Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin critic Peter Schiff has renewed his criticism of Michael Saylor after the Strategy (NASDAQ:MSTR) executive outlined his aggressive plan to buy as much Bitcoin (CRYPTO: BTC) as possible and convert it into BTC-backed digital credit. What Happened: Speaking at the Bitcoin MENA 2025 conference, Saylor argued that "Bitcoin is digital capital," a form of pristine collateral now effectively endorsed by t ...

Twenty One Capital began trading on the New York Stock Exchange as XXI on Tuesday after completing its merger with Cantor Equity Partners, entering the market with more than 43,000 BTC worth almost $4 billion already on its balance sheet, primed in a position among the world’s largest public corporate holders of the asset. Yet its trading debut was met with sharp selling, with XXI shares spending the session at roughly $11, putting it well below Cantor Equity Partners’ final pre-merger close near $14. De ...

Tokyo-listed Metaplanet is preparing to roll out a new preferred-share structure modeled on Strategy’s widely watched Bitcoin funding vehicle, as the company doubles down on its push to expand its corporate Bitcoin treasury. The plan was confirmed this week by Metaplanet CEO Simon Gerovich during remarks at the Bitcoin for Corporations Symposium, where he appeared alongside Strategy Chairman Michael Saylor. Gerovich told attendees that shareholders will vote later this month on launching a new capital in ...

Strategy CEO Phong Le says the company’s newly built $1.44 billion cash reserve is designed to quiet investor anxiety over its ability to withstand a sharp downturn in Bitcoin. Key Takeaways: Strategy built a $1.44B cash reserve to ease investor fears about its ability to meet dividend and debt obligations. The firm raised the funds in just eight and a half days, aiming to show it can still attract capital without selling any Bitcoin. Strategy says it will only consider selling BTC if its stock falls ...

TD Cowen analysts lowered their price target for Strategy shares on Wednesday, citing the volatility of the Bitcoin treasury leader's stock price and incremental shareholder dilution as key factors. The investment bank now sees Strategy’s shares hitting $500 next year, as opposed to its previous $535 per share estimate, according to a note shared with Decrypt. Strategy’s shares recently changed hands around $188, per Yahoo Finance, down about 24% over the last month. Earlier this week, Strategy signaled tha ...

The Grand Court of the Cayman Islands has granted an injunction against Maple Finance over alleged breaches of its commercial partnership with Core Foundation to develop lstBTC, a liquid staked Bitcoin token launched earlier this year that helped Maple secure over $150 million in client assets. The court ruling prohibits Maple from launching its competing product, syrupBTC, and from dealing in CORE tokens pending arbitration, while finding serious merit in Core’s claims of misuse of confidential informati ...

Core Insights - SharpLink Gaming, Inc. reported significant financial growth in Q3 2025, marking the first full quarter of its ETH treasury strategy execution, with total revenue increasing to approximately $10.8 million, up over 1,100% from $0.9 million in Q3 2024 [2][6] - The company's net income rose sharply to approximately $104.3 million, or $0.62 per fully diluted share, compared to a net loss of approximately $885,000, or $(3.02) per fully diluted share, in the same period last year [6] - SharpLink's total ETH holdings reached approximately 817,747 ETH as of September 30, 2025, increasing to 861,251 ETH by November 9, 2025 [6] Financial Performance - Total revenue for Q3 2025 was approximately $10.8 million, a significant increase from $0.9 million in Q3 2024 [6] - Net income for Q3 2025 was approximately $104.3 million, a turnaround from a net loss of approximately $885,000 in Q3 2024 [6] - The company's crypto assets totaled approximately $3.0 billion, with cash on hand at $11.1 million and $26.7 million in USDC stablecoins as of September 30, 2025 [6] ETH Treasury Strategy - SharpLink has deployed nearly all of its ETH holdings into productive, yield-generating staking while maintaining disciplined risk management [2] - The company plans to allocate $200 million in ETH for deployment on Consensys' Linea platform via ether.fi and EigenCloud to enhance Ethereum DeFi yields [2][6] - The concentration of ETH per share has doubled from 2.0 to 4.0 since the inception of the treasury [2] Operational Highlights - SharpLink's Board of Directors authorized a $1.5 billion stock repurchase program, with 1,938,450 shares repurchased for $31.6 million as of September 30, 2025 [6] - The company launched tokenized SBET on Ethereum in partnership with Superstate [6] - A $76.5 million registered direct offering was priced at a 12% premium to SharpLink's closing share price on October 15, 2025 [6] Leadership and Strategic Partnerships - SharpLink expanded its executive leadership team with new appointments, including Matthew Sheffield as Chief Investment Officer and Mandy Campbell as Chief Marketing Officer [6] - The company is positioned as a pioneer in the model for publicly traded ETH treasury companies, combining active asset management with public company transparency [6]

Core Insights - Bitcoin has entered bear market territory, defined by a price drop exceeding 20% from its October all-time high, briefly falling below the $100,000 support level [2][4] - Institutional adoption remains strong, as evidenced by Tokyo-listed MetaPlanet securing a $100 million loan collateralized by its Bitcoin holdings [1][3] - MetaPlanet's strategy includes using the loan to acquire more Bitcoin, execute a share buyback program, and expand its revenue-generating business [4][5] Company Strategy - MetaPlanet holds 30,823 BTC, valued at approximately $3.51 billion, with the new loan representing only 3% of its total Bitcoin holdings, providing a secure collateral margin [4] - A portion of the loan will be allocated for Bitcoin options trading, which generates steady revenue while retaining the underlying BTC [5] - The company's actions reflect a long-term commitment to Bitcoin, viewing the current price environment as a strategic opportunity rather than a crisis [5][6] Market Dynamics - There is a notable divergence between short-term market volatility and long-term institutional conviction, with retail investors often reacting to daily price changes [6] - Institutional players like MetaPlanet employ strong treasury strategies, indicating confidence in Bitcoin's future price trajectory [7] - The use of debt financing during a bear market highlights a belief in capital appreciation and shareholder value enhancement [7]

Core Insights - Metaplanet Inc. executed a $100 million loan secured by its Bitcoin holdings, with 30,823 BTC valued at $3.13 billion serving as collateral [1][3] - The loan is part of a $500 million credit facility established in late October, featuring daily automatic renewal and no fixed maturity date [2] - The company aims to use the funds for expanding its Bitcoin income generation business, additional Bitcoin acquisitions, and potential share repurchases [6] Financial Performance - The options strategy generated 24.4 billion yen ($160 million) in Q3 2025 revenue, a 3.5x increase from 6.9 billion yen in Q3 2024, indicating strong growth [3] - The borrowing represents approximately 3% of the company's total Bitcoin holdings by value, maintaining "sufficient collateral coverage" against the loan amount [3][4] Strategic Context - The loan and related activities follow a decline in the company's modified net asset value (mNAV) below 1.0x in mid-October, with shares dropping 70% from their June peak [5] - Metaplanet's Bitcoin Treasury Strategy targets 210,000 BTC by December 2027, reflecting a commitment to increasing Bitcoin holdings [5]

Group 1 - Bernstein initiated coverage of Nasdaq-listed SharpLink Gaming (SBET) with an outperform rating and a $24 target, indicating a potential upside of approximately 75% from the current share price of around $13.65 [1] - SharpLink is recognized as a leading Ethereum treasury, owning 0.7% of the total ETH supply, and serves as a compliant institutional vehicle for exposure to ether's yield and growth [1][2] - Analysts project Ethereum-based assets to increase from $172 billion today to $5 trillion by 2035, with ETH prices expected to exceed $15,000 by 2030 [2] Group 2 - SharpLink is anticipated to benefit from its association with Consensys and a potential shift towards lower interest rates, which may enhance demand for ether staking yields currently at around 2.5% [2] - Bernstein assigns a 15% premium to SharpLink's ether holdings, reflecting a projected annual yield of 3.4% and strategic on-chain leverage [3] - SharpLink plans to deploy $200 million in ether on Consensys' Linea over multiple years, utilizing Anchorage custody with ether.fi and EigenCloud to pursue on-chain yield [3][4]