General Information - True North 发布了第 37 集节目，主题为“Navigating the Storm”（驾驭风暴）[1]

Core Insights - The concept of "coin-stock linkage" involves integrating traditional business with digital currencies and blockchain technology to create new growth opportunities, enhance company valuation, and attract a new generation of investors [2] Group 1: Trends Driving "Coin-Stock Linkage" - Digital economy wave: The global digital transformation is accelerating, and the virtual asset market is expanding [2] - Optimized regulatory environment: Hong Kong's financial regulators are actively promoting the development of the virtual asset ecosystem [2] - Growing investor demand: Both traditional and emerging investors are increasingly interested in digital assets [2] Group 2: Company Profiles - Coinbase Global (NASDAQ: COIN): The largest compliant cryptocurrency exchange in the U.S., closely tied to the overall trends in the cryptocurrency market, with significant holdings in Bitcoin and Ethereum [5][6] - OSL Group (HKEX: 0863): A licensed digital asset platform in Hong Kong, reflecting the demand for compliant crypto services in Asia [6][7] - Circle Internet Financial: Issuer of the USDC stablecoin, which raised $1.05 billion through an IPO, with a market valuation of $6.8 billion [9][10] - MicroStrategy (NASDAQ: MSTR): A business intelligence company that has become the largest corporate holder of Bitcoin, with its stock price increasing by 4315.85% since its first Bitcoin purchase [11][12][13] - JD Coinchain Technology (HKEX: 9618): A subsidiary of JD.com focusing on blockchain applications, currently developing a stablecoin [14][15] Group 3: Market Management Strategies - Information disclosure strategy: Regularly publish reports on digital asset business progress and engage with investors through social media [19] - Shareholder return plans: Consider issuing digital tokens as shareholder benefits and explore blockchain-based equity management systems [19] - Strategic partnerships: Collaborate with leading blockchain projects and digital asset exchanges to enhance influence in the digital economy [19] - Talent incentives: Establish a digital asset incentive pool and implement blockchain-based employee equity incentive plans [19]

Group 1 - SharpLink Gaming (SBET.US) experienced a rise of over 5.7% [1] - Upexi (UPXI.US) saw an increase of more than 10% [1] - Strategy (MSTR.US) increased by 0.69% [1] - Bitmine Immersion Technologies (BMNR.US) had a slight rise of 0.33% [1] Group 2 - Ethereum surged over 4%, reaching $4,300 [1] - Bitcoin rose nearly 1%, priced at $114,309 [1]

Group 1 - The cryptocurrency ecosystem stocks continued their downward trend, with Bitcoin-related stocks such as Bit Digital (BTBT.US) falling by 2.8% and Hut 8 Mining (HUT.US) dropping over 4% [1] - Ethereum-related stocks like Bitmine Immersion Technologies (BMNR.US) decreased by more than 1.8%, while Bit Digital (BTBT.US) saw a decline of over 3% [1] - Cryptocurrency exchange stocks, including Coinbase (COIN.US), fell by more than 2%, and Robinhood (HOOD.US) experienced a drop of over 5.9% [1] Group 2 - Stablecoin leader Circle (CRCL.US) saw a decline of over 3.5% [1]

Strategy’s MSTR hits lowest since April as company eyes expanded stock issuance for bitcoin purchases https://t.co/uZHwXNj5zL ...

Core Viewpoint - The article discusses the recent developments in the U.S. ETF market, highlighting the launch of innovative leveraged products and the flow of funds into various ETFs, particularly in the digital currency sector. Group 1: New ETF Products - A total of 13 new ETFs were launched in the U.S. last week, with a notable number of leveraged inverse products [1] - Leverage Shares introduced a new series of "accelerated" products that provide 2x returns on stock increases and 1x on decreases, with a monthly cap on returns, linked to companies like Tesla, Nvidia, MicroStrategy, Coinbase, and Palantir [2] - ProShares launched a 2x leveraged product linked to the top 30 stocks in the Nasdaq 100 index [2] - Harbor and Invesco collaborated to issue a stock enhancement product that combines 75% passive index investment with 75% trend-following futures strategies [2] Group 2: ETF Fund Flows - The inflow of funds into digital currency ETFs has increased significantly, with the Nasdaq 100 ETF seeing the highest inflow of $50.89 billion [3][5] - The top inflows included the iShares Ethereum Trust ETF with $23.17 billion and ARK Innovation ETF with $12.66 billion, while several leveraged ETFs experienced outflows [6] - Over the past two weeks, the overall fund flow in major U.S. ETFs showed a net inflow of $189.35 billion, despite some fluctuations in individual products [7] Group 3: ETF Performance - The ARK Innovation ETF (ARKK) outperformed other technology ETFs with a year-to-date return of over 35%, while the VanEck Semiconductor ETF gained over 20% [8] - The overall technology sector has shown a growth of more than 10% this year, with various ETFs reflecting this trend [8][9]

Core Insights - Strategy (MSTR) shares have declined 14.7% in the past month, underperforming the Zacks Computer-Software industry and the broader Computer and Technology sector [1] Company Overview - Strategy is the world's largest bitcoin treasury company, holding 628,791 bitcoins as of July 29, which accounts for 3% of all bitcoin in existence [2] - Other notable companies holding bitcoins include MARA Holdings (49,951 bitcoins), Riot Platform (19,273 bitcoins), and Tesla (11,509 bitcoins) [2] Stock Performance - MSTR shares have underperformed compared to MARA Holdings, Riot Platform, and Tesla over the past month, with Tesla increasing by 2.1%, while MARA and Riot shares dropped by 14.5% and 12.3%, respectively [3] Bitcoin Holdings and Projections - Strategy expects to achieve a bitcoin yield of 30% and $20 billion in gains if the bitcoin price reaches $150,000 by the end of the year [8] - The company projects a net income of $24 billion in 2025 based on the same bitcoin price outlook, which is significantly better than the projected losses of MARA Holdings and Riot Platforms [10] Capital Raising Strategy - The company has adopted a disciplined approach to capital raising through preferred equity offerings, which include various instruments with attractive yields [11] - Year to date, Strategy has issued $10.7 billion in equities and $7.6 billion in fixed income securities [12] Earnings Estimates - For the third quarter of 2025, the Zacks Consensus Estimate for MSTR's loss remains unchanged at 11 cents per share, compared to a loss of $1.56 in the same quarter last year [13] Valuation Concerns - MSTR shares are considered overvalued, with a Price/Book ratio of 2.15X compared to MARA Holdings' 1.24X and Riot Platforms' 1.38X, indicating a premium valuation [14] - The stock is currently trading below the 50-day moving average, suggesting a bearish trend [19]

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If you're in the common (MSTR) you are cannon fodder, is what Saylor said a couple days agoJosh Man (@JoshMandell6):Please stop asking me if or why I sold $MSTR at 1.5 mNAV. You just don't seem to get it. I actually bought above here and then @Saylor sold. He said they wouldn't ... and then he did. I am announcing that I will not speak in support of anything that man does again. He ...

Core Viewpoint - The cryptocurrency ecosystem stocks continued their downward trend, with significant declines observed in various companies related to Bitcoin and Ethereum [1] Group 1: Cryptocurrency Stocks Performance - Bitcoin-related stocks such as Bit Digital (BTBT.US) fell by 1.3%, Hut 8 Mining (HUT.US) dropped over 2%, and MicroStrategy (MSTR.US) decreased nearly 2% [1] - Ethereum-related stocks like Bitmine Immersion Technologies (BMNR.US) and SharpLink Gaming (SBET.US) experienced declines exceeding 4.9% [1] - Coinbase (COIN.US) saw a decline of over 1%, while Robinhood (HOOD.US) fell by 0.7% [1] Group 2: Cryptocurrency Prices - Bitcoin's price decreased by over 1%, settling at $115,055.99 [1] - Ethereum's price also dropped by more than 1.3%, reaching $4,280 [1] - Stablecoin leader Circle (CRCL.US) experienced a decline of over 1.8% [1]