Core Viewpoint - The recent dip in Bitcoin prices to around $75,500 has temporarily placed Strategy's average purchase cost of Bitcoin at approximately $76,037 per coin, but this does not fundamentally alter the company's financial position or create balance sheet stress [1][2]. Group 1: Bitcoin Holdings and Debt Management - Strategy currently holds 712,647 Bitcoin, all unencumbered, meaning there is no risk of forced selling due to price drops [2]. - The company has $8.2 billion in convertible debt, which, while significant, provides flexibility in managing obligations [2]. - Strategy can extend maturities or convert debt to shares when due, with the first convertible note put date not until Q3 2027 [3]. Group 2: Cash Reserves and Fundraising Strategy - Strategy has $2.25 billion in cash on its balance sheet, reserved for dividend payments, indicating a strong liquidity position [4]. - Historically, the company has funded Bitcoin purchases through at-the-market (ATM) offerings, selling shares at current market prices to minimize market impact [5]. - The effectiveness of this fundraising strategy is contingent on the stock trading at a premium to its net asset value (mNAV), which has recently shifted to a discount as Bitcoin prices fell [6]. Group 3: Impact of Price Fluctuations - Trading below the cost basis is not a crisis for Strategy; it merely slows the company's ability to increase its Bitcoin holdings without diluting shareholders [7]. - In 2022, when MSTR shares traded below the Bitcoin holding value, the company added only about 10,000 Bitcoin, illustrating the impact of price on growth potential [7].

Company Overview - ZOOZ Strategy, formerly ZOOZ Power, transitioned from kinetic energy to Bitcoin investment, resulting in an 84% stock decline since last summer, with a current market cap of $87 million, lower than its Bitcoin holdings [1][2] - The company held its IPO on the Tel Aviv Stock Exchange in 2021 and later merged with a SPAC but faced challenges on Wall Street [2] Leadership and Strategy - CEO Jordan Fried, appointed after a background in blockchain ventures and cybersecurity, emphasizes a long-term vision for ZOOZ, including an annual salary of $1 and performance-based shares [3][4] - ZOOZ's strategy includes optimizing operations, improving transparency, and exploring asset management beyond merely holding Bitcoin [6] Market Position and Valuation - ZOOZ is perceived as undervalued in the market, trading below $1 and receiving a warning from Nasdaq for non-compliance, with plans for a potential reverse stock split and a $50 million share buyback [7] - The company aims to provide exposure to Bitcoin for Israeli investors facing regulatory challenges in purchasing Bitcoin directly [6] Industry Perspective - Fried views Bitcoin as a significant innovation, likening its adoption to historical financial shifts, and believes it plays a role in national security [2][8] - The company is exploring the potential for its original energy activities to pivot towards serving large cloud providers, reflecting a shift in market dynamics [6] Geopolitical Considerations - Fried highlights the importance of energy production in relation to Bitcoin mining and national competitiveness, noting Israel's current energy challenges compared to other nations [9]

Group 1: Bitcoin Purchase Details - Strategy Inc. has acquired 2,932 Bitcoin for a total of $264.1 million, paying an average of $90,061 per Bitcoin, which is significantly higher than its overall cost basis of $76,037 per Bitcoin across its total holdings of 712,647 BTC [2] - The funding for this Bitcoin purchase was achieved by selling 1,569,770 shares of Class A common stock for $257 million and 70,201 shares of STRC preferred stock for $7 million through at-the-market offerings [2] Group 2: Current Holdings and Valuation - Strategy's total Bitcoin holdings are valued at approximately $62.5 billion at current prices, with an acquisition cost of $54.2 billion, resulting in paper gains of about $8.3 billion [3] - The company holds around 3.4% of Bitcoin's total supply of 21 million [3] - Strategy has $8.17 billion worth of MSTR shares available for future Bitcoin acquisitions under its ATM program, along with $3.62 billion worth of STRC shares remaining [3] Group 3: Market Performance and Technical Analysis - MSTR's stock closed at $163.11, but opened lower on Monday, testing the critical support level of $160, which has been in place since December [5] - The stock has experienced a significant decline of 65% from its peak of $473 in July to a low of $160.41 in December, and has been consolidating in the $160-180 range, forming a potential triple-bottom pattern [5] - The stock is currently positioned just above all EMAs, which are in complete bearish alignment, with the 20-day EMA at $166.06, 50-day at $186.80, 100-day at $228.03, and 200-day at $264.39 [6]

Core Insights - U.S. spot Ether ETFs attracted $117 million on Monday, ending a four-day outflow streak and indicating renewed institutional interest in the crypto market [1] - Bitcoin ETFs also saw positive inflows, contributing to a broader recovery in the crypto ETF sector [1] Inflow Context - Digital asset investment products recorded $2.17 billion in net inflows last week, marking the highest weekly total since October 2025 [1] - Ether products specifically gained $496 million during this period, although there was a significant outflow of $378 million on Friday due to geopolitical tensions [1] Outflow Analysis - Since mid-January, spot Ether ETFs have experienced $258 million in outflows, reversing gains made in early 2026 [2] - The outflow trend can be traced back to a $20 billion liquidation event in October, which prompted institutions to reassess their risk exposure [3] Altcoin ETF Performance - Altcoin ETFs have maintained consistent demand even amid weakness in Bitcoin and Ether, with XRP products raising $46.7 million, Solana funds pulling in $50.7 million, and Dogecoin ETFs attracting $4.2 million from January 2-8 [4] Institutional Behavior - The recent inflow is significant as it breaks a four-day losing streak for Ether ETFs, the longest since the October crash [5] - The inflow, along with the strength in altcoin products, suggests a potential reallocation of institutional investments [5] Market Share Dynamics - BlackRock's IBIT continues to dominate Bitcoin flows with approximately 70% market share by volume, indicating strong institutional presence [6] - If BlackRock's Ether product leads the inflow breakdown, it would suggest that the same institutional players are re-entering both Bitcoin and Ether markets simultaneously [6]

Core Insights - BitMine Immersion Technologies (BMNR) made its largest purchase of ether (ETH) this year, acquiring 40,302 ETH valued at nearly $117 million, increasing its total holdings to over 4.24 million ETH, which represents 3.52% of the total ether supply [1][3] Group 1: Financial Position - The company's total crypto and cash holdings amount to $12.8 billion, which includes 193 bitcoin (BTC), $682 million in cash, and investments in Eightco Holdings and Beast Industries, the latter being a $200 million investment [2] - Following a shareholder vote that approved an increase in the authorized share count, BitMine gained the ability to raise additional funds through equity issuance, allowing for more aggressive accumulation of assets [3] Group 2: Staking and Income Generation - BitMine has staked over 2 million ETH, nearly half of its total holdings, converting a significant portion of its treasury into a yield-generating asset [4] - The company expects to generate over $400 million in annual pre-tax income from its ether holdings, as stated by Chairman Tom Lee during a recent shareholder meeting [4]

Core Viewpoint - The cryptocurrency market is currently lacking a definitive altcoin season, which presents an opportunity for investors to consider the CoinShares Altcoins ETF (DIME) as a strategic investment option [2][3]. Group 1: DIME ETF Overview - DIME ETF focuses on higher-tier altcoins, excluding Ethereum, Bitcoin, and stablecoins, providing a diversified exposure to altcoins [3]. - The ETF's structure allows investors to avoid the complexities of selecting individual digital currencies while still participating in potential altcoin growth [3][4]. Group 2: Historical Context of Altcoin Seasons - Historical data shows that altcoin seasons can emerge rapidly, as evidenced by the significant drop in Bitcoin dominance from approximately 96% to 60% in 2017, which coincided with a major altcoin rally [5]. - A similar pattern occurred in 2021, where Bitcoin dominance fell from about 60% to near 40% in a short period, leading to substantial gains for altcoins like Ethereum and meme coins [6][7]. - The current Bitcoin dominance is around 60%, suggesting that a decline could signal the onset of a new altcoin season, which could benefit DIME [7].

Core Viewpoint - Strategy's stock (MSTR) does not require trading at a bitcoin premium to be a successful investment, with a price target of $440 set by TD Cowen analyst Lance Vitanza, nearly triple the recent close of $160 [1] Group 1: Investment Thesis - The investment case for Strategy is based on its ability to grow bitcoin holdings per share, even during low market sentiment [1] - Strategy has a history of navigating market downturns by increasing asset coverage through preferred equity [2] - The company recently issued over $2.1 billion in common and preferred stock, using the proceeds to acquire 22,305 BTC, marking its largest weekly acquisition since November 2024 [2] Group 2: Financial Structure and Leverage - Strategy's financial structure provides a long-term advantage by issuing variable- and convertible-preferred stock, allowing for leverage without traditional debt [3] - This approach enables the company to acquire more bitcoin without significantly diluting existing shareholders [3] Group 3: Preferred Shares and Returns - Investors may find value in the firm's preferred shares, particularly the STRF class, which yields approximately 9.6% annually, expected to compress to 7.9% as shares appreciate [4] - With a fixed 10% dividend, the one-year return on preferred shares could reach 30% [4] Group 4: Bitcoin Holdings - Strategy currently holds 709,715 BTC, significantly surpassing any other public company [5] - The equity-driven approach positions Strategy to continue accumulating bitcoin while prices remain under pressure, providing leveraged upside potential for investors [5]

Core Viewpoint - Bitmine Immersion Technologies (BMNR) has received investor approval to increase the number of authorized shares, enhancing its ability to raise capital in the future [1][2]. Group 1: Shareholder Approval and Capital Raising - Proposal 2 at Bitmine's annual stockholder meeting passed with 81% of votes in favor, allowing the company to raise the ceiling on the number of shares it can issue [1][2]. - The increase in authorized shares does not mean immediate issuance of new stock but provides flexibility for future capital raising [2]. Group 2: Current Market Position and Holdings - BMNR's stock price declined by 8% on the same day, coinciding with a drop in the price of ETH to just above $3,000 [2]. - The company currently holds 35,268 ETH, bringing its total ether holdings to approximately 4.203 million tokens, which is about 3.5% of ether's circulating supply [3][4]. - In addition to its ether holdings, BMNR also possesses 193 BTC and a $22 million stake in Eightco Holdings (ORBS) [4]. Group 3: Market Net Asset Value (mNAV) - BMNR is trading at 0.86 times its market net asset value (mNAV), which reflects its significant holdings in ether [3]. - Executives have assured shareholders that they will not sell shares below the company's mNAV [3].

Core Viewpoint - Strategy (formerly MicroStrategy) has shifted its focus from declining software businesses to cryptocurrency investments, particularly Bitcoin, as a new growth driver [1]. Group 1: Performance Comparison - Over the past five years, Strategy has outperformed Bitcoin with gains of 196% compared to Bitcoin's 169% [2]. - However, in the last year, Bitcoin has remained roughly flat, while Strategy's stock has lost more than half of its value [2]. Group 2: Crypto Treasury Model - Strategy's crypto treasury model involves issuing new shares and taking on debt to acquire Bitcoin, which previously led to significant stock gains during a Bitcoin bull run [3][4]. - The company's market capitalization is heavily tied to Bitcoin's value, making its valuation closely linked to Bitcoin pricing trends [4]. Group 3: Impact of Bitcoin's Performance - The flat performance of Bitcoin over the last year has resulted in a dilutive impact on shareholders and increased debt without corresponding stock gains [5]. - If Bitcoin continues to trade sideways or experiences modest gains in 2026, Strategy's stock may face further sell-offs, while a substantial decline in Bitcoin could lead to a significant drop in Strategy's stock price [6].

Core Insights - Bitwise Asset Management launched the Bitwise Chainlink ETF on NYSE Arca on January 14, marking the second ETF in the U.S. to offer direct ownership of Chainlink tokens, thus creating competition with Grayscale's existing GLNK product [1] - The fund trades under the ticker CLNK with a management fee of 0.34%, which will be waived for the first three months on the first $500 million in assets [1] Company Overview - Bitwise manages over $15 billion in client assets across more than 40 crypto investment products [2] - The Chief Investment Officer of Bitwise, Matt Hougan, emphasized the importance of Chainlink as essential infrastructure for connecting blockchains to external information [2] Fee Competition - The standard fee for CLNK is 0.34%, slightly lower than Grayscale's 0.35%, with both funds currently offering fee waivers to attract early investors [3] - Grayscale's Chainlink ETF, launched on December 2, 2025, has accumulated $87.5 million in assets and its fee waiver lasts until March 2, 2026, or until assets reach $1 billion [3] Regulatory Context - Neither the Bitwise nor Grayscale fund is registered under the Investment Company Act of 1940, resulting in fewer regulatory protections compared to traditional mutual funds [4] Market Context - As of January 14, LINK traded at $14.12 with a 24-hour gain of 5.39%, and Chainlink holds approximately 49% of the oracle market by assets protected on its network [5] - Chainlink has facilitated over $27 trillion in transaction value across more than 70 blockchains since 2017 [5] Expansion Plans - Bitwise is expanding its altcoin ETF lineup, having filed for 11 new crypto ETFs on December 31, including funds for Tron and Zcash [6]