Robinhood’s decision to list Strategy’s four preferred stocks marks a rare break from its own investment policies — and could strengthen Michael Saylor’s bitcoin playbook without diluting holders of the firm’s common stock, MSTR. The brokerage began offering trading in four Strategy (MSTR) preferred stocks on Oct. 2, with tickers STRC, STRD, STRF, and STRK now available on the platform. The next day, CEO Vlad Tenev confirmed the move on X, saying Robinhood had “heard from many Strategy investors that t ...

Group 1 - Strategy disclosed a Bitcoin acquisition of $22 million, marking its third smallest purchase of the year, bringing its total holdings to approximately 64,000 Bitcoin valued at $73.1 billion as Bitcoin surpassed $114,000 [1][2] - The recent Bitcoin purchase was not due to funding constraints, as Strategy raised $128 million from selling common shares and other offerings [2][3] - Strategy's first dividend payment to STRD holders is scheduled for Tuesday, with a quarterly obligation of around $30 million [4] Group 2 - Strategy shares increased by 5% to $324, with a year-to-date rise of 12%, while Bitcoin rose 22% in the same period [5] - The company has diversified its funding mechanisms beyond common stock and convertible debt, solidifying its position as the largest corporate holder of Bitcoin [5] - There are concerns from some analysts regarding the sustainability of Strategy's dividend obligations, with comparisons made to a Ponzi scheme, although there is a noted market demand for bitcoin-backed credit instruments [6]

Group 1 - Strategy Inc. raised $128.1 million through its at-the-market programs from September 22 to 28, deploying only $22.1 million to acquire 196 BTC, indicating a focus on preferred stock dividends due on September 30 [1][2][3] - The company sold 101,713 shares of its 10.00% Series A perpetual "STRF" preferred stock, 5,000 shares of its 10.00% Series A perpetual "STRD" preferred stock, and 347,352 shares of common stock, generating net proceeds of $11.3 million, $0.4 million, and $116.4 million respectively [2] - Strategy's total bitcoin holdings reached 640,031 BTC as of September 28, with an average acquisition cost of $113,048 per BTC for the recent purchase [1][3] Group 2 - The company has significant ATM shelf capacity, with available issuance authorization totaling $46.4 billion across its preferred and common stock programs [3] - At the time of publication, the stock price of MSTR increased by 3.9% from the previous day's close [4]

Core Insights - The introduction of spot bitcoin ETFs over a year and a half ago has not led to widespread adoption among advisors and investors, with many still opting not to include bitcoin in their portfolios [1] Group 1 - The market for spot bitcoin ETFs has been established for over 18 months, yet adoption remains limited [1] - Advisors and investors are still hesitant to add bitcoin to their investment strategies despite the availability of these ETFs [1]

Group 1 - Strive Inc. announced an all-stock acquisition of Semler Scientific [1] - Strive purchased 5,816 bitcoins at an average price of $116,047 each, totaling approximately $675 million, increasing its bitcoin holdings to 5,886 [1] - Post-merger, the combined companies will hold over 10,900 bitcoins and plan to explore further monetization or expansion of Semler's research diagnostics business [1]

Core Insights - NBA star Kevin Durant has regained access to his Bitcoin account, which he initially purchased in 2016 for $650, and its current value has surged to $117,000, representing an investment return of approximately 18,600% [1][6]. Group 1 - Durant's agent, Rich Kleiman, revealed that he assisted Durant in purchasing Bitcoin in 2015, but they forgot the account password, leaving the Bitcoin untouched until now [3]. - The Bitcoin price has increased dramatically from $650 in 2016 to $117,000, marking a rise of 180 times [6]. - Kleiman expressed that despite the challenges of recovering the password, the current price surge is beneficial, and they remain optimistic about eventually accessing the funds [3].

Core Viewpoint - The company, despite holding a significant amount of Bitcoin and having a high market capitalization, has been denied entry into the S&P 500 index due to its classification as a fund-like entity rather than a traditional operating company [3][5][25]. Group 1: Company Background - The company initially operated as a software firm focused on enterprise intelligence software, with a stable revenue stream [7][9]. - In 2020, the company shifted its focus to Bitcoin, accumulating 640,000 Bitcoins, which represents 3% of the global supply [9][11]. - The company's financial performance is now heavily reliant on the fluctuations in Bitcoin prices, leading to concerns about its business model [11][13]. Group 2: S&P 500 Entry Criteria - The S&P 500 requires companies to have a stable operating income and a significant market capitalization, both of which the company meets [5][7]. - However, the S&P committee has a rule that excludes fund-like companies from the index, which the company inadvertently falls under due to its primary business of accumulating Bitcoin [13][25]. Group 3: Market Performance and Challenges - The company's stock price has seen a dramatic increase, rising 25 times since August 2020, but has recently underperformed compared to Bitcoin itself [15][17]. - The premium on the company's stock, which allowed it to issue new shares to buy more Bitcoin, has decreased from 3 times to 1.5 times, raising investor concerns [17][19]. - Efforts to issue new shares and preferred stock have met with limited success, indicating a potential loss of investor confidence [20][22]. Group 4: Future Outlook - The company's current model, which relies on stock issuance to acquire Bitcoin, faces fundamental challenges as it resembles a Bitcoin fund rather than a traditional operating company [25][28]. - Without a clear operational strategy beyond Bitcoin accumulation, the company may struggle to gain entry into the S&P 500, as it needs to demonstrate value creation beyond being a cryptocurrency holder [25][30].

Group 1 - The Federal Reserve's potential interest rate cut could significantly benefit Strategy, the largest Bitcoin treasury firm, by allowing it to accelerate its Bitcoin acquisition strategy [1][6] - Strategy has relied on debt financing for its Bitcoin purchases, starting with a $250 million corporate cash purchase in August 2020 [3][4] - The firm has raised substantial funds through various debt instruments, accumulating a total debt of $8.2 billion while holding 638,985 BTC valued at over $74 billion [5][6] Group 2 - A rate cut would lower the cost of debt for Strategy, enabling reduced debt repayments and the possibility of further debt issuances to acquire more Bitcoin [6] - Increased liquidity in the market following a rate cut may lead investors to buy Bitcoin, attracted by its higher yield compared to traditional instruments like bonds [8] - Bitcoin's potential as a hedge against inflation could draw in investors concerned about inflation due to lower interest rates [9]

Group 1 - Metaplanet, the largest bitcoin treasury company in Japan, has established two subsidiaries, one in Japan and one in the U.S., and acquired the bitcoin.jp domain name to enhance its commitment to bitcoin [1][2] - The Japanese subsidiary, Bitcoin Japan Inc., will manage bitcoin-related media, conferences, and online platforms, including Bitcoin Magazine Japan [1] - The U.S. subsidiary, Metaplanet Income Corp., will focus on generating income from bitcoin-related financial products, including derivatives, and aims to scale operations through this new entity [2] Group 2 - Metaplanet's bitcoin holdings have surpassed 20,000 BTC, making it the sixth-largest bitcoin treasury company globally, with a total of 20,136 BTC on its balance sheet [3] - The company plans to raise a net 204.1 billion yen (approximately $1.4 billion) through an international share sale to strengthen its bitcoin holdings [3] - Metaplanet's stock experienced a decline of 1.16% on Wednesday [4]

Group 1 - The company Bit Strategy (06113) announced the acquisition of approximately 33.41 additional units of Bitcoin on September 15, 2025, for a total cost of about 3.86 million USD, equivalent to approximately 16.25 million MYR or 30.02 million HKD [1] - Following this acquisition, the company has accumulated a total of approximately 43.41 units of Bitcoin [1]