Strategy’s (MSTR) junior preferred stock Stride (STRD) saw its credit spread tighten further at the end of last week, possibly highlighting strong demand for the company’s highest-yielding preferred offering. The spread between the yield of STRD and that of the U.S. 10-Year Treasury Note fell to a new low of 8.12% as of Dec. 12, according to data from Bitcoin for Corporations (the spread has widened back closer to 9% on Monday as bitcoin tumbled below $86,000). Chart showing fixed-rate credit spreads (ST ...

责任编辑：陈平 12月10日，在近期的Bitcoin MENA大会上，Strategy（MSTR）执行主席Michael Saylor呼吁中东国家积 极采用比特币支持的银行业务、信贷和数字货币产品，认为这是成为"21世纪的瑞士"的重要路径。FPG 财盛国际认为，这一趋势不仅展示了数字资产在全球金融体系中的潜力，也为中东地区提供了前所未有 的机会去构建现代化金融中心。 Saylor表示，美国政府已广泛认可比特币为"数字黄金"，并获得财政部、证券交易委员会等多家高层机 构的支持。FPG财盛国际认为，这显示出全球主要经济体正在逐步将比特币纳入主流金融监管框架。同 时，包括摩根大通、花旗和富国银行在内的多家美国大银行，已开始筹备托管比特币并提供基于比特币 的信贷服务，这标志着传统金融机构对数字资产的态度正在发生深刻转变。FPG财盛国际认为，这种趋 势为全球投资者和金融机构提供了重要参考价值，尤其是在数字货币创新和资产管理方面。 在大会演讲中，Saylor将中东的机会形容为价值约200万亿美元的市场，他提出三大策略：一是主权财 富基金投资比特币；二是建设可托管比特币并提供信贷的银行；三是推出基于比特币信贷工具的数字货 ...

Core Viewpoint - Metaplanet has secured a $130 million loan from its bitcoin-backed credit facility to support bitcoin acquisitions, expand its bitcoin income generation business, and consider share repurchases [1][2]. Group 1: Loan Details - The loan increases the utilization of the $500 million credit facility to $230 million [1]. - The loan was executed on November 21, with the lender's identity undisclosed at their request [1]. - Interest on the loan is based on a U.S. dollar interest rate plus a spread, with automatic daily renewal and discretionary repayment options for the company [1]. Group 2: Bitcoin Holdings and Strategy - As of October 31, Metaplanet holds 30,823 BTC valued at approximately $3.5 billion, providing significant collateral even during market volatility [2]. - The company employs a conservative approach to collateral management, ensuring it operates within safe buffers [2]. - The income generation strategy involves using bitcoin as collateral to sell options, aiming to capture premium revenue [2]. Group 3: Market Reaction and Additional Funding - Following the announcement, Metaplanet's shares increased by 2.24% to 365 yen, although they remain over 80% below their record high from June [3]. - The company has introduced new perpetual preferred offerings, adding a long-term funding tool alongside its existing credit facility [3].

Core Insights - Fold Holdings reported Q3 2025 revenue of $7.4 million, representing a 41% year-over-year increase [1] - The company achieved a net profit of $600,000 in the same quarter [1] - Total transaction volume reached $235 million, marking a 43% year-over-year growth [1] - The company's Bitcoin inventory stands at 1,526 BTC, valued at approximately $154 million [1]

Core Insights - Metaplanet has established a wholly-owned US subsidiary, Metaplanet Income Corp., to focus on its Bitcoin Income Generation Business, following a successful international equity offering that raised ¥212.9 billion ($1.44 billion) [1][2] - The Miami-based subsidiary received an initial capital injection of $15 million and will manage derivatives operations, separating these activities from the company's core Bitcoin treasury operations [2] - The company sold 385 million new shares at ¥553 (~$3.75) each, increasing from an initial offering of 180 million shares due to high demand, closing the offering on September 9 [3] - Proceeds from the equity offering are designated for Bitcoin purchases and expanding the income-generation business, which is expected to launch in Q4 2024 and has already shown steady revenue and net income [4] - The launch of the Miami subsidiary is not anticipated to materially impact the company's full-year 2025 results [4]

Financial Data and Key Metrics Changes - The company reported a record GAAP operating income of $14 billion and net income of $10 billion for Q2 2025, resulting in a fully diluted EPS of $32.6, the highest in its history [8] - Year-to-date, the company achieved $8.1 billion in GAAP operating income and $5.7 billion in net income, with an EPS of $19.43, also a record high [8] - The market capitalization has surpassed $112 billion, making the company the 96th largest public company in the US [6] Business Line Data and Key Metrics Changes - The company holds 620,879,791 Bitcoin, accounting for 3% of all Bitcoin in existence, positioning it as a dominant player in the Bitcoin treasury space [6] - Year-to-date, the company has generated a BTC yield of 25% and a BTC dollar gain of $13.2 billion, nearing its full-year target of $15 billion [10][11] Market Data and Key Metrics Changes - The company has launched four listed preferred equity offerings in 2025, with STRC being the largest IPO in the US this year [7] - The company has raised $18.3 billion in capital year-to-date, which is 81% of the total capital raised in the previous year [7] Company Strategy and Development Direction - The company is focused on expanding its capital markets plan and enhancing its Bitcoin-backed credit instruments [7] - The management emphasizes the importance of Bitcoin as a treasury reserve asset, highlighting a trend of increasing corporate adoption of Bitcoin [22][24] Management's Comments on Operating Environment and Future Outlook - The management noted a supportive political environment for Bitcoin, with significant changes in the administration's stance towards cryptocurrency [18][19] - The company anticipates continued growth in Bitcoin adoption among public companies, with a notable increase in the number of companies acquiring Bitcoin [22][24] Other Important Information - The company has maintained a low cost basis for its Bitcoin holdings, having purchased over $74 billion worth of Bitcoin at an average cost of just over $73,000 per Bitcoin [11][12] - The adoption of FASB's fair value accounting has significantly increased the company's stockholders' equity by $12.7 billion [12] Q&A Session Summary Question: What is the outlook for Bitcoin prices? - Analysts covering the company forecast an average Bitcoin price of $168,000 by the end of the year, indicating strong market confidence [25] Question: How does the company plan to manage its debt? - The company has a robust balance sheet with $74 billion in Bitcoin holdings, providing significant over-collateralization against its debt obligations [14][15]

Group 1 - Bitcoin Treasury Corporation announced the completion of its initial Bitcoin acquisition phase, purchasing 478.57 Bitcoins for a total price of 70 million Canadian dollars [1] - The company currently holds a total of 771.37 Bitcoins after this acquisition [1]