This year marked the first time the playbook of the top Bitcoin corporate holder, Strategy, was replicated at scale, with companies across sectors building major treasuries in Bitcoin, Ethereum, and Solana through formal capital-raising pipelines. As that playbook spread across sectors and geographies, five companies in particular helped shape how corporate treasuries approached crypto in 2025. Here’s a closer look at the extent to which the biggest firms in the space went all-in this year. Strategy (MSTR) ...

Core Viewpoint - The company, Strategy (MSTR), is facing increasing liquidation calls as its stock price has dropped nearly 70% from last year's peak, raising concerns about its ability to meet obligations amid a significant decline in bitcoin prices [1] Financing and Preferred Stock - Throughout 2025, Strategy has primarily used perpetual preferred stock for financing bitcoin purchases, while at-the-market common share issuance has been mainly for covering preferred dividend obligations [1] - The company issued four U.S.-listed preferred series: Strike (STRK) with an 8% fixed dividend, Strife (STRF) with a 10% fixed non-cumulative dividend, Stride (STRD) with a 10% cumulative dividend, and Stretch (STRC) with a 10.5% fixed cumulative dividend [2] Performance of Preferred Series - As of November 21, STRK trades near $73, reflecting an 11.1% current yield and a 10% decline since issuance; STRD has fallen to about $66 for a 15.2% yield and a 22% total return loss; STRF is trading around $94, delivering roughly an 11% gain [3] Bitcoin Holdings and Market Pressure - The critical level for Strategy's bitcoin holdings is approximately $74,400, below which the company would be in the red; however, a decline below this level does not necessarily indicate a margin call or forced sales of bitcoin [4] - The nearest structural pressure point is on September 15, 2027, when holders of $1 billion 0.625% convertible senior notes will have their first put option, with the notes priced when MSTR traded at $130.85 [5] Dividend Coverage - Despite potential declines in the market valuation premium to bitcoin holdings, Strategy has a clear path to cover its annual preferred dividend obligations [6]

赵颖，华尔街见闻 一场始于10月的加密货币抛售潮，正在吞噬华尔街今年最火热的投资策略。通过借债或募资买入比特 币、以太坊等加密货币的"数字币财库公司"，曾被投资者视为给加密货币加杠杆的绝佳工具，如今股价 跌幅已远超其持有的代币本身。 这一模式由Michael Saylor在2020年开创，将一家名为MicroStrategy的小型软件公司转型为比特币巨鲸。 该公司市值在去年7月曾触及约1280亿美元峰值，如今已缩水至约700亿美元。过去一个月， MicroStrategy股价下跌25%，比特币同期跌幅为15%。 这轮暴跌波及包括知名风投家Peter Thiel在内的多位重量级投资者。Thiel支持的以太坊财库公司BitMine Immersion Technologies过去一个月下跌超30%，另一家由他投资、从生物科技公司转型而来的ETHZilla 同期下跌23%。 加密货币总市值已从10月6日触及的近4.4万亿美元历史高点暴跌约20%，几乎抹去今年前十个月的全部 涨幅，年初至今涨幅仅剩2.5%，较10月6日创下的12万美元纪录高点下跌约18%。 杠杆效应放大下行风险 "数字资产财库公司本质上是加了杠杆的加 ...

microstrategy Michael Saylor BTC. Photo by BeInCrypto Strategy (formerly MicroStrategy) has announced plans for an initial public offering of its first-ever euro-denominated perpetual preferred stock, STRE. The company said the proceeds will be used for general corporate purposes, including acquiring Bitcoin (BTC). This initiative arrives as the BTC treasury company continues to ramp up its cryptocurrency holdings with the recent $45.6 million investment. The move highlights a determined expansion strateg ...

Bitcoin treasury Strategy added 397 digital coins for around $45.6 million—an average price of $114,771 per coin—in one of its smaller buys in recent months amid rocky price action last week and mixed reaction to its latest quarterly earnings. The Nasdaq-traded firm—formerly MicroStrategy—now holds 641,205 BTC worth $69.1 billion at Bitcoin's current price of $107,774.  Last week's buy was slightly bigger than its prior Bitcoin purchase of $43 million. The week before that, the company spent just $19 millio ...