcoin acquisition without immediate common dilution—and how amplification, dividend obligations and repurchases change the equation.

Why total Bitcoin holdings only tell half the story—and how to measure accretion, dilution, BTC Yield and valuation through the shareholder.

Strive increased its Bitcoin holdings to 24,531 BTC while its effective common share count also increased. Bitcoin grew faster than the denominator.