The crypto market capitalization fell 6% over the past 24 hours as major assets moved sharply lower. The sell-off extended beyond digital tokens, weighing on leading crypto-focused treasury firms such as BitMine and MicroStrategy.While both companies continue to signal strong conviction through ongoing accumulation, the downturn highlights growing pressure on digital asset treasury firms. MicroStrategy Stock Slides to Nearly 16-Month Low BeInCrypto reported that macroeconomic tensions weighed on crypto m ...

Ethereum giant BitMine Immersion Technologies and top Bitcoin treasury Strategy and have seen their stocks slide amid a fresh round of investor worry, with both of their respective assets of choice both falling hard Thursday. Upon the close of markets on Thursday, BitMine, which trades under the BMNR ticker on the Nasdaq, had shed nearly 10% and was changing hands for $26.70. BMNR dipped as low as $26.02 on the day, matching its $26.02 close on November 2, 2025. At the start of the week, Tom Lee's BitMin ...

Group 1 - Cantor Fitzgerald has turned bullish on three crypto-linked stocks: Coinbase, MicroStrategy, and Robinhood, anticipating benefits from the mainstream adoption of cryptocurrency [1] - The firm emphasizes a long-term perspective on digital finance infrastructure rather than short-term trading hype [2] - Coinbase is evolving into an "Everything Exchange," with a growing subscription and services business alongside its trading volumes, which could help stabilize earnings [3][4] Group 2 - Cantor Fitzgerald has assigned an "Overweight" rating to MicroStrategy with a price target of $213, indicating a potential upside of about 33% [5] - MicroStrategy is viewed as a direct long-term investment in Bitcoin adoption, with its substantial Bitcoin holdings providing a unique market position [6]

Core Viewpoint - The YieldMax MSTR Option Income Strategy ETF offers a high distribution rate of 75.1%, but it comes with significant drawbacks that may deter even the most income-focused investors [2][3][11] Group 1: ETF Overview - The YieldMax MSTR Option Income Strategy ETF is an income-generating product linked to Strategy, the largest corporate owner of Bitcoin [2] - The ETF has $1.44 billion in assets under management, making it the fourth-largest single-stock ETF [3] Group 2: Income Generation Mechanism - This ETF operates as a covered call product, selling call options on shares of Strategy, which limits the upside potential for investors [5] - The ETF does not pay traditional dividends; instead, it provides distributions, with 94.7% of its most recent distribution being a return of capital (ROC) [7][8] Group 3: Tax Implications and NAV Concerns - Distributions from the ETF are taxed at higher rates (up to 37%) compared to qualified dividends (up to 20%), making traditional dividend stocks potentially more attractive from a tax perspective [9][10] - The return of capital leads to erosion of the ETF's net asset value (NAV) over time, which can cap upside potential and result in scenarios like reverse splits [11]

Group 1: Bitcoin Purchase Details - Strategy Inc. has acquired 2,932 Bitcoin for a total of $264.1 million, paying an average of $90,061 per Bitcoin, which is significantly higher than its overall cost basis of $76,037 per Bitcoin across its total holdings of 712,647 BTC [2] - The funding for this Bitcoin purchase was achieved by selling 1,569,770 shares of Class A common stock for $257 million and 70,201 shares of STRC preferred stock for $7 million through at-the-market offerings [2] Group 2: Current Holdings and Valuation - Strategy's total Bitcoin holdings are valued at approximately $62.5 billion at current prices, with an acquisition cost of $54.2 billion, resulting in paper gains of about $8.3 billion [3] - The company holds around 3.4% of Bitcoin's total supply of 21 million [3] - Strategy has $8.17 billion worth of MSTR shares available for future Bitcoin acquisitions under its ATM program, along with $3.62 billion worth of STRC shares remaining [3] Group 3: Market Performance and Technical Analysis - MSTR's stock closed at $163.11, but opened lower on Monday, testing the critical support level of $160, which has been in place since December [5] - The stock has experienced a significant decline of 65% from its peak of $473 in July to a low of $160.41 in December, and has been consolidating in the $160-180 range, forming a potential triple-bottom pattern [5] - The stock is currently positioned just above all EMAs, which are in complete bearish alignment, with the 20-day EMA at $166.06, 50-day at $186.80, 100-day at $228.03, and 200-day at $264.39 [6]

The Bitcoin price is not in line with traders’ expectations. Q4 2025 was a disaster, and, for lack of a better word, underwhelming. Not only did Bitcoin and some of the best cryptos to buy slide to worrying levels, but calls of a December moonshot didn’t materialize. As January comes to a close, there is a real risk of Bitcoin dropping below $87,000. If it does, then, for the first time since late 2018, the BTC USD price would have closed in the red for four consecutive months. Even for optimists, this wi ...

MicroStrategy disclosed its latest Bitcoin purchase on January 26. In its 4th purchase of the month, the company acquired $264.1 million in Bitcoin at an average price of $90,061 per BTC.  The acquisition brings the company’s average cost of Bitcoin purchase to $76,037. The purchase came as Bitcoin traded in a volatile January range, slipping from early-month highs above $95,000 to the high-$80,000 range. Latest Buy Details and Funding Structure While the headline buy reinforces MicroStrategy’s long-term ...

Group 1 - Company Strategy (NASDAQ: MSTR) purchased 2,932 bitcoin for approximately $264 million between January 20 and January 25, paying an average price of $90,061 per bitcoin [1] - The new acquisition raises the average price of total Bitcoin holdings to $76,037 per bitcoin, with the company now holding 712,647 bitcoin as of January 25 [2] - The aggregate purchase price for these holdings is around $54.19 billion, solidifying Strategy's position as the largest corporate holder of cryptocurrency [2] Group 2 - Strategy sold 1,569,770 shares of its common stock for $257 million to fund the bitcoin purchase, and raised an additional $7 million from 70,201 shares of its Variable Rate Series A "Stretch" Preferred Stock [1][2] - TD Cowen maintained a $440 price target for Strategy, indicating a 175% upside from the January 26 pre-market trading price of $159.90 [3] - At the time of the report, Bitcoin was trading at $87,803.61 [3]

Core Insights - A novel financial structure is emerging among Bitcoin-holding institutions, exemplified by Strive's expansion of perpetual preferred stock (SATA) issuance to replace fixed-term convertible bonds [1][3] - This "perpetual stock scheme" provides a standardized template for institutions deeply anchored in Bitcoin to eliminate refinancing risks and manage long-term leverage [1][3] Financial Restructuring - Strive has increased the issuance of SATA to over $150 million, intending to use it to repay convertible senior bonds maturing in 2030 [1][3] - Approximately 930,000 newly issued preferred shares will be directly used for debt exchange, while remaining funds will repay Coinbase credit lines and further increase Bitcoin holdings [1][3] - Converting fixed-term debt obligations into perpetual preferred stock significantly improves leverage metrics in financial statements and offers more flexible capital allocation [1][3] Implications for Other Companies - The successful application of this financial structure serves as a reference for Strategy (MSTR) in managing its substantial debt load, which includes approximately $8.3 billion in outstanding convertible bonds [2][4] - The most notable bond is a $3 billion issue maturing in June 2028, with an exercise price of $672.40, significantly higher than the current market price of about $160, reducing the likelihood of bondholder conversion [2][4] - Introducing a similar preferred stock model allows bondholders to exchange their conversion rights for higher-yielding, liquid perpetual instruments, which is crucial for addressing future concentrated repayment risks [2][4] Macro Capital Efficiency - The shift from debt to equity reflects a deep exploration of financing tool innovation among Bitcoin treasury companies [2][4] - Preferred stock ranks above common stock in the repayment hierarchy but is treated as equity rather than debt under accounting standards, which is vital for companies holding high-volatility assets long-term [2][4] - As the market re-prices long-term credit premiums, this financial engineering that smooths debt duration will mark an important milestone in the maturation of Bitcoin treasury strategies, helping companies build more resilient capital structures without sacrificing core asset positions [2][4]

Core Insights - The YieldMax MSTR Option Income Strategy ETF presents an attractive dividend yield of 290% over the trailing 12 months, but this high yield is accompanied by significant risks and trade-offs [1] Group 1: Investment Strategy - The ETF primarily invests in a single stock, MicroStrategy (MSTR), which leads to a lack of diversification and increases vulnerability to price fluctuations in that stock [2] - The ETF employs a complex options strategy to generate income, but its reliance on one stock limits its ability to mitigate risks associated with market volatility [2] Group 2: Dividend Reliability - The dividend payments from the ETF are highly variable, ranging from $2.37 to $0.13 per share over the past year, indicating an unreliable income stream for investors [3][4] - The variability in dividends means that the yield can change dramatically with each payment, making it difficult for investors who rely on consistent income [4] Group 3: Performance Analysis - Since its inception, the ETF has reported a total return of approximately 90% when dividends are reinvested, but the share price has declined by over 60% for those who utilized the dividends for income [6] - The ETF's performance suggests that a portion of the dividends received may simply be a return of capital rather than true income generation [7] Group 4: Investment Suitability - For income-focused investors, the YieldMax MSTR Option Income Strategy ETF is not considered a suitable investment due to its high risks and the potential for significant capital loss compared to other investment options [8]