Did you know the BIGGEST LOSER of the Dot Com bubble was Michael Saylor? He lost over $6B as $MSTR crashed 99%. We are in a simulation, so the scenario repeats! This time, with the AI bubble, and Saylor will be the biggest loser again. My big short also includes MSTR! https://t.co/jtEWe9IyI1 ...

Group 1 - Exchange-traded funds (ETFs) have gained popularity among various investors, including retail investors and billionaires, due to their ability to provide easy exposure to a wide range of assets [1] - Billionaire investments in stocks or ETFs are often seen as bullish indicators, but investors should conduct their own research as these investments may be several months old when disclosed [2] - Billionaires are increasingly investing in the iShares Bitcoin Trust ETF (NASDAQ: IBIT), which aims to mirror Bitcoin's price by purchasing the actual cryptocurrency [6] Group 2 - Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), has been a strong proponent of Bitcoin, investing heavily in it and leading the company to own approximately 3% of all bitcoins in circulation [4][5] - Saylor predicts that Bitcoin could reach $21 million per token by 2046, suggesting a potential upside of 18,234% from current levels [6] - Notable billionaire investors, such as Philippe Laffont and David Shaw, have increased their positions in the iShares Bitcoin Trust ETF, with Laffont's fund purchasing over 56.5 million shares and Shaw's fund increasing its position by 81% [8]

Core Insights - The advice to "just buy an ETF" reflects growing frustration with Digital Asset Treasuries (DAT), which have not delivered on their promise to outperform Bitcoin through innovative financing and balance-sheet strategies [1][2]. Performance Comparison - Bitcoin has increased by approximately 23% this year, while most DATs, including MicroStrategy, Semler Scientific, GameStop, and Trump Media, have significantly underperformed both Bitcoin and related ETFs [2][3]. - Only a few companies, such as Twenty One Capital and Japan's Metaplanet, have managed to outperform Bitcoin, indicating a significant gap in performance [2][3]. Structural Weaknesses - The fundamental weakness of the DAT model lies in its reliance on leverage and operational alpha, which has not translated into superior performance compared to direct Bitcoin exposure [3]. - The effectiveness of leveraging strategies is contingent on favorable conditions in equity, convertible, and debt markets, raising concerns about the sustainability of companies like MicroStrategy with substantial debt [4]. Industry Warnings - Warnings from firms like Galaxy Digital highlight that the entire DAT structure relies on a consistent premium to net asset value, drawing parallels to historical investment trust bubbles [6]. - Criticism from NYDIG points out that the commonly used "mNAV" metric may obscure liabilities and inflate perceived value by assuming unrealized debt conversions [6]. Corporate Bitcoin Adoption - Despite the challenges faced by DATs, corporate adoption of Bitcoin is accelerating, with nearly 40% more public companies holding Bitcoin compared to three months ago, according to Bitwise data [7]. - Companies like Coinbase and Bullish hold Bitcoin on their balance sheets due to their industry nature, while others use it as a hedge against fiat currency instability [8]. Differentiation of DATs - It is crucial to distinguish between DATs that hold Bitcoin and those that invest in proof-of-stake altcoins like Ethereum or Solana, as they represent different investment strategies [8]. - DATs that stake native assets and operate validators generate yield from network activity rather than leverage, potentially creating value as the underlying networks grow [9].

Company Overview - Strategy (MSTR) closed at $300.67, down 4.69% from the previous trading session, underperforming the S&P 500 which lost 0.16% [1] - The stock has decreased by 3.76% over the past month, compared to the Finance sector's loss of 1.81% and the S&P 500's gain of 1.14% [1] Earnings Expectations - The upcoming earnings report is scheduled for October 30, 2025, with projected earnings per share (EPS) of -$0.11, reflecting a 92.95% increase from the same quarter last year [2] - Quarterly revenue is expected to be $118.2 million, up 1.84% from the year-ago period [2] Annual Forecast - For the entire year, the Zacks Consensus Estimates forecast an EPS of -$15.73 and revenue of $466.75 million, indicating changes of -134.08% and +0.71% respectively compared to the previous year [3] Analyst Revisions - Recent revisions to analyst forecasts for Strategy are important as they reflect shifting business dynamics, with positive revisions indicating analysts' confidence in performance and profit potential [4] Share Price Momentum - Research shows that estimate revisions correlate with near-term share price momentum, and investors can utilize the Zacks Rank for actionable insights [5] Zacks Rank System - The Zacks Rank system ranges from 1 (Strong Buy) to 5 (Strong Sell), with a historical average annual return of +25% for 1 rated stocks since 1988 [6] - Currently, Strategy holds a Zacks Rank of 3 (Hold) [6] Industry Context - The Financial - Miscellaneous Services industry, part of the Finance sector, has a Zacks Industry Rank of 95, placing it in the top 39% of over 250 industries [7] - The top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

RT Eric Weiss ⚡️ (@Eric_BIGfund)My thoughts on Bitcoin Treasury Companies@ORANJEBTC @Strategyhttps://t.co/NSt8vAPl83 ...

M&A Activity - The strategy highlights 82 acquisitions [1] - Bitcoin (BTC) is identified as the universal M&A target [1]

Core Viewpoint - Bitcoin-related stocks experienced a widespread decline, reflecting a negative sentiment in the cryptocurrency market as Bitcoin and Ethereum prices fell significantly [1] Group 1: Stock Performance - Strategy (MSTR.US) dropped over 2.6% [1] - Bitmine Immersion Technologies (BMNR.US) fell more than 7% [1] - SharpLink Gaming (SBET.US) decreased by over 5% [1] - Circle (CRCL.US) declined more than 3.5% [1] - Coinbase (COIN.US) saw a drop of over 2.3% [1] Group 2: Cryptocurrency Prices - Bitcoin price fell over 3%, currently at $111,670 [1] - Ethereum price decreased by more than 6.7%, currently at $3,987 [1]

peepo/iStock via Getty Images Dear Partners, In the third quarter of 2025, fund assets appreciated by 11.0%. For the three-year period, the fund is up 66.7%1 compared to the S&P 500 return of 92.0%.2 Our Japanese holdings performed well in the quarter, buoyed by price appreciation in the Japanese market, up 21.6% year-to-date.3 The last time Japan notably outperformed the US equity market was in 2013, when Japanese stocks surged following “Abenomics” reforms, with the market returning about 27% while th ...

microstrategy mnav at 1.21x down from 3.4x peak. trading at 21% premium to bitcoin holdings versus 240% last november. below 1.0x the model breaks. can't issue shares profitably forces bitcoin sales into thin liquidity. $7b in convertible debt needs refinancing by 2027. saylor buying at $123k with borrowed money at the lowest premium in 19 months ...

Strategy股价近日受益于美国新出台的税务法规。该法允许企业在计算公司税负时排除未实现的数字资 产收益，从而减轻账面波动带来的税务压力。 公司在截至9月30日的季度报告中披露，其数字资产持仓产生的未实现收益高达38.9亿美元。TD Cowen 分析师Lance Vitanza表示，这项税改"消除了Strategy面临的一大潜在风险"，并标志着比特币进一步融入 全球金融体系的重要一步。 智通财经APP获悉，比特币财库公司Strategy(MSTR.US)周一宣布再度增持比特币，这是该公司自本月 初比特币创下历史新高以来的首次买入。此次交易总额达2700万美元，使其比特币持仓总值突破730亿 美元，重申其作为全球最大企业级比特币持有者的地位。 Strategy长期被视为加密市场情绪的风向标，其股价走势往往与比特币高度相关。然而，随着市场对"加 密财库模式"的质疑上升，Strategy股价近期明显落后于比特币走势。 根据公司公告，Strategy以平均每枚12.3561万美元的价格购买了220枚比特币，创下公司历史上单次最 高买入成本。 Benchmark分析师Mark Palmer指出，尽管同行机构放缓购币步 ...