This year marked the first time the playbook of the top Bitcoin corporate holder, Strategy, was replicated at scale, with companies across sectors building major treasuries in Bitcoin, Ethereum, and Solana through formal capital-raising pipelines. As that playbook spread across sectors and geographies, five companies in particular helped shape how corporate treasuries approached crypto in 2025. Here’s a closer look at the extent to which the biggest firms in the space went all-in this year. Strategy (MSTR) ...

来源：市场资讯 收益率结构方面，STRD 相较 STRF 仍保持约320个基点的溢价。一般观点认为，这一差距更多源于资 本结构中的层级定位，而非短期偿付能力差异。EasyMarkets易信表示，在收益率曲线逐步成形的背景 下，不同风险偏好的投资者正在根据自身需求重新配置优先股头寸。 从发行数据看，STRD 在近期 ATM 发行中占据主导地位，单周募资规模创下新高。EasyMarkets易信认 为，这一现象显示市场资金正在向收益率更高的次级优先股集中，反映出投资者在当前环境下对收益与 风险平衡的重新取舍。整体来看，STRD 利差变化与发行节奏的同步，或将成为观察市场情绪与资金流 向的重要参考指标。 从利差走势来看，STRD 相对于美国10年期国债的利差一度降至阶段性低点，EasyMarkets易信认为， 这通常意味着市场对该优先股的需求增强，同时对发行方信用质量的认知正在改善。即便在比特币回调 引发短期利差反弹的情况下，整体趋势仍显示风险溢价较此前明显下降。 在基本面层面，市场重新评估 Strategy 的资产负债结构与现金流安全性。EasyMarkets易信认为，设立 覆盖21个月股息的储备金，为优先股投资者 ...

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 ...

Core Insights - Strategy (MSTR) has launched a new euro-denominated perpetual preferred security named Stream (STRE) shortly after reporting Q3 earnings and indicating plans for an international perpetual preferred stock [1] Group 1: Security Details - STRE will be issued at 100 euros ($115) per share with a 10% annual dividend payable quarterly in cash, targeting professional and institutional investors in the European Economic Area (EEA) [2] - If dividends are unpaid, they will compound quarterly, with the rate increasing by 100 basis points per period up to a maximum of 18% [3] - STRE ranks senior to STRK, STRD, and MSTR common stock but junior to STRF, STRC, and debt, and is non-callable except under adverse tax circumstances or if less than 25% of shares remain outstanding [4] Group 2: Financial Implications - Proceeds from the issuance will support bitcoin (BTC) acquisitions and general corporate purposes, and the security carries no voting rights [5]

Financial Data and Key Metrics Changes - The company reported $3.9 billion in operating income, $2.8 billion in net income, and earnings of $8.43 per share for Q3 2025, marking a significant year-over-year improvement [4] - Year-to-date GAAP operating income reached $12 billion, with net income of $8.6 billion and earnings of $27.80 per share, continuing a record-breaking performance [4] - The company holds 640,808 Bitcoin, valued at approximately $71 billion, purchased at an average cost of $74,000 per Bitcoin [7][10] Business Line Data and Key Metrics Changes - Bitcoin per share increased to 41,370 satoshis as of October 26, up from 39,716 satoshis on July 31, reflecting consistent accumulation of Bitcoin per share [5] - The company achieved a 26% BTC yield year-to-date, slightly below the revised full-year target of 30% [6] - Year-to-date BTC gain is 116,555 BTC, translating to approximately $12.9 billion in BTC dollar gain, compared to a full-year goal of $20 billion [6] Market Data and Key Metrics Changes - The company's market cap stands at $83 billion, positioning it among the top publicly listed companies in the U.S. [3] - The enterprise value is reported at $98 billion, with Bitcoin net asset value accounting for 72% of total enterprise value [10] Company Strategy and Development Direction - The company aims to become the second-largest corporate treasury in the world within a year and the largest within five to ten years, focusing on raising capital through preferred equity [15][16] - The introduction of preferred equity IPOs has been successful, raising $6.7 billion year-to-date, with a significant portion coming from retail investors [17][18] - The company has received a B- issuer credit rating from S&P, which is expected to enhance access to larger pools of capital [21][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the IRS interim guidance that excludes unrealized gains from Bitcoin holdings from adjusted financial statement income, benefiting the company and the broader digital asset economy [12] - The company anticipates a Bitcoin price of $150,000 by year-end 2025, with targets for operating income of $34 billion and net income of $24 billion [30][31] Other Important Information - The company has transformed its balance sheet, with digital assets growing from just under $7 billion in Q3 2024 to over $73 billion in Q3 2025, driven by Bitcoin acquisitions and fair value accounting [8][9] - The company plans to expand its preferred offerings internationally to access greater pools of capital [20][21] Q&A Session Summary Question: What is the company's outlook on Bitcoin as a capital asset? - Management believes Bitcoin is emerging as digital capital and expects its value to continue appreciating, with significant institutional adoption [35][36] Question: How does the company plan to manage its capital structure? - The company aims to reduce reliance on convertible debt and increase preferred equity, with a target to equitize convertible bonds by 2029 [16][24] Question: What are the expected benefits of the S&P rating? - The B- rating provides access to larger capital markets, potentially increasing funding opportunities for Bitcoin acquisitions [25][29]

Core Insights - The preferred perpetual stock STRD is being overlooked by investors due to its junior security status, which contrasts with the senior instrument STRF that attracts more attention [1][5] Summary by Category Investment Instruments - STRF is a senior security that is prioritized for payouts, trading above par at $109, with an effective yield of 9.1% and a lifetime return of 29% [3] - STRD, as a junior security, offers a higher effective yield of 12.7% but is trading below par at $78, with a lifetime return of -7% [4] - The difference in risk-return profiles between STRF and STRD highlights that STRF provides safer yields while STRD compensates for higher risk with greater potential returns [5] Market Dynamics - A credit spread has emerged between STRF and STRD, driven by their classifications as senior and junior securities, raising questions about investor preferences [5] - Despite concerns about dividend payments on STRD, the company is expected to maintain these payments to protect STRD's price, as failing to do so would be detrimental [6] Company Actions - The company has recently purchased more bitcoin, holding a total of 640,250 BTC, even as its stock price has struggled, down 4% year-to-date [7]

Core Insights - Robinhood's decision to list Strategy's four preferred stocks marks a significant policy shift, indicating strong demand from retail investors for exposure to bitcoin-linked products [1][2] - The preferred stocks (STRC, STRD, STRF, STRK) provide Strategy with a new funding avenue while minimizing dilution for common stockholders [3][6] Group 1: Robinhood's Policy Shift - Robinhood began offering trading in four preferred stocks from Strategy on October 2, which is a rare break from its previous investment policies [1] - CEO Vlad Tenev confirmed the move, highlighting that many Strategy investors expressed the importance of this feature for account transfers [2] - The inclusion of these securities suggests unusual demand from retail investors, as Robinhood's website previously categorized preferred stocks as unsupported assets [2] Group 2: Strategy's Preferred Stock Program - Strategy has developed four preferred stocks as an alternative capital-raising method for its bitcoin acquisition strategy, functioning like digital credit products [3] - Each class of preferred stock offers different yield, seniority, and conversion terms, allowing Strategy to expand its bitcoin holdings while limiting equity dilution for existing shareholders [3][6] - STRC serves as the flagship stock with a floating yield linked to U.S. Treasury rates, while STRD offers a fixed-rate coupon, STRF provides flexible redemption rights, and STRK is the highest-yield option for maximum exposure [7] Group 3: Implications for Bitcoin - The introduction of these preferred stocks could serve as an indirect demand driver for bitcoin, as it allows one of its largest corporate holders to access retail capital more easily [6] - Analyst Stony Chambers referred to STRC as a pivotal moment for crypto-linked securities, suggesting that future developments could significantly increase demand [5]

RT Strategy (@Strategy)You can now find all four of our digital credit instruments on Robinhood. $STRC $STRD $STRF $STRK https://t.co/RJXT28hDKn ...

Group 1 - Strategy disclosed a Bitcoin acquisition of $22 million, marking its third smallest purchase of the year, bringing its total holdings to approximately 64,000 Bitcoin valued at $73.1 billion as Bitcoin surpassed $114,000 [1][2] - The recent Bitcoin purchase was not due to funding constraints, as Strategy raised $128 million from selling common shares and other offerings [2][3] - Strategy's first dividend payment to STRD holders is scheduled for Tuesday, with a quarterly obligation of around $30 million [4] Group 2 - Strategy shares increased by 5% to $324, with a year-to-date rise of 12%, while Bitcoin rose 22% in the same period [5] - The company has diversified its funding mechanisms beyond common stock and convertible debt, solidifying its position as the largest corporate holder of Bitcoin [5] - There are concerns from some analysts regarding the sustainability of Strategy's dividend obligations, with comparisons made to a Ponzi scheme, although there is a noted market demand for bitcoin-backed credit instruments [6]

Overview of Bitcoin-Backed Fixed Income - Strategy has established the first comprehensive Bitcoin-backed yield curve [1] - The report aims to dissect STRC, STRD, STRK, and STRF, detailing ownership suitability and collateral mathematics underpinning double-digit coupons [1] - The analysis serves as a blueprint for understanding the integration of fixed-income instruments with hard-capped digital collateral [1] Focus on Bitcoin Credit - The report intends to decode the future of Bitcoin credit [2]