Core Insights - The Louisiana State Employees' Retirement System (LSERS) has invested $3.2 million in MicroStrategy (MSTR), indicating a growing institutional interest in indirect Bitcoin exposure [2][3] - MicroStrategy, under CEO Michael Saylor, now holds over 687,000 BTC, positioning MSTR as a proxy for Bitcoin investment [3] - The investment by LSERS represents only 0.2% of its total $1.56 billion portfolio, reflecting the increasing interest of public retirement funds in crypto-linked assets [3] Company Strategy - MicroStrategy's strategy involves issuing equity and debt instruments to fund large-scale Bitcoin purchases, which tightens the circulating supply and strengthens its balance sheet [4] - The company's recent plan to acquire an additional 13,627 BTC for $1.25 billion would increase its total Bitcoin holdings to over 700,000 BTC, representing approximately 3.3% of the total Bitcoin supply [6] - This accumulation strategy has led to bullish momentum in MSTR, with traders noting technical breakouts and continued purchases as signs of increasing market confidence in Saylor's approach [6]

Norway’s Norges Bank Investment Management (NBIM) has endorsed Metaplanet's (3350) bitcoin (BTC) focused strategy, voting in favour of all five management proposals ahead of the company’s Extraordinary General Meeting (EGM) on Dec. 22, according to a Bloomberg screenshot shared by Dylan LeClair, Metaplanet’s director of bitcoin strategy. NBIM, which is one of the world's largest sovereign wealth funds, managing about $1.7 trillion in assets, reported that it held approximately 0.3% of Metaplanet as of Ju ...

What exactly can a laddered approach to bitcoin exposure bring to an advisor or investor's portfolio? The best way to answer that question is to examine its inherent advantages over traditional spot b... ...

Group 1 - Analysts at Samosa Capital Investment Fund warn that Michael Saylor's BTC strategy is negatively impacting Bitcoin's price action, which is detrimental to the Bitcoin community [1] - Saylor's company, Strategy, is described as a highly leveraged holding company that contradicts Bitcoin's intended purpose [1] - Vinny Lingham expresses concerns that Strategy could cause more harm to Bitcoin than the FTX collapse [1] Group 2 - Saylor's Strategy recently purchased 8,178 BTC at an average price of $102,171, which is about 10% above current market levels, leading to approximately 40% of its 649,870 BTC holdings being in the red zone [2] - Bitcoin has lost over 25% since early October, raising questions about Saylor's silence during market downturns [2] - Peter Schiff criticizes Strategy's business model as a "fraud" and predicts that $MSTR will eventually go bankrupt [2] Group 3 - Critics highlight a pattern where Saylor's Strategy buys Bitcoin at high prices but remains inactive during market dips, suggesting a lack of proactive investment strategy [3] - The sentiment is echoed by Helius Labs CEO, who notes that large purchases occur at price peaks while silence prevails during discounts [3] - Bitcoin Maxis believe that the original vision of Bitcoin has been compromised, with Strategy and similar entities harming Bitcoin's price action and its role as a private medium of wealth storage [4]

Core Insights - Strategy's perpetual preferred share, Stretch (STRC), has reached a record high of $100.10, with a trading volume of 1 million shares, indicating strong market interest [1] - The company, as the largest holder of bitcoin, can utilize its at-the-market (ATM) offering against STRC to acquire more bitcoin, enhancing its investment strategy [2] - STRC currently offers an annualized return of 10.5%, paid monthly in cash, making it an attractive investment option [2] Financial Developments - The ATM offering, established on July 31, was previously on hold due to STRC not trading at par; the company raised STRC's dividend rate from 9% to encourage trading towards the $100 par value [3] - According to the latest 8-K filing, the company has $4.2 billion in available capacity for share issuance, providing significant funding potential for future investments [3] - Strategy has previously utilized ATM sales on other perpetual preferred products and common stock to fund bitcoin purchases, indicating a consistent strategy for capital raising [3] Market Performance - MSTR common shares have decreased by 15% this year, trading around $253, while the multiple to net asset value (mNAV) is approximately 1.3, highlighting the challenges faced by the company [4] - The successful issuance of perpetual preferred stock is crucial for the company to continue accumulating bitcoin without diluting existing shares [4] - STRC has seen a slight increase of 0.5% in pre-market trading, while MSTR shares have declined by 1% [4]

Group 1: New ETF Products in the US - A total of 22 new ETF products were launched in the US last week, including various types such as downside protection, leverage, thematic, allocation, and rotation products [1][2] - Seven new downside protection products were introduced, including Calamos' structured products linked to Bitcoin, which offer varying levels of protection (80%, 90%, 100%) [1] - Arrow Funds launched a Bitcoin strategy product that adjusts its allocation between Bitcoin and gold or cash based on market risk appetite [1] Group 2: ETF Fund Flows - US ETFs experienced significant inflows of nearly $50 billion last week, with domestic equities attracting over $25 billion, and commodity ETFs, particularly gold, also seeing substantial inflows [3][5] - The SPDR Gold Trust (GLD) was the second highest inflow product, with $40.81 billion, while the Invesco QQQ Trust (QQQ) led with $58.82 billion [5] Group 3: ETF Performance - Precious metal stocks have outperformed precious metal ETFs this year, with several mining-related ETFs showing gains around 150% [6][7] - The SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have both seen returns of approximately 63.73% and 63.91% respectively this year [7] Group 4: Mutual Fund Flows - As of August 2025, the total amount of non-money market mutual funds in the US reached $22.98 trillion, reflecting an increase of $0.41 trillion from July 2025 [8] - Domestic equity funds experienced outflows of around $20 billion, while bond products saw stable inflows exceeding $10 billion [8]

Core Insights - Strive, Inc. has appointed Ben Werkman as Chief Investment Officer, reporting to CEO Matt Cole, to enhance its investment strategy and Bitcoin initiatives [1][3][4] Company Overview - Strive is the first publicly traded asset management Bitcoin treasury company, aiming to increase Bitcoin per share and outperform Bitcoin over the long term [5] - Since launching its first ETF in August 2022, Strive has grown to manage over $2 billion in assets [5] Leadership and Expertise - Ben Werkman is a recognized Bitcoin advocate with extensive experience in corporate Bitcoin strategy, treasury strategy, capital allocation, and risk management [2] - Prior to joining Strive, Werkman served as CIO at Swan Bitcoin and founded NumerisX, a Bitcoin treasury advisory firm [2] Strategic Focus - In his new role, Werkman will oversee Strive's investment strategy, focusing on capital deployment, risk management frameworks, and advancing Bitcoin initiatives [3] - CEO Matt Cole expressed confidence in Werkman's ability to enhance strategic decision-making and communications to achieve the company's goals [4]

Core Viewpoint - Strive, Inc. is acquiring Semler Scientific, Inc. in an all-stock transaction, representing a 210% premium at approximately $90.52 per share based on closing prices on September 19 [1][2]. Group 1: Transaction Details - Each common share of Semler Scientific will be exchanged for 21.05 Class A common shares of Strive [2]. - The merger has received unanimous approval from the boards of directors of both companies and is subject to customary closing conditions [2]. Group 2: Bitcoin Acquisition - Strive has purchased 5,816 bitcoin at an average price of $116,047 per bitcoin, totaling $675 million, increasing its total holdings to 5,886 bitcoin [3]. - Post-merger, the combined company will own over 10,900 bitcoin, excluding future purchases from capital raises [3]. Group 3: Future Plans - Semler Scientific aims to accumulate 10,000 bitcoin and targets 105,000 bitcoin by 2027, appointing Joe Burnett as Director of Bitcoin Strategy [4]. - The merged entity plans to explore monetization options for Semler Scientific's profitable diagnostics business, focusing on preventative diagnostics and early detection of chronic diseases [5]. Group 4: Leadership Perspectives - The merger positions Strive as a leading Bitcoin treasury company, with expectations to outperform bitcoin in the long run [6]. - The transaction is viewed as creating significant value for stockholders through a substantial premium and innovative bitcoin strategies [6]. Group 5: Strategic Alignment - The merger is expected to create a scaled, innovative bitcoin acquisition platform while expanding into preventative healthcare [7].

Core Insights - Red Light Holland Corp. is focused on the production and sale of functional mushrooms and psilocybin truffles, with operations in North America and Europe, and is compliant with applicable laws in the Netherlands [10] Financial Highlights - Total cash balance as of June 30, 2025, is $11.454 million, down from $12.838 million as of March 31, 2025 [7] - Revenues for Q1 2026 were $1.301 million, a decrease from $1.559 million in Q1 2025 [7] - Gross profit for Q1 2026 was $0.447 million, compared to $0.625 million in Q1 2025 [7] - Adjusted EBITDA loss was $0.577 million, slightly worse than the loss of $0.562 million in Q1 2025 [7] - Total assets decreased to $20.141 million from $21.221 million as of March 31, 2025 [7] Company Updates - The company has entered the U.S. retail market through Albertsons with Happy Caps Mushroom Home Grow Kits [7] - Health Canada-approved Functional Mushroom Gummies have been launched and are available on Amazon [7] - A pilot program for FUNctional mushroom gummies has been initiated in London, ON, with potential for further distribution [7] - The company remains cash-positive in Q1 2026, driven by steady sales growth and expanded product offerings [7] Strategic Initiatives - A Bitcoin strategy has been announced, allocating up to $2 million in Bitcoin-related assets to enhance operational flexibility [5] - The company is exploring M&A opportunities, having made a non-binding offer to a potential acquisition target [6][8] - Partnerships with Irvine Labs and Arizona State University have been established to advance psilocybin research and development [7] Future Outlook - The company is optimistic about future growth, emphasizing a diversified foundation, fiscal responsibility, and innovation in psilocybin research [9]

Bitcoin Holdings - MicroStrategy started buying Bitcoin 5 years ago [1] - The company currently holds 3% of the total 21 million Bitcoin supply [1] - MicroStrategy has become one of the largest Bitcoin holders in history, starting from zero [1]