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Strategy Releases Investor Briefing: 840,000 BTC Establishing a Floor, Digital Credit Strategy Becomes Growth Engine
Odaily News Bitcoin reserve company Strategy released its latest investor briefing, disclosing that as of August 9, the company holds 840,447 bitcoins, accounting for approximately 4% of the total Bitcoin supply. The company stated that its core strategy is not just holding Bitcoin, but also building a "Digital Credit" platform through capital markets to enhance Bitcoin holdings per share.As of August 10, Strategy's stock (MSTR) had a market capitalization of approximately $38.368 billion, corresponding to a 1.06x mNAV (market cap/net Bitcoin value per share). The company noted that MSTR is not a Bitcoin ETF; common shareholders do not directly own the Bitcoin held by the company, but rather are residual interest holders positioned after debt and preferred stock.Strategy stated that the goal of its "Digital Credit" strategy is to issue digital credit products equivalent to 10%-20% of its Bitcoin reserve annually, when market conditions permit, with an expected scale of approximately $5.4 billion to $10.8 billion. The company said that if the long-term yield on Bitcoin exceeds financing costs, this model could increase common shareholders' Bitcoin exposure per share.Strategy emphasized that MSTR, as common stock of a Bitcoin reserve company, has the dual nature of amplifying both returns and risks. The main risks listed by the company include Bitcoin price volatility, changes in financing conditions, mNAV compression, dilution from stock issuance, and debt and preferred stock repayment pressures.To date, Strategy remains one of the public companies holding the largest amount of Bitcoin globally. The company stated that it will continue to increase its long-term Bitcoin holdings and per-share Bitcoin exposure through capital market instruments, digital credit issuance, and proactive asset allocation.
Strategy's stock price fell below $94, potentially affected by MSCI's proposal to remove bitcoin treasury companies from its indices
According to Odaily, data from MSX.COM shows that Strategy (MSTR)'s stock price has fallen below $94, possibly impacted by news that MSCI is considering removing bitcoin treasury companies from its index system.Analysts believe that if MSCI ultimately decides to exclude bitcoin treasury companies from its indices, it could lead to selling pressure from index funds on related companies and affect their capital market valuation logic.Supporters, however, argue that companies like Strategy have formed a unique balance sheet model by holding bitcoin, integrating digital assets into the traditional financial system, and that these companies still possess long-term investment value. The community is currently calling on MSCI to retain Strategy (MSTR)'s eligibility in the relevant indices.
Strategy declares goal of "world's largest market cap": Building a new capital system with Bitcoin reserves, STRC, and MSTR
Strategy posted on X: "Our ambition is to become the world's largest company by market capitalization—holding the most capitalized Bitcoin (BTC), issuing the most powerful credit instrument (STRC), and creating the best equity asset (MSTR)."Strategy stated that its strategic core includes three major directions:Bitcoin reserves: Continuously accumulate BTC and treat Bitcoin as a long-term capital asset;Credit instruments: Expand capital sources through preferred stocks such as STRC and other financial tools;Equity value: Provide investors with Bitcoin exposure through MSTR stock and enhance shareholder value.Strategy is currently one of the public companies holding the largest amount of Bitcoin globally. In recent years, the company has raised funds through issuing stocks, convertible bonds, and preferred shares, using the proceeds to purchase BTC, forming a cycle of "capital market financing—accumulating Bitcoin—enhancing company value."Strategy founder Michael Saylor has long believed that Bitcoin is scarce capital in the digital age, and the company aims to position itself as a core platform connecting traditional capital markets with the Bitcoin economy by continuously expanding BTC reserves and innovating financial instruments.Market observers believe that Strategy's goal is not merely to become a Bitcoin-holding company, but to establish a new corporate capital structure with Bitcoin as the underlying asset.
Strategy states that MSTR's annualized return has reached 42% since adopting Bitcoin reserves, but its holdings remain at an unrealized loss of approximately $18 billion.
According to Bitcoin.com, Strategy Inc. (NASDAQ: MSTR) Executive Chairman Michael Saylor stated that since the company established Bitcoin as its primary reserve asset in August 2020, MSTR stock has achieved an annualized return of 42%, surpassing Bitcoin itself, the "Magnificent Seven" tech stocks, and the S&P 500 Index. As of July 29, Strategy holds 843,775 BTC, with a cumulative purchase cost of approximately $63.69 billion, and an average price of approximately $75,476 per coin, currently showing an unrealized loss of approximately 17.9% compared to the cost price (approximately $11.4 billion). To address the increasingly complex capital structure, Strategy launched three new metrics on July 24: Net BTC Per Share, BTC Hurdle ARR (minimum annualized return required to cover financing costs), and BTC Floor ARR (minimum annualized return required to maintain leverage ratio sustainability), to help investors more clearly assess the actual value of their Bitcoin holdings. Additionally, the company plans to provide funding for preferred stock repurchases through the future sale of a portion of its Bitcoin.
Opinion: Strategy Goes One Week Without Buying BTC; Analysts Say It Shows Stronger Balance Sheet Discipline
Odaily Strategy sold nearly $467 million worth of MSTR common stock last week but did not increase its Bitcoin holdings. Analysts believe this indicates that the company is implementing its recently proposed Digital Credit Capital Framework and beginning to prioritize strengthening its balance sheet, rather than solely pursuing short-term BTC accumulation.According to the latest filings, Strategy has increased its U.S. dollar cash reserves to $3 billion, while its Bitcoin holdings remain unchanged at 843,775 BTC. Both Benchmark and TD Cowen believe this move strengthens the company's balance sheet and helps boost market confidence in its preferred equity financing model.TD Cowen reiterated its "Buy" rating and $260 price target for Strategy stock, stating that this operation is an early signal of management executing the new capital allocation framework. The firm noted that Strategy's choice to expand dollar reserves and pause Bitcoin purchases demonstrates a greater emphasis on balance sheet discipline rather than maximizing short-term BTC accumulation.Benchmark also maintained its "Buy" rating with a $570 price target. On Monday, Strategy's stock price traded at approximately $91.50, near its long-term low. Overall, analysts believe that amid pressure on preferred equity financing tools like STRC and market focus on dividend coverage capacity, Strategy's increase in cash reserves may help alleviate investor concerns regarding a forced sale of BTC.
Strategy Raises $466 Million via ATM Plan, BTC Holdings Unchanged Last Week
During the week ended July 12, Strategy sold approximately 4.82 million shares of MSTR stock through an ATM (at-the-market) program, raising net proceeds of approximately $466.7 million. During the same period, Strategy did not make any Bitcoin purchases, with holdings remaining unchanged at 843,775 BTC.
Strategy, holding 847,363 BTC, advised to generate income through lending or options instead of selling BTC
Odaily Planet Daily reported that Alex Thorn, Head of Research at Galaxy Digital, stated in a research report on July 3rd that Strategy should explore generating income from its BTC holdings rather than directly selling spot BTC. Strategy previously launched the five-part Digital Credit Capital Framework, which includes a dollar reserve policy, a revised STRC dividend policy, a $1 billion preferred stock repurchase authorization, a $1 billion MSTR stock repurchase authorization, and a BTC monetization plan, while raising the annual STRC dividend rate from 11.5% to 12%. Strategy currently holds 847,363 BTC and has raised over $1 billion through common stock sales, extending its cash coverage period to approximately 17 months. Thorn stated that Strategy could allocate a small portion of its BTC for conservative lending or options strategies, generating income while retaining most of the upside exposure. Strategy still faces preferred stock obligations and $6.7 billion in outstanding convertible debt maturing between 2027 and 2028. (Bitcoin.com News).
Analysis: Strategy Capital Restructuring Alleviates Short-Term Liquidity Pressure, But Structural Risks Remain
Odaily Odaily News, Galaxy Research Head Alex Thorn stated that the capital management reforms recently launched by Michael Saylor's Strategy (MSTR) have effectively eased market concerns over its liquidity and preferred stock system pressure in the short term. However, he noted these measures are more about "buying time" rather than fundamentally resolving structural issues.Over the past few weeks, Strategy has faced pressure on its "Digital Credit" preferred stock system. Its STRC ("Stretch" preferred shares) fell below par value, hitting a low of approximately $71.25, raising market concerns about Bitcoin price declines, shrinking dollar reserves, and the company's ability to pay preferred stock dividends. Subsequently, market discussions focused on three stress scenarios: selling Bitcoin, issuing additional MSTR shares (diluting existing shareholders), or cutting/suspending preferred stock dividends.In response, Strategy announced a comprehensive capital management restructuring on Monday, introducing a "Digital Credit Capital Framework." This includes five key tools: a board-approved dollar reserve policy, an adjustment to the STRC dividend mechanism, a $1 billion preferred stock buyback authorization, a $1 billion MSTR common stock buyback authorization, and a Bitcoin monetization mechanism. Concurrently, the company increased the annualized dividend rate on STRC from 11.5% to 12%.The market reacted positively, with both MSTR and STRC seeing significant gains that day, and Bitcoin also rebounded alongside.Alex Thorn pointed out that this adjustment has improved market sentiment in the short term, extending Strategy's cash coverage cycle to approximately 17 months and enhancing its capital buffer through new financing. However, the company still faces approximately $6.7 billion in convertible bond maturities during 2027-2028, meaning long-term structural risks persist. The core issue is not whether Strategy holds enough Bitcoin (approximately 847,000 BTC), but rather that its dollar liquidity is insufficient to cover preferred stock and capital structure obligations without harming the interests of any party, leading to a squeeze between different classes of shareholders.Nonetheless, the key significance of this adjustment lies in enhancing the "optionality" of the company's capital tools. It shifts Strategy from a single-direction Bitcoin accumulation strategy towards a more proactive asset-liability management model, thereby preventing short-term liquidity issues from evolving into a systemic crisis. Although the current Bitcoin market environment is relatively weak and may not have bottomed out yet, Strategy's new framework has, to some extent, bought the company a window of time to wait for more favorable market conditions.
FBI Director Kash Patel Criticized by Government Watchdog for Delayed Disclosure of Six-Figure MSTR Holdings
According to CoinDesk, FBI Director Kash Patel purchased stock in Bitcoin-holding company Strategy (MSTR) for between $100,000 and $250,000 on November 21, 2025, but did not disclose it to regulators until May 26, 2026, a delay of over 6 months, violating the 45-day disclosure deadline stipulated by the Stop Trading on Congressional Knowledge Act (STOCK Act). Patel later explained to the Office of Government Ethics that it was an unintentional omission caused by "miscommunication." Dylan Hedtler-Gaudette of government watchdog Project on Government Oversight bluntly criticized his behavior as "illegal," and called for a comprehensive ban on federal officials trading stocks. Deputy Assistant Attorney General William Taylor of the Department of Justice stated in a letter on May 28 that the transaction did not constitute a conflict of interest, and the DOJ has not yet fined him.
Rosen Law Firm Investigates Michael Saylor's Strategy Over Potential Securities Fraud Allegations
law firm Rosen Law Firm has announced an investigation into Michael Saylor's company Strategy (MSTR) and STRC, concerning potential securities law claims. According to the law firm, Strategy "may have issued materially misleading business information to the investing public," and is therefore evaluating related investor losses and potential legal liabilities.
Analysis: Ceasefire in the Middle East and Fed Decision Set to Influence Crypto Market, Geopolitical Risks and Rate Path in Focus This Week
the crypto market hopes to shake off months of geopolitical pressure this week. Following a temporary peace agreement between the US and Iran, Bitcoin rose to near $66,000 on Monday, up about 3.5% from Friday. Crypto-related stocks such as Strategy (MSTR) and Galaxy Digital (GLXY) also advanced in pre-market trading.However, the market remains cautious, as past ceasefire agreements have often collapsed. The April truce failed to hold, and last month's US military action broke another round of peace talks, which also dragged down crypto asset prices at the time.This week, the spotlight will shift to the Federal Reserve's interest rate decision. On Wednesday, Fed Chair Kevin Warsh will preside over the first rate-setting meeting, with the market widely expecting the Fed to hold rates steady in the 3.50%-3.75% range.Analysts point out that the release of the new “dot plot” (showing Fed officials' interest rate expectations) and the shortened trading day due to the Juneteenth holiday on Friday could reduce market liquidity. This week's economic data and Fed policy guidance will determine whether the crypto market can sustain a rebound on the back of easing geopolitical risks. (CoinDesk)
Grayscale: Strategy’s Bitcoin Sales Amplify Market Volatility, Future Accumulation Capacity May Be Limited
Zach Pandl, Head of Research at Grayscale Research, stated that the market experienced a new wave of volatility following Strategy's disclosure on June 1st of selling 32 Bitcoin. Although the sale is negligible compared to its holdings of approximately 840,000 Bitcoin (worth about $55 billion), this rare reduction move still impacted market sentiment.Pandl pointed out that the more noteworthy development is the performance of Strategy’s Variable Rate Preferred Stock STRC (Stretch). The product has a design target price of around $100 and currently offers a dividend yield of 11.5%. When the stock price falls below $100, it indicates that investors are demanding a higher rate of return, which may force the company to increase dividend levels. This would increase future cash flow pressure and potentially compel it to sell more Bitcoin for fundraising, further weighing on BTC prices. Strategy's leveraged Bitcoin reserve model is facing challenges. At current STRC and MSTR share price levels, the company's ability to continue large-scale Bitcoin accumulation may be constrained.However, Pandl noted that in the long term, the migration of Bitcoin holdings from highly leveraged digital asset reserve companies to more diversified corporate balance sheets will help enhance market resilience and improve Bitcoin's long-term value support. He expects Bitcoin to resume its upward trend in the coming months, but its near-term performance may lag behind crypto asset sectors that benefit more directly from regulatory clarity.
Strategy Bitcoin holdings show an unrealized loss of $9.904 billion, while Bitmine Ethereum holdings show an unrealized loss of $8.513 billion
According to on-chain analyst Yu Jin's monitoring, Bitcoin treasury company Strategy (MSTR) currently holds 840,447 BTC ($53.452 billion), with an average cost of $75,385, showing an unrealized loss of $9.904 billion (-15.6%).Ethereum treasury company Bitmine (BMNR) purchased 9,926 ETH ($18.77 million) last week at approximately $1,891 per token. They now hold a total of 5,815,164 ETH ($11.06 billion), with an average cost of $3,366, showing an unrealized loss of $8.513 billion (-43.5%).
Strategy Bitcoin Holdings Show Unrealized Loss of $10.829 Billion, Bitmine Ethereum Holdings Show Unrealized Loss of $8.871 Billion
Odaily News, according to on-chain analyst Ember's monitoring, Bitcoin treasury company Strategy (MSTR) last week sold 1,638 BTC ($105 million) at an average price of approximately $63,957, realizing a loss. They now hold a total of 842,138 BTC ($52.684 billion) with an average cost of $75,419, representing an unrealized loss of $10.829 billion (-17%).Ethereum treasury company Bitmine (BMNR) last week purchased 10,399 ETH ($19.85 million) at an average price of approximately $1,909. They now hold a total of 5,797,813 ETH ($10.674 billion) with an average cost of $3,371, representing an unrealized loss of $8.871 billion (-45.4%).
The Netherlands' fifth-largest asset manager Robeco increases its stake in Strategy by 11%, with holdings reaching $13.1 million
BitcoinTreasuries.NET posted on platform X, stating that the Netherlands' fifth-largest asset manager, Robeco, has disclosed an 11% increase in its holdings of Bitcoin treasury company Strategy (MSTR). The total holdings now stand at 133,755 shares, valued at $13.1 million. Institutional capital is flowing into BTC through treasury companies.
Strategy's Bitcoin holdings now showing $9.05B unrealized loss, Bitmine's Ethereum holdings show $8.643B unrealized loss
according to on-chain analyst Yujin's monitoring, Bitcoin treasury company Strategy (MSTR) now holds a total of 843,775 BTC ($54.634 billion), with an average cost price of $75,476, and an unrealized loss of $9.05 billion (-14.2%). Ethereum treasury company Bitmine (BMNR) purchased 7,430 ETH ($13.68 million) last week at approximately $1,842 each. They now hold a total of 5,777,468 ETH ($10.861 billion), with an average cost price of $3,376, and an unrealized loss of $8.643 billion (-44.3%).
NYDIG: Leverage Rather Than Spot Demand Drives Bitcoin, Value and Momentum Buyers Still on the Sidelines
According to the NYDIG research report (Author: Greg Cipolaro, July 10, 2026), Bitcoin fell 13.4% in the second quarter of 2026, with year-to-date losses expanding to 32.9%, while the Nasdaq 100 Index rose 27.7% and tech stocks surged 43.5% during the same period, indicating that this decline was not due to macro risk aversion, but rather Bitcoin-specific supply pressure. The core pressure stems from Strategy (MSTR) launching the "Digital Credit Capital Framework," authorizing the sale of approximately $1.25 billion worth of Bitcoin to cover capital structure obligations, marking a shift of the largest historical marginal buyer from continuous accumulation to active monetization, and the DAT complex overall turning from a demand engine to a supply risk. Regarding ETFs, U.S. spot Bitcoin ETFs saw a net outflow of $4.9 billion in the second quarter, but the Morgan Stanley Bitcoin Trust attracted $364.8 million in inflows against the trend, showing distribution channels remain competitive. Regarding the derivatives market, against the backdrop of weak spot demand and continuous outflows from ETFs and stablecoins, positive funding rates coupled with rising open interest indicate leveraged longs are rebuilding positions, posing a risk of passive liquidation triggering a new round of declines. Bitcoin has currently fallen 54.3% cumulatively from the all-time high of $126,000 set on October 6, 2025; if referencing the 2018 and 2022 cycles (gradually narrowing declines of approximately 70%, approximately 370
Opinion: Strategy Goes One Week Without Buying BTC; Analysts Say It Shows Stronger Balance Sheet Discipline
Odaily Strategy sold nearly $467 million worth of MSTR common stock last week but did not increase its Bitcoin holdings. Analysts believe this indicates that the company is implementing its recently proposed Digital Credit Capital Framework and beginning to prioritize strengthening its balance sheet, rather than solely pursuing short-term BTC accumulation.According to the latest filings, Strategy has increased its U.S. dollar cash reserves to $3 billion, while its Bitcoin holdings remain unchanged at 843,775 BTC. Both Benchmark and TD Cowen believe this move strengthens the company's balance sheet and helps boost market confidence in its preferred equity financing model.TD Cowen reiterated its "Buy" rating and $260 price target for Strategy stock, stating that this operation is an early signal of management executing the new capital allocation framework. The firm noted that Strategy's choice to expand dollar reserves and pause Bitcoin purchases demonstrates a greater emphasis on balance sheet discipline rather than maximizing short-term BTC accumulation.Benchmark also maintained its "Buy" rating with a $570 price target. On Monday, Strategy's stock price traded at approximately $91.50, near its long-term low. Overall, analysts believe that amid pressure on preferred equity financing tools like STRC and market focus on dividend coverage capacity, Strategy's increase in cash reserves may help alleviate investor concerns regarding a forced sale of BTC.
Strategy Releases Investor Briefing: 840,000 BTC Establishing a Floor, Digital Credit Strategy Becomes Growth Engine
Odaily News Bitcoin reserve company Strategy released its latest investor briefing, disclosing that as of August 9, the company holds 840,447 bitcoins, accounting for approximately 4% of the total Bitcoin supply. The company stated that its core strategy is not just holding Bitcoin, but also building a "Digital Credit" platform through capital markets to enhance Bitcoin holdings per share.As of August 10, Strategy's stock (MSTR) had a market capitalization of approximately $38.368 billion, corresponding to a 1.06x mNAV (market cap/net Bitcoin value per share). The company noted that MSTR is not a Bitcoin ETF; common shareholders do not directly own the Bitcoin held by the company, but rather are residual interest holders positioned after debt and preferred stock.Strategy stated that the goal of its "Digital Credit" strategy is to issue digital credit products equivalent to 10%-20% of its Bitcoin reserve annually, when market conditions permit, with an expected scale of approximately $5.4 billion to $10.8 billion. The company said that if the long-term yield on Bitcoin exceeds financing costs, this model could increase common shareholders' Bitcoin exposure per share.Strategy emphasized that MSTR, as common stock of a Bitcoin reserve company, has the dual nature of amplifying both returns and risks. The main risks listed by the company include Bitcoin price volatility, changes in financing conditions, mNAV compression, dilution from stock issuance, and debt and preferred stock repayment pressures.To date, Strategy remains one of the public companies holding the largest amount of Bitcoin globally. The company stated that it will continue to increase its long-term Bitcoin holdings and per-share Bitcoin exposure through capital market instruments, digital credit issuance, and proactive asset allocation.
Strategy's stock price fell below $94, potentially affected by MSCI's proposal to remove bitcoin treasury companies from its indices
According to Odaily, data from MSX.COM shows that Strategy (MSTR)'s stock price has fallen below $94, possibly impacted by news that MSCI is considering removing bitcoin treasury companies from its index system.Analysts believe that if MSCI ultimately decides to exclude bitcoin treasury companies from its indices, it could lead to selling pressure from index funds on related companies and affect their capital market valuation logic.Supporters, however, argue that companies like Strategy have formed a unique balance sheet model by holding bitcoin, integrating digital assets into the traditional financial system, and that these companies still possess long-term investment value. The community is currently calling on MSCI to retain Strategy (MSTR)'s eligibility in the relevant indices.
Strategy announces joining the "Trump Accounts" initiative
Odaily News: Bitcoin treasury company Strategy has announced its participation in the U.S. "Invest America Business Pledge" corporate commitment program, which will provide long-term investment support for eligible employees' children through "Trump Accounts."Strategy stated that the company will contribute $250 annually to the Trump Account of each eligible employee's child under 18, regardless of the child's year of birth. For children born on or after January 1, 2025, the company will also make an additional one-time contribution of $1,000, matching the initial funding provided by the U.S. government. Strategy CEO Phong Le stated that the Trump Accounts and the Invest America program help American children build a stronger financial foundation, and the company aligns with the initiative's philosophy of fostering the next generation's wealth management capabilities through long-term investment, financial education, and savings habits. Strategy will officially launch the program once the U.S. Department of the Treasury publishes final implementation rules and the corporate contribution mechanism goes live, and will open registration to eligible employees. (Businesswire)
DeFiLlama: Bitget Maintains Lead in Approximately 90% of TradFi Perpetual Contract Depth
According to DeFiLlama's latest "Tokenized Stock Research Report", tokenized stocks are becoming one of the fastest-growing sectors, with active market cap increasing from $814 million at the beginning of the year to $1.976 billion, a growth of over 140%. The report conducted a comparative analysis of the stock product architecture, market trading data, and liquidity performance of mainstream platforms including Binance, Bitget, Kraken, Bybit, Hyperliquid, and Ondo Finance. Data shows that in liquidity benchmark tests for the five stock spot markets of MSTR, SPY, QQQ, CRCL, and NVDA, Bitget's stock token rToken had a median bid-ask spread of only 0.83 basis points and maintained the deepest order book liquidity across all sample markets. In execution benchmark tests covering 36 stock perpetual contracts and 8 metal and commodity perpetual contracts, Bitget maintained a leading position in depth across approximately 90% of trading pairs. DeFiLlama noted that as the tokenized stock market continues to mature, liquidity and trade execution quality are becoming key differentiating factors in platform competition. With lower trading costs and deeper order books, Bitget provides a more efficient trading experience for institutional and retail users.
3800 monthly active users can access, Strategy MSTR enables 24/7 trading on Solana tokenization
BitcoinTreasuries.NET posted on X, stating that Strategy MSTR has been tokenized on Solana, supporting 24/7 trading; 38 million monthly active users can now access the largest corporate Bitcoin reserve and fully redeem it to traditional brokerage accounts.
Strategy states that MSTR's annualized return has reached 42% since adopting Bitcoin reserves, but its holdings remain at an unrealized loss of approximately $18 billion.
According to Bitcoin.com, Strategy Inc. (NASDAQ: MSTR) Executive Chairman Michael Saylor stated that since the company established Bitcoin as its primary reserve asset in August 2020, MSTR stock has achieved an annualized return of 42%, surpassing Bitcoin itself, the "Magnificent Seven" tech stocks, and the S&P 500 Index. As of July 29, Strategy holds 843,775 BTC, with a cumulative purchase cost of approximately $63.69 billion, and an average price of approximately $75,476 per coin, currently showing an unrealized loss of approximately 17.9% compared to the cost price (approximately $11.4 billion). To address the increasingly complex capital structure, Strategy launched three new metrics on July 24: Net BTC Per Share, BTC Hurdle ARR (minimum annualized return required to cover financing costs), and BTC Floor ARR (minimum annualized return required to maintain leverage ratio sustainability), to help investors more clearly assess the actual value of their Bitcoin holdings. Additionally, the company plans to provide funding for preferred stock repurchases through the future sale of a portion of its Bitcoin.
Related news
Bitcoin approaches $70,000, driving crypto-related stocks sharply higher; Strategy surges over 12%
Odaily News As Bitcoin approaches $70,000 and triggers a large-scale short squeeze, crypto-related stocks on U.S. exchanges are rallying across the board. Strategy (MSTR) rose 12.68% to $104.25, Coinbase (COIN) climbed 9.05% to $159.47, Circle (CRCL) gained 9.56% to $78.59, and BitMine (BMNR) advanced 10.72% to $20.24.During the same period, Bitcoin's short-squeeze rally led to over $1 billion in short positions being liquidated within an hour. Additionally, the U.S. Treasury announced it would at least double the scale of its long-term Treasury buyback program starting in September, pushing risk assets broadly higher. Strategy and Coinbase are particularly noteworthy, as both are among the large-cap stocks heavily shorted on Wall Street. Coinbase is currently the fifth-most-shorted stock in the financial sector. As such, this rally not only squeezed shorts in the crypto derivatives market but may also force U.S. equity investors shorting MSTR and COIN to cover their positions. (Decrypt)
Strategy Releases Investor Briefing: 840,000 BTC Establishing a Floor, Digital Credit Strategy Becomes Growth Engine
Odaily News Bitcoin reserve company Strategy released its latest investor briefing, disclosing that as of August 9, the company holds 840,447 bitcoins, accounting for approximately 4% of the total Bitcoin supply. The company stated that its core strategy is not just holding Bitcoin, but also building a "Digital Credit" platform through capital markets to enhance Bitcoin holdings per share.As of August 10, Strategy's stock (MSTR) had a market capitalization of approximately $38.368 billion, corresponding to a 1.06x mNAV (market cap/net Bitcoin value per share). The company noted that MSTR is not a Bitcoin ETF; common shareholders do not directly own the Bitcoin held by the company, but rather are residual interest holders positioned after debt and preferred stock.Strategy stated that the goal of its "Digital Credit" strategy is to issue digital credit products equivalent to 10%-20% of its Bitcoin reserve annually, when market conditions permit, with an expected scale of approximately $5.4 billion to $10.8 billion. The company said that if the long-term yield on Bitcoin exceeds financing costs, this model could increase common shareholders' Bitcoin exposure per share.Strategy emphasized that MSTR, as common stock of a Bitcoin reserve company, has the dual nature of amplifying both returns and risks. The main risks listed by the company include Bitcoin price volatility, changes in financing conditions, mNAV compression, dilution from stock issuance, and debt and preferred stock repayment pressures.To date, Strategy remains one of the public companies holding the largest amount of Bitcoin globally. The company stated that it will continue to increase its long-term Bitcoin holdings and per-share Bitcoin exposure through capital market instruments, digital credit issuance, and proactive asset allocation.
Strategy: 12 of MSTR's Top 15 Institutional Shareholders Increased Holdings in Q2, Adding $1.2 Billion in Combined Positions
Odaily News, Strategy stated that in Q2 2026, 12 of MSTR's top 15 institutional shareholders increased their positions, with a combined increase of $1.2 billion in holdings value.
Bank of America Significantly Reduces MSTR Holdings by 70% in Q2, ETHA Holdings Surge 29-Fold
Bank of America's Q2 13F filing shows that as of June 30, its Strategy (MSTR) holdings decreased from approximately 3.97 million shares at the end of Q1 to approximately 1.18 million shares, representing a reduction of approximately 70% based on share count. Meanwhile, its BlackRock Spot Ethereum ETF (ETHA) holdings increased from approximately 67,500 shares to approximately 1.98 million shares, with the share count increasing to approximately 29 times the previous amount, and the reported value at the end of Q2 was approximately $23.6 million.
Strategy Bitcoin holdings show an unrealized loss of $9.904 billion, while Bitmine Ethereum holdings show an unrealized loss of $8.513 billion
According to on-chain analyst Yu Jin's monitoring, Bitcoin treasury company Strategy (MSTR) currently holds 840,447 BTC ($53.452 billion), with an average cost of $75,385, showing an unrealized loss of $9.904 billion (-15.6%).Ethereum treasury company Bitmine (BMNR) purchased 9,926 ETH ($18.77 million) last week at approximately $1,891 per token. They now hold a total of 5,815,164 ETH ($11.06 billion), with an average cost of $3,366, showing an unrealized loss of $8.513 billion (-43.5%).
Renaissance Technologies Increases Holdings by 422,900 Strategy Shares
According to BitcoinTreasuries.NET, Renaissance Technologies, known as the "world's most profitable hedge fund," disclosed that it increased its holdings by 422,881 shares of Bitcoin treasury company Strategy (MSTR), valued at approximately $40.1 million. Currently, it holds a total of 2.55 million shares, valued at approximately $242.3 million, representing a 20% increase in holdings.