Corporate Rebranding - KindlyMD, Inc. has changed its corporate name to Nakamoto Inc. to align its identity with its long-term strategy in the Bitcoin ecosystem [1] Industry Trends - In 2025, many companies transitioned to digital assets, following the model established by MicroStrategy, which began accumulating Bitcoin during the COVID-19 pandemic [2] - The trend of companies building digital asset treasuries (DATs) was popularized by MicroStrategy, leading others, including KindlyMD, to follow suit [3] Mergers and Acquisitions - KindlyMD merged with Nakamoto Holdings, marking a significant crossover between traditional enterprises and the digital asset ecosystem [4] Market Dynamics - Bitcoin experienced significant price fluctuations, particularly after political events, such as Donald Trump's return to the White House and subsequent tariff threats, which caused a flash crash [5][6] - The volatility of Bitcoin has led to concerns about delisting from stock indices, as seen with MicroStrategy facing threats from MSCI due to its Bitcoin holdings [6][7]

Core Viewpoint - FG Nexus Inc. is actively engaging in share buyback programs and managing its ETH holdings to enhance shareholder value and strengthen its digital asset treasury strategy [1][4]. Share Buyback Program - As of January 20, 2026, the company has repurchased approximately 9.9 million shares of common stock at an average price of $3.24 per share and about 53 thousand shares of preferred stock at an average price of $24.16 per share [2]. - The company has repurchased over 23% of its outstanding common shares at a substantial discount to net asset value, demonstrating a strategic approach to capital management [4]. ETH Holdings and Financial Position - The company holds 37,594 ETH as of January 20, 2026, with total debt outstanding at $1.9 million [3]. - The outstanding shares of common stock are 33.6 million, and preferred stock is 0.8 million, with a net asset value per share of approximately $3.58 [3]. Strategic Focus - FG Nexus is focused on building a digital asset treasury and a platform for the tokenization of real-world assets, aiming to enhance yield through staking ETH and implementing additional yield strategies [5].

Core Insights - Pineapple Financial Inc. reported Q1 2026 gross billings of $4.1 million and revenue of $0.7 million, with expectations for FY 2026 gross billings between $17.5 million and $20.8 million and revenue between $7.7 million and $9.5 million [1][9] - The company has transitioned from an infrastructure build-out phase to an execution-focused operating phase, emphasizing operating discipline, earnings quality, and capital efficiency [2][3] Financial Performance - Q1 2026 gross billings decreased to $4.1 million from $4.4 million in Q1 2025, while revenue fell to $0.7 million from $0.8 million in the same period [14] - Total expenses for Q1 2026 were $7.3 million, significantly higher than $1.5 million in Q1 2025, primarily due to a $6.1 million non-cash change in fair value related to the Digital Asset Treasury [14] - Loss from operations was $6.6 million compared to $0.7 million in Q1 2025, but net cash used in operations improved to $0.5 million from $0.7 million [18] Strategic Developments - The company has launched a mortgage tokenization platform, converting real-world mortgage records into secure digital assets on the INJ blockchain, marking a significant advancement in its financial infrastructure strategy [5] - Nearly $1 billion in originated mortgages have been tokenized, with plans to migrate a full historical portfolio of over 29,000 funded mortgages, totaling approximately $13.7 billion CAD [6] - The tokenization initiative supports the rollout of a Mortgage Data Marketplace and Pineapple Prime, aimed at generating high-margin, recurring revenue streams [7] Market Outlook - The Canadian mortgage market is expected to remain resilient, with over 1.1 million households anticipated to renew their mortgages in 2026, providing consistent opportunities for mortgage providers [13] - Pineapple expects to expand its agent network to between 700-1000 agents during fiscal 2026, supported by targeted recruitment and improved retention strategies [11] - The company projects continued improvement in unit economics and operational efficiency as it scales its platform [12]

Group 1 - The Louisiana State Employees' Retirement System (LASERS) has disclosed its investment in Bitcoin (BTC) through a stake in Strategy Inc. (NASDAQ: MSTR), previously known as MicroStrategy [1] - Strategy Inc. has recently strengthened its position in Bitcoin after MSCI decided not to exclude digital asset treasury (DAT) companies from its indices, which protects Strategy from potential delisting [2] - Between January 5 and January 11, Strategy made a significant Bitcoin acquisition, purchasing 13,627 BTC for $1.25 billion, marking its largest acquisition since July 2025 [3] Group 2 - As of December 31, 2025, LASERS held 17,900 shares of Strategy, representing only 0.02% of its total portfolio, with a current value of approximately $3.1 million at MSTR's price of $173.71 per share [5] - Strategy currently holds a total of 687,410 BTC, which constitutes about 3% of the total Bitcoin supply [4][3]

Core Insights - Digital asset treasuries (DAT) are gaining attention in the crypto space, particularly alongside the growth of stablecoins, despite skepticism regarding leverage and downside risks [1] - Trust is fundamental to the success of DATs, requiring companies to build credibility through transparency and consistent execution [2] - The structure of DATs differs from traditional investment vehicles, necessitating clear communication about balance sheet decisions as part of the product [3] Group 1: Trust and Transparency - Trust is a critical component for DATs, as highlighted by Parker White, COO & CIO of DeFi Development Corp., emphasizing the need for companies to earn credibility [2] - Transparency distinguishes treasury firms from passive investment options, with ongoing communication about financial decisions becoming integral to the product [3] Group 2: Leverage and Market Dynamics - Concerns about leverage in volatile markets are prevalent, but White argues that public companies' debt structures differ from retail trading mechanics, reducing the risk of forced selling [3][4] - DATs avoid forced selling by having debt maturities measured in years, allowing management to navigate through various market cycles without immediate pressure [4] Group 3: Strategic Opportunities - Bear markets can present unique opportunities for DATs, as indicated by references to strategies employed by notable figures like Michael Saylor [5] - DeFi Development Corp. aims to enhance SOL per share by integrating capital markets strategies, validator operations, and on-chain yield, providing a public-market vehicle for long-term Solana exposure [7]

Core Viewpoint - Analysts have reduced the stock price target for MicroStrategy (now known as Strategy) despite the company's ongoing efforts to increase its Bitcoin holdings [1][4]. Group 1: Company Performance and Strategy - MicroStrategy has transitioned from a software company to a Bitcoin-focused Digital Asset Treasury (DAT) during the pandemic, becoming the largest corporate Bitcoin holder with a treasury of 687,410 BTC as of January 15 [3]. - The company made a significant Bitcoin purchase of 13,627 BTC for $1.25 billion between January 5 and January 11, marking its largest acquisition since July 2025 [3]. - Despite recent Bitcoin price weakness, the company has continued to purchase Bitcoin, aligning with its long-term strategy [5][6]. Group 2: Analyst Insights and Price Target Adjustments - TD Cowen has lowered its price target for Strategy from $500 to $440 while maintaining a "buy" rating, marking the second reduction in two months [4]. - The analysts cited near-term pressure on key performance metrics due to the recent decline in Bitcoin prices, which influenced their financial modeling for the company [5]. - The revised price target reflects the impact of Strategy's accelerated Bitcoin accumulation on its financial outlook [5].

Core Insights - Upexi, Inc. has entered into a securities purchase agreement with Hivemind Capital Partners to purchase a Convertible Note valued at approximately $36 million, which will increase its Solana treasury by 12% to over 2.4 million SOL [1][2] Group 1: Transaction Details - The Convertible Note has an interest rate of 1.0% payable quarterly, a fixed conversion price of $2.39 per share, and a maturity of 24 months [1] - The closing of the Note offering is expected around January 14, 2026, subject to customary closing conditions [2] Group 2: Company Position and Strategy - Upexi increased adjusted SOL per share by 34% in 2025, and this transaction is expected to further enhance its market position in the Solana treasury space [3] - The company aims to acquire and hold as much Solana (SOL) as possible, utilizing mechanisms such as intelligent capital issuance, staking, and discounted locked token purchases [5] Group 3: Investor Sentiment - Hivemind Capital Partners expresses confidence in Upexi's strategy and ability to create long-term value, viewing this transaction as a means to gain exposure to Solana [3]

Core Insights - Bitmine Immersion Technologies has solidified its status as the largest corporate holder of Ether by acquiring over 24,000 ETH in the past week, bringing its total holdings to approximately 4.17 million ETH, which constitutes about 3.4% of Ether's circulating supply [1][2][9] Group 1: Company Holdings - Bitmine reported a total of around $14 billion in combined crypto and cash holdings, which includes nearly $1 billion in cash reserves [3] - The company holds 193 Bitcoin and a $23 million equity stake in Eightco Holdings, with Ether being the cornerstone of its investment strategy [3] Group 2: Staking Strategy - The company has staked approximately 1.26 million ETH, an increase of nearly 600,000 ETH from the previous week, indicating a shift towards a more active role in the Ethereum ecosystem [4] - Bitmine is developing its own staking platform, expected to launch in early 2026, which will enhance its participation in the Ethereum network [5] Group 3: Shareholder Dynamics - Chairman Tom Lee has called for shareholders to approve an increase in authorized shares, which is crucial for the company's ability to continue acquiring Ether at scale [6] - A majority vote of outstanding shares is required to move forward with this proposal, which will be a key topic at the upcoming annual meeting [6] Group 4: Market Response - Following the news of its Ether acquisition and staking strategy, Bitmine shares rose about 3% in early trading, while Ether was trading near $3,100, reflecting broader market trends [7]

Core Insights - BitGo Holdings Inc. has supported iPower Inc. in executing and custodying its digital asset treasury transactions [1] - iPower has completed purchases of Bitcoin (BTC) and Ethereum (ETH) through an account at BitGo Bank & Trust [1] - The transactions were executed using BitGo Prime's over-the-counter (OTC) trading services [1]

Group 1 - Upexi, Inc. is a leading digital asset treasury company focused on acquiring and holding Solana (SOL) in a disciplined manner [3] - The company currently holds over two million SOL and employs three key value accrual mechanisms: intelligent capital issuance, staking, and discounted locked token purchases [3] - Upexi aims to appeal to a wide range of investors by operating in a risk-prudent fashion and positioning itself for various market environments [3] Group 2 - Upexi's management will participate in two investor conferences in January 2026, including the Annual Alpha North Capital Event Conference and the Sidoti Micro-Cap Virtual Conference [2] - The Sidoti Micro-Cap Virtual Conference will feature a presentation by Chief Strategy Officer Brian Rudick on January 22, 2026, from 11:30 AM to 12:00 PM EST [2] - Interested parties can schedule one-on-one meetings with Upexi's management team through KCSA Strategic Communications [2]