This is the chief utility of bitcoin treasury companies.Bringing leveraged bitcoin exposure to institutions whose mandates preclude them from holding spot BTC or spot BTC ETFs.The skilled operators who do it the right way are fulfilling a noble and necessary objective.BitcoinTreasuries.NET (@BTCtreasuries):JUST IN: $167 Billion Swiss Central Bank (SNB) has bought $37 million worth of Strategy $MSTR stocks.Now holding 749k shares worth over $253 Million. https://t.co/V8wourfJqg ...

Company Performance - MicroStrategy (MSTR) adopted the Bitcoin Standard five years ago [1] - Since adopting the Bitcoin Standard, MicroStrategy has outperformed every asset class [1] - MicroStrategy has outperformed every Magnificent 7 stock [1] Tracking and Resources - Annualized results can be tracked daily at the provided URL [1]

Investment Strategy - Michael Saylor's strategy, based on a Bitcoin standard, has surpassed the performance of all Mag7 companies [1]

Core Insights - Strategy (MSTR) and IREN Limited (IREN) are prominent players in the bitcoin sector, with MSTR being the largest bitcoin treasury company and IREN focusing on bitcoin mining infrastructure [1][2] Group 1: MSTR Overview - MSTR holds 628,791 bitcoins and anticipates $20 billion in gains if bitcoin reaches $150,000 by year-end [2][8] - The company reported a bitcoin yield of 19.7% at the end of Q2 2025, with year-to-date gains of $13.2 billion [2] - MSTR's disciplined capital raising strategy has led to $10.7 billion in equities and $7.6 billion in fixed income securities issued year-to-date [3] - Subscription revenues increased by 44% year-over-year to $48 million in Q2 2025, making up 41.9% of total revenues [4] - MSTR expects operating income of $34 billion and net income of $24 billion for 2025 [4] - The consensus estimate for MSTR's 2025 loss is $15.73 per share, unchanged over the past 60 days [10] Group 2: IREN Overview - IREN Limited achieved a hashrate growth of 326% year-over-year in Q3 fiscal 2025, reaching a target of 50 EH/s [5] - The company generates approximately $830 million in annualized hardware profit from its hashrate [5] - Hardware profit increased by 28.7% month-over-month in July to $63.3 million [5] - IREN's AI Cloud operations are expanding, with revenues rising 33% year-over-year to $3.6 million in Q3 fiscal 2025 [6] - The company is launching Horizon 1, a 50MW liquid-cooled data center for AI and high-performance computing, expected to be operational in Q4 2025 [7] - IREN's earnings consensus for 2025 has improved by eight cents to 14 cents per share over the past 60 days [11] Group 3: Stock Performance and Valuation - Year-to-date, MSTR shares have appreciated by 18.4%, while IREN shares have surged by 107.1% [12] - MSTR trades at a Price/Book ratio of 2X, compared to IREN's 2.58X [15] - Both companies are considered overvalued, with Value Scores of F for MSTR and D for IREN [18] Group 4: Investment Recommendation - IREN Limited is viewed as a better investment opportunity compared to MSTR, with a Zacks Rank of 2 (Buy) versus MSTR's Zacks Rank of 4 (Sell) [19]

Bitcoin Holdings - MicroStrategy remains the largest corporate Bitcoin holder with over 629,000 BTC [1] - Top five corporate Bitcoin holders include MicroStrategy, MARA, XXI, Bitcoin Standard Treasury Company, and Bullish [1] Other Companies with Bitcoin Holdings - Tesla, Coinbase, Block, and Trump Media also hold Bitcoin [1]

Group 1 - The core thesis suggests that dividend investors should consider supplementing their REITs, MLPs, and dividend stock holdings with STRK, as it offers similar underlying features but potentially with better returns [1] - The investment philosophy emphasizes deep fundamentals, impactful narratives, and Austrian economics, with a focus on long-horizon research for digital assets and macro opportunities [1] - Short-horizon research is directed towards options and volatility for income generation and hedging strategies [1] Group 2 - The article expresses a beneficial long position in STRK, MSTR, and BTC-USD, indicating a positive outlook on these assets [2] - The author emphasizes that the views expressed are personal opinions and not influenced by compensation from any company mentioned [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the opinions may not reflect the views of the platform as a whole [3]

Market Overview - The S&P 500 has experienced its longest losing streak of 2025, dropping for five consecutive trading days, marking the first such decline this year [1] - The index declined 1.5% over the past five sessions, driven by selling in major tech stocks due to concerns over an AI bubble and overvaluation [2] Economic Indicators - The likelihood of a Federal Reserve rate cut in September has decreased, with the CME Group's FedWatch Tool indicating a 73.6% chance of a quarter-point reduction, down from 92.1% a week prior [3] Inverse ETFs Performance - The market sell-off has led to a rally in inverse single-stock ETFs, which are designed to deliver the opposite daily return of specific stocks [3] - Several inverse single-stock ETFs have shown significant gains over the past week, including: - Defiance Daily Target 2X Short PLTR ETF (PLTZ) – Up 30.6% [5] - Defiance Daily Target 2X Short MSTR ETF (SMST) – Up 25.1% [6] - Defiance Daily Target 2X Short IONQ ETF (IONZ) – Up 19.4% [7] - GraniteShares 2x Short COIN Daily ETF (CONI) – Up 16% [8] - Defiance Daily Target 2X Short SMCI ETF (SMCZ) – Up 15.7% [9] Company Earnings Impact - Disappointing earnings reports from major retailers like Target and Walmart have contributed to the market downturn [2]

Group 1 - The cryptocurrency ecosystem stocks experienced a rise on Friday, with Bitcoin concept stocks such as Bit Digital (BTBT.US) increasing over 5%, Hut 8 Mining (HUT.US) rising over 6.8%, and Strategy (MSTR.US) up over 4% [1] - Ethereum concept stocks like Bitmine Immersion Technologies (BMNR.US) surged over 8%, while Bit Digital (BTBT.US) rose nearly 5% [1] - Major cryptocurrency exchange Coinbase (COIN.US) saw an increase of over 5.9%, and Robinhood (HOOD.US) rose nearly 3% [1] Group 2 - The leading stablecoin Circle (CRCL.US) increased by nearly 8% [1] - Ethereum's price rose over 8.6%, reaching $4,619.75, while Bitcoin's price increased over 3%, reaching $115,972 [1]

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Core Viewpoint - The company, now primarily a Bitcoin investor, experienced a decline in stock price following a negative analyst note, contrasting with the modest decline of the S&P 500 [1] Group 1: Analyst Commentary - Gus Galá from Monness, Crespi, Hardt issued a sell recommendation with a price target of $175, significantly lower than the stock's recent closing price of $337.58 [2] - The analyst highlighted concerns regarding the stock's premium valuation relative to its total Bitcoin holdings and potential impacts on financial strength due to an increasing amount of convertible bonds [4] Group 2: Convertible Bonds - Convertible bonds can either remain as debt or convert into equity, posing risks of excessive debt on the balance sheet or dilution for existing shareholders if many bonds are converted [5] Group 3: Bitcoin Exposure - The company is highly exposed to Bitcoin's volatility, which, despite recent strong performance, remains a cryptocurrency subject to significant price fluctuations [6]