Core Insights - Michael Saylor's strategy resulted in a $17.44 billion unrealized loss on digital assets in the fourth quarter, attributed to a decline in the value of the company's cryptocurrency holdings [1] Summary by Category - **Financial Performance** - The company reported an unrealized loss of $17.44 billion related to its digital assets in the fourth quarter [1]

Core Viewpoint - Bitcoin reached a peak of $93,000 on Monday, leading to a surge in Bitcoin-related stocks [1] Group 1: Bitcoin Price Movement - Bitcoin's price hit $93,000, indicating strong market interest and potential bullish sentiment [1] Group 2: Stock Performance - Bitcoin-related stocks saw significant pre-market gains, with Strategy (MSTR.US) and Coinbase (COIN.US) rising nearly 4% [1] - Robinhood (HOOD.US) and Circle (CRCL.US) increased by over 1.8% [1] - Iren Ltd (IREN.US) experienced a rise of over 5.6% [1] - Mara Holdings (MARA.US) saw an increase of over 4.5% [1]

Core Viewpoint - Bitcoin briefly surpassed the $93,000 mark, leading to a pre-market surge in Bitcoin-related stocks [1] Group 1: Bitcoin Price Movement - Bitcoin reached a peak of $93,000 [1] Group 2: Stock Performance - Strategy (MSTR.US) and Coinbase (COIN.US) both increased by nearly 4% [1] - Robinhood (HOOD.US) and Circle (CRCL.US) saw gains of over 1.8% [1] - Iren Ltd (IREN.US) rose by more than 5.6% [1] - Mara Holdings (MARA.US) experienced an increase of over 4.5% [1]

智通财经APP获悉，由Michael Saylor掌舵的比特币持仓巨头Strategy(MSTR.US)，因旗下价值约620亿美 元的加密货币资产市值缩水，在第四季度录得174.4亿美元的未实现亏损。 与此同时，Strategy的投资者信心或将再遭重创。该公司的企业价值濒临跌破其所持比特币总价值，这 一现象凸显出市场对"企业资金重仓加密货币"模式可持续性的疑虑日益加深。据公司整理的数据，其当 前企业价值(含负债及永久优先股的名义总价值)约为610亿美元。 目前，该公司股价已较2024年11月触及的历史高点下跌近70%，导致其mNAV(市值和债务与所持代币价 值的比值)降至略高于1的水平。此前投资者愿意为其股票支付的溢价，正是Saylor推行比特币购买策略 的核心依据。 对于这家从互联网时代的软件厂商转型为高杠杆比特币投资标的的公司而言，此次巨额亏损恰逢生死攸 关的关键节点。五年多前，公司联合创始人兼董事长Saylor首创"企业资金配置比特币"的模式，但如今 投资者已开始对这一策略失去信心。自转型以来，该公司(前身为MicroStrategy)的普通股表现一度优于 基准股指，但在2025年却暴跌了48%。 股价 ...

Core Insights - The company has expanded its bitcoin treasury by acquiring an additional 1,287 BTC, bringing total holdings to 673,783 BTC, with a total purchase cost of approximately $116 million [1] - The average acquisition cost for the entire bitcoin treasury is reported at $75,026 per BTC, with total bitcoin purchases amounting to $50.55 billion [2] Bitcoin Acquisition - The latest bitcoin purchase occurred between January 1 and January 4, with an average purchase price of $90,391 per bitcoin [1] - This acquisition follows a smaller purchase of three BTC at the end of December, indicating a continued accumulation strategy [2] USD Reserves - The company has increased its USD reserves by approximately $62 million, totaling around $2.25 billion [3] - The capital for this increase was primarily raised through the sale of Class A common stock under the company's at-the-market equity program [3] Equity Sales - Between January 1 and January 4, the company sold 735,000 shares of MSTR stock, generating net proceeds of $116.3 million, which were largely allocated toward bitcoin acquisitions [4] - An additional $195.9 million was raised from equity sales at the end of December [4] Funding Strategy - The company has significant remaining issuance capacity, with over $11.3 billion in MSTR common stock available for issuance, alongside several classes of preferred stock with multi-billion-dollar issuance capacity [5] - The company did not sell any preferred shares during the latest reporting period, relying instead on common equity issuance to fund its bitcoin purchases [6] Commitment to Bitcoin - The company's continued accumulation of bitcoin demonstrates its commitment to using bitcoin as a primary treasury reserve asset, consistently utilizing equity and capital markets to increase BTC exposure since adopting this strategy in 2020 [6] Bitcoin Market Context - Bitcoin is currently trading around $92,966, reflecting a 1.8% increase over the past 24 hours, indicating a recovery trend following a volatile December [7]

Core Insights - The company, Strategy (MSTR), has increased its bitcoin holdings and cash reserves in late 2025 and early 2026, acquiring 1,287 bitcoin for over $116 million at an average price of approximately $90,000 each [1] - The total bitcoin holdings now stand at 673,783, purchased for $50.55 billion, with an average price of $75,026 each [1] - The company has also added $62 million to its cash reserves, bringing the total to $2.25 billion, funded through the sales of common stock [2] Financial Position - The cash reserve is designated to cover dividend payments on the company's perpetual preferred equity, providing enough liquidity for 32.5 months of dividend coverage [2] - The company reported $17.44 billion in unrealized losses on its bitcoin holdings in the fourth quarter, attributed to a decline in bitcoin prices from around $120,000 to $88,000 [3] - MSTR shares experienced a 4.5% increase in premarket trading, coinciding with a rise in bitcoin prices to $92,900 [3]

Core Viewpoint - The company has continued to increase its Bitcoin holdings, acquiring 1,286 BTC for $116 million as Bitcoin surpassed $90,000, ahead of a significant MSCI decision regarding digital asset treasury companies [1][2][5]. Group 1: Bitcoin Acquisition - The company acquired 1,286 BTC for $116 million at an average price of $88,568 per Bitcoin, with earlier purchases of 3 BTC at an average price of $88,210 [2]. - The company purchased 1,283 BTC between January 1 and 4 for $116 million at an average price of $90,391 [2]. - The total Bitcoin holdings now amount to 673,783 BTC, acquired for $50.55 billion at an average price of $75,026 per BTC [4]. Group 2: Financial Performance - The company has increased its USD reserve by $62 million to $2.25 billion, which is intended to support dividend payments on preferred stock and interest on debts [8]. - The stock price of the company has risen over 4% in premarket trading, currently trading around $164, up from last week's close of $157 [3][6]. Group 3: Market Context - Bitcoin has surged to as high as $93,000 at the start of the year, with a year-to-date gain of approximately 6% [5]. - The upcoming MSCI decision will determine if digital asset treasury companies are classified as investment funds, which could risk delisting and lead to potential outflows of up to $2.8 billion [7].

Core Insights - Metaplanet's stock has surged by 15% on the Tokyo Stock Exchange, coinciding with Bitcoin's price recovery to $92,500 [1][2] - The company plans to buy back shares worth $150 million, although it has not executed any buybacks yet [3][4] - Metaplanet holds 35,102 Bitcoins, making it Asia's largest corporate BTC holder [3] Financial Performance - The company reported a remarkable 568% BTC yield during Q4 2025, despite the quarter being described as dull [5] - Metaplanet's market net asset value (mNAV) is currently at 1.11, indicating a healthy valuation relative to its Bitcoin holdings [6] - The stock has recovered nearly 38% since mid-November after experiencing a significant drop of nearly 80% from its peak [7] Strategic Initiatives - Metaplanet is focused on a disciplined capital allocation strategy aimed at further Bitcoin accumulation, with a goal of reaching 100,000 BTC by the end of 2026 [8] - The company secured a $130 million loan in November 2025 to facilitate additional BTC purchases [4] - The share buyback program is intended to enhance capital efficiency and prevent the mNAV from falling below 1.0x [6]

Core Viewpoint - The MSTR stock is experiencing a recovery, gaining 3.5% and surpassing $163, coinciding with a rise in Bitcoin prices to $92,500, with indications of potential additional BTC purchases by Michael Saylor [1][2][5]. Group 1: Stock Performance - MSTR stock has formed support at $150 and has shown signs of recovery after a significant correction of 50% in 2025 [2]. - The stock's net asset value (mNAV) has regained above 1, reflecting positively against its $62 billion Bitcoin reserve [3]. - The stock's recent performance indicates a potential turnaround for investors after a challenging period [2]. Group 2: Bitcoin Holdings and Market Sentiment - Strategy currently holds 672,497 Bitcoin, with an average acquisition cost of $74,997 per BTC, totaling approximately $50.44 billion [6]. - At current market prices, the Bitcoin holdings are valued at over $62 billion, representing unrealized gains of 23%, or over $11 billion [7]. - Michael Saylor's hints at further Bitcoin purchases have generated positive sentiment among market participants, as he has previously signaled similar intentions before disclosures [5][6]. Group 3: Institutional Demand and Financial Position - Institutional demand for MSTR is increasing, with the company raising its USD reserves to $2.2 billion [4]. - The upcoming January 15 deadline regarding MSTR's status in the MSCI Index is causing some investor anxiety, with potential outflows estimated at $8.8 billion if the company is removed from the index [3].

MicroStrategy STRC preferred shares. Photo by BeInCrypto MicroStrategy’s preferred share strategy is drawing fresh attention this week as STRC once again approaches the $100 mark. The move revives memories of early November when the stock held par for four trading days and generated roughly $100 million in ATM sales. How STRC Preferreds Let MicroStrategy Grow Bitcoin Holdings with Minimal Dilution Investors and analysts are closely watching as the Strategy leverages its STRC preferreds to accumulate Bit ...