Company Overview - Strategy Inc (NASDAQ:MSTR) is a publicly traded U.S. technology and Bitcoin treasury company that offers AI-powered enterprise analytics software while holding Bitcoin as its primary treasury asset, providing investors with diversified exposure and business intelligence solutions. It rebranded from MicroStrategy in 2025 [5]. Investment Ratings and Price Targets - H.C. Wainwright raised its price target on MSTR to $540 from $500 while maintaining a Buy rating, highlighting MSTR as its top stock pick for 2026 due to steady Bitcoin-per-share increases and solid execution, including raising $3.9 billion to buy an additional 41,002 Bitcoin in January [2]. - Conversely, BTIG lowered its price target on MSTR to $250 from $630 while maintaining a Buy rating, citing an 8% drop in Bitcoin prices before the Q4 earnings call and noting that the company's convertible debt remains highly over-collateralized [3]. Bitcoin Holdings and Acquisitions - In a recent regulatory filing, MSTR updated its Bitcoin holdings, acquiring 1,142 Bitcoin for approximately $90 million between February 2 and February 8 at an average price of $78,815 per coin. Following this acquisition, MSTR's total Bitcoin holdings reached 714,644, with a cumulative purchase price of about $54.35 billion [4]. Market Sentiment and Future Outlook - Despite poor investor sentiment and market volatility, MSTR is recognized for its steady Bitcoin-per-share growth, which is driving interest from analysts [6].

Kang said Strategy continued to buy Bitcoin during the fourth quarter, purchasing 32,470 Bitcoin for approximately $3.1 billion . He also pointed to the volatility of quarter-to-quarter moves, noting that at the end of the third quarter the market value of Strategy’s Bitcoin position was about $73.2 billion based on a roughly $114,000 Bitcoin price, before Q4’s price decline drove an unrealized fair value loss of $17.4 billion .For the fourth quarter, Kang reported an operating loss of $17.4 billion and a n ...

Core Viewpoint - Strive, Inc. successfully closed a follow-on offering of 1,320,000 shares of its Variable Rate Series A Perpetual Preferred Stock at a price of $90 per share, reflecting strong investor demand and a strategic move to manage its debt effectively [1][2]. Group 1: Offering Details - The follow-on offering generated over $600 million in demand, leading to an increase in the target raise from $150 million to $225 million [2]. - The company retired $110 million of the $120 million debt from the Semler Scientific acquisition, with plans to retire the remaining $10 million by April 2026 [2]. Group 2: Debt Management - Strive retired $90 million of the $100 million outstanding 4.25% Convertible Senior Notes due 2030 through an exchange for approximately 930,000 shares of SATA Stock [3]. - A portion of the proceeds from the SATA Stock offering was used to retire a $20 million loan with Coinbase Credit Inc., resulting in 100% of Strive's Bitcoin holdings being unencumbered [3]. Group 3: Bitcoin Holdings and Performance - As of January 28, 2026, Strive acquired 333.89 Bitcoin at an average price of $89,851, bringing its total Bitcoin holdings to 13,131.82, making it the tenth largest public corporate holder of Bitcoin globally [4]. - Strive's amplification ratio is 37.2%, with 97.7% derived from preferred equity, and the quarter-to-date Bitcoin yield stands at 21.17% [4]. Group 4: Company Growth and Strategy - The successful completion of the oversubscribed SATA follow-on offering indicates robust investor demand for digital credit and highlights the effective execution of Strive's corporate strategy [5]. - Since launching its first ETF in August 2022, Strive Asset Management has grown to manage over $2.3 billion in assets [6].

Core Insights - GameStop has seen significant insider buying from CEO Ryan Cohen, who purchased 500,000 shares at an average cost of approximately $21.12, totaling over $10.5 million, indicating bullish sentiment towards the company [3] - The company is attempting to pivot its strategy as its traditional brick-and-mortar video game business declines, while also exploring new avenues such as collectibles and cryptocurrency [2][4] Financial Performance - GameStop's hardware business has experienced a 5% decline, while its software revenue has plummeted by 27% year-over-year; however, the collectibles segment has seen a remarkable 55% revenue growth [4] - The company has improved its operating cash flow and reported diluted earnings per share of $0.67, a significant improvement from the previous year [5] - GameStop's current market capitalization stands at $10 billion, with a trading multiple of approximately 2.3 times revenue and close to 22 times forward earnings [7][8] Market Position and Analyst Outlook - Only one Wall Street analyst covers GameStop, projecting nearly $1 of EPS in 2026 and total revenue of $4.16 billion, indicating potential year-over-year growth [8] - Despite improvements, the earnings multiple appears high for a company still stabilizing its revenue, particularly in its largest business segment [9]

KindlyMD, Inc. has changed its corporate name to Nakamoto Inc. following its merger with Nakamoto Holdings in 2025. The rebrand aligns the company’s identity with its long-term Bitcoin treasury strategy. Chairman and CEO David Bailey described the move as an effort to eliminate ambiguity around the company’s objectives and reinforce its role as a Bitcoin-focused enterprise. The company’s common stock and warrants will continue trading under the NAKA and NAKAW ticker symbols, according to Nakamoto Inc.’ ...

Core Viewpoint - ZOOZ Strategy Ltd. has reported significant improvements in its cash position and has fully repaid its promissory notes, while also detailing its Bitcoin holdings and sales under its ATM program as of December 31, 2025 [1][4][6][8]. Cash and Debt Positions - As of December 31, 2025, the company had cash and cash equivalents of approximately $27.1 million, a substantial increase from $2.5 million as of June 30, 2025, and $7.5 million as of December 31, 2024, primarily due to proceeds from private placement transactions [2]. - The company had no outstanding debt other than ordinary course accounts payable and accrued expenses totaling approximately $1.3 million as of December 31, 2025, compared to $1.54 million and $1.16 million as of June 30, 2025, and December 31, 2024, respectively [3]. Promissory Notes - The company has fully repaid its obligations under promissory notes issued in favor of Keyarch Acquisition Corporation and EarlyBirdCapital, Inc., with amounts due as of June 30, 2025, being $2.23 million and $0.92 million, respectively [4]. Bitcoin Holdings - Since adopting its Bitcoin treasury strategy in July 2025, the company has purchased a total of 1,046 Bitcoin at an average price of $112,745 per Bitcoin, amounting to approximately $121.9 million, and holds all of the Bitcoin purchased as of December 31, 2025 [6]. Sales Under ATM Program - The company has entered into sales agreements for the sale of its ordinary shares, with total gross proceeds of $3,989,933 from the sale of 1,047,320 shares at an average price of $2.39 and 95,500 shares at an average price of $1.79 as of December 31, 2025 [8]. Corporate Updates - The company is exploring additional strategic alternatives to capitalize on its patented flywheel technology and is considering adding cash-flowing businesses within the Bitcoin ecosystem, while also engaging in discussions with a defense and intelligence electronics company [9].

Core Insights - Michael Saylor's Strategy (MSTR) has reported an unrealized loss of $17.44 billion in Q4 2025 due to a 25% decline in Bitcoin prices, contrasting sharply with a $3.9 billion unrealized gain in Q3 [1] - The company's Bitcoin-centric strategy is characterized by extreme volatility, as evidenced by the significant swings in reported earnings following new accounting standards that require marking Bitcoin holdings to fair value each quarter [2] Financial Performance - MSTR stock fell 53% in Q4 and is down 66% from its all-time highs, raising concerns about the company's ability to service debt and pay dividends without generating meaningful cash flow [4] - To address liquidity fears, the company established a $2.19 billion cash reserve funded through stock sales, indicating a defensive strategy amid significant paper losses [4][6] - At the end of 2025, the cash reserve covered 21 months of payments, reflecting concerns about meeting financial commitments without liquidating Bitcoin holdings [6] Bitcoin Holdings and Market Position - Strategy holds approximately $60 billion in Bitcoin, making it the largest institutional holder of the digital asset, while its stock trades at a market cap of $47 billion [5][7] - The company initially projected Bitcoin to reach $150,000 by year-end but had to revise its expectations down to a range of $85,000 to $110,000 after Bitcoin prices fell from $111,612 to as low as $80,660 [7]

Core Viewpoint - Prenetics Global Ltd. has decided to abandon its Bitcoin treasury strategy to focus on its supplement brand IM8, which has shown rapid growth and reached $100 million in annualized recurring revenue within 11 months [1][2]. Group 1: Company Strategy - The CEO of Prenetics, Danny Yeung, stated that the success of IM8 has exceeded expectations, leading the management team to unanimously agree on focusing efforts on this opportunity to create sustainable shareholder value [2]. - Prenetics initially launched its Bitcoin treasury strategy in June, planning to purchase $20 million worth of Bitcoin and appointing Andy Cheung to its board [2][3]. - The company had aimed to reach $1 billion in annualized revenue and $1 billion in Bitcoin holdings, having raised $48 million from investors, including Kraken and Exodus, to support this strategy [4]. Group 2: Financial Performance - As of December 30, Prenetics reported holding $70 million in cash and 510 BTC valued at nearly $46 million [4]. - The decision to abandon the Bitcoin strategy comes amid a prolonged downturn in the cryptocurrency market, with Bitcoin prices dropping significantly from a record high of $126,000 to a low of $80,600 [5].

Core Insights - The cryptocurrency market is facing a lack of major catalysts for the upcoming year, particularly affecting Bitcoin, which holds a significant market share [1][7] - Historical patterns indicate that significant downturns in the crypto market occur approximately every four years, with Bitcoin currently over 30% below its 52-week high [2][8] - Predictions for 2026 suggest a potential return of a "crypto winter," characterized by declining prices and poor investor sentiment [3][8] Market Performance - The cumulative value of all digital currencies has decreased by 9% to $2.97 trillion as of late December, contrasting with gains in major stock indices [5] - In 2025, cryptocurrencies underperformed compared to traditional stocks after previously outperforming them in 2024 [6][7] Bitcoin Treasury Strategy - The Bitcoin treasury strategy, popularized by companies like Michael Saylor's Strategy, may lose its appeal in 2026 as many companies pursuing this strategy are unproven and financially struggling [9][11] - Companies adopting this strategy have been trading at high multiples to their net asset value, which may not be sustainable given the rise of spot Bitcoin ETFs [12] XRP Outlook - Predictions indicate that XRP may fall back to $1 in 2026 due to a lack of strong catalysts and its limited adoption compared to traditional payment systems [14][16] - The utility of XRP is questioned, as it is not required for all transactions on Ripple's payment network, potentially diminishing its value [18] Spot Crypto ETFs - A significant number of cryptocurrency ETFs are awaiting regulatory approval, which could enhance investor access and interest in digital currencies [19] - Spot crypto ETFs are expected to facilitate easier investment in cryptocurrencies and may lead to increased cash inflows for altcoins, potentially allowing them to outperform Bitcoin [20][21]

Core Insights - Strategy (MSTR), the largest corporate Bitcoin holder, has experienced a 49.7% decline in shares over the past three months, significantly underperforming the Zacks Finance sector's growth of 1.4% and the Zacks Financial-Miscellaneous Services industry's decline of 12.9% [1] Group 1: Performance and Market Position - The underperformance of MSTR is linked to Bitcoin price volatility, which closely ties earnings to Bitcoin movements, and a compression in the mNAV multiple [2] - MSTR's stock has lagged behind competitors such as CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA), which fell 13.5%, 15%, and 42.5% respectively during the same period [2] - MSTR holds approximately 671,268 BTC, establishing Bitcoin as its primary reserve asset, which provides a structural advantage over competitors [7][8] Group 2: Financial Strategy and Capital Structure - MSTR has raised about $6.7 billion through preferred securities, enhancing its capital flexibility and reducing reliance on convertible debt [11] - The company’s innovative digital credit and preferred securities platform has broadened funding options, with STRC becoming the largest U.S. IPO of 2025 [11] - MSTR's shares are trading at a price-to-book value of 0.91X, significantly lower than the industry average of 3.18X, indicating potential undervaluation [13] Group 3: Earnings and Valuation Outlook - The Zacks Consensus Estimate for MSTR's 2025 earnings is $78.04 per share, with a projected decrease to $51.60 per share in 2026, reflecting a year-over-year decline of 33.88% [14][15] - MSTR's stock is currently trading below both the 50-day and 200-day moving averages, indicating a bearish trend [16] Group 4: Investment Recommendation - Despite the recent share price decline, MSTR retains long-term appeal due to its substantial Bitcoin holdings, flexible capital structure, and discounted valuation [19] - The combination of strong long-term fundamentals and short-term uncertainties suggests that maintaining a hold position is prudent for investors [19]