StarChain is a project focused on astronomy. Using blockchain and artificial intelligence, StarChain aims to create a universally accessible, secure and efficient data ecosystem to promote innovation and collaboration in scientific research.
据 Strategy 向美国 SEC 提交的 8-K 文件,公司于 2026 年 8 月 10 日至 16 日未购买比特币,持仓维持在 840,447 枚,总持仓成本约 633.6 亿美元,平均成本约 75,385 美元。
Odaily News: Software company Strategy holds nearly 850,000 Bitcoin, valued at just over $50 billion, with some recent purchases funded through debt and stock issuance. Since Michael Saylor shifted the company toward Bitcoin accumulation in 2020, his wealth has fluctuated with Bitcoin's price. Michael Saylor stated that last year, with the aid of an AI chatbot, he earned $15 billion through the company's Bitcoin-backed preferred stock. Strategy's STRC offers an annual dividend yield of 12%, with its price recently recovering to near $100 after dipping to around $75 in late June. Over the past year, Strategy's common stock value has fallen by approximately 80% alongside Bitcoin's price decline. The company recently sold some of its Bitcoin holdings to manage debt and dividend commitments, and has built a $4 billion cash reserve, providing roughly two years of funding support before subsequent financing. Michael Saylor also mentioned that in May of last year, he used ChatGPT's deep research mode to design the company's convertible preferred stock product.
Odaily News: Michael Saylor, Executive Chairman of digital asset financial firm Strategy, stated that if you're looking for the next billion-dollar financial business, you should explore digital credit. He noted that digital credit can transform Bitcoin-centered capital strategies into yield-generating products. Within Strategy's digital credit product line, the Stride Preferred Stock (STRD), Stretch Preferred Stock (STRC), Strike Preferred Stock (STRK), and Strife Preferred Stock (STRF) offer effective yields of 15.29%, 12.63%, 12.08%, and 10.38%, respectively. These preferred securities provide the company with an additional financing avenue beyond common stock and debt.
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 Executive Chairman Michael Saylor confirmed that the company's Variable Rate Series A Perpetual Preferred Stock STRC will maintain a Stretch Dividend Rate of 12.00% in August 2026. STRC was launched in July 2025 with an initial rate of 9%, and has since seen seven consecutive monthly increases. STRC's dividend adjustment mechanism stipulates that when its trading price falls below $95, the dividend rate increases by 0.5%, and once triggered, the increase is irreversible even if the price recovers. Strategy resets this rate monthly to drive STRC's price closer to its $100 par value, and issues new shares through its ATM program to raise funds for Bitcoin purchases. STRC closed at $89.46 on July 31, down from the previous closing price of $89.50, approximately 10% to 11% below its $100 par value. The stock touched a low of $71.25 in June and has not returned to par value since mid-May. Strategy has paused new STRC issuance through its ATM program, limiting its ability to use this funding channel to increase its Bitcoin holdings. The company maintains a liquidity buffer covering approximately 26 months of dividend and interest obligations, and in late June, authorized a $2 billion preferred stock and common stock buyback and Bitcoin monetization program through the Digital Credit Capital Framework.
Odaily News, Strategy Executive Chairman Michael Saylor said at the company's Q2 earnings call that while the company has previously allocated nearly "100% of its funds to Bitcoin," it may adopt a combined strategy of holding both cash and BTC going forward. He stated, "Perhaps the best way to buy the most Bitcoin is not to buy the most Bitcoin immediately."TD Cowen and Benchmark both maintained their Buy ratings on Strategy following the Q2 earnings call. The two firms believe that the core goal of the company's current management has shifted toward bringing its STRC preferred stock price back to near par value, thereby restoring its ability to function as a financing tool.TD Cowen analyst Lance Vitanza said the most important takeaway from the call was management's strong focus on STRC. Company executives repeatedly emphasized that restoring STRC to par value is the core objective, and noted that despite recent price deviations in the security, institutional adoption continues to rise.Benchmark analyst Mark Palmer holds a similar view. He pointed out that Saylor and his team spent most of the 90-minute call focused on the same goal: restoring STRC to the $99–$100 range, making it once again the primary engine for the company to raise capital and purchase Bitcoin.
Standard Chartered stated that it maintains its Bitcoin price prediction of reaching $100,000 by the end of 2026, believing that the recent market decline triggered by Strategy's (formerly MicroStrategy) related activities is not due to a deterioration in the company's balance sheet, but rather a strategic adjustment that the market has not fully understood.Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, noted in a report that Strategy's recent behavior is disrupting short-term market expectations for Bitcoin. The market had previously accepted the company's narrative of "never selling Bitcoin," but now Strategy appears to be shifting towards a more complex capital operation model. How clearly the company can communicate this change will determine when market pressure eases.Currently, Strategy holds 843,775 Bitcoins, representing approximately over 4% of the total 21 million Bitcoin supply. From 2020 to mid-2025, Strategy's mNAV (Market Value of Enterprise / Bitcoin Asset Value) was consistently above 1, allowing the company to raise funds through stock issuances to purchase Bitcoin and achieve shareholder value growth. The commitment to "never selling Bitcoin" was central to this model gaining market acceptance. However, with the current mNAV approaching 1, the leverage effect of this financing model is weakening.Kendrick believes Strategy is transitioning from a "Bitcoin accumulation tool" to a "Bitcoin credit support tool." This involves using its Bitcoin holdings as the credit basis for its perpetual preferred stock, STRC. Currently sized at approximately $10 billion, STRC is the largest financial instrument launched by Strategy, offering an annualized dividend rate of 12%, paid semi-monthly in cash, and is designed to maintain a price near its $100 par value through interest rate adjustment mechanisms.Standard Chartered indicated that STRC is currently trading around $90, while Strategy's dollar reserve for paying dividends stands at approximately $2.55 billion, covering an estimated 17.4 months of dividend expenses.Kendrick stated that Strategy's policy adjustment allowing for Bitcoin sales does not necessarily mean the company will continuously sell. He believes that as long as the market believes the new capital structure arrangement can stabilize the STRC price, Strategy may not actually need to sell Bitcoin. He compared this mechanism to a central bank's commitment to "do whatever it takes": mere restoration of market confidence may mean actual intervention never occurs. (The Block)
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).
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.
Binance founder CZ stated that the company's MiCA license application in Greece fully met regulatory requirements before its withdrawal and was close to approval. However, the process was ultimately disrupted due to the intervention of "external political factors."In an interview, CZ mentioned that several countries within the EU had expressed interest in the license, with some even showing a degree of "competitive pursuit." Ultimately, the regulatory progress was affected by factors outside the regulatory sphere, forcing the withdrawal of the application. Binance formally withdrew its Greek application last week and stated it would pursue MiCA authorization in other EU member states. Addressing market rumors linking him to high-level EU political figures, CZ said he had not seen any verifiable documents and had only encountered similar claims online, which he could not confirm.CZ also noted that the MiCA transitional period in the EU is set to end on July 1st. After that date, platforms without a license must cease related services. National regulatory bodies have made it clear there will be no extensions. He described the outcome as a "lose-lose situation" and, citing the regulatory histories of Japan and Singapore, emphasized that compliance processes often require a longer cycle.Furthermore, when discussing Strategy's STRC preferred stock product, CZ described its structure as "too complex" and said he found it difficult to fully understand its mechanism. However, he stressed that he was not making a judgment on the credibility of its founder, Michael Saylor, whom he considers a "staunch Bitcoin supporter." (The Block)
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.
Bitcoin continues to face pressure amid macroeconomic uncertainty and institutional wait-and-see sentiment, hovering around $64,500, down approximately 2% on the day. The market is awaiting the outcome of the Fed FOMC meeting, which will be chaired by Kevin Warsh for the first time, with widespread expectations that interest rates will remain unchanged in the 3.50%–3.75% range.Analysts point out that the focus of this meeting has shifted from "whether to cut rates" to "policy path and inflation signals." Current US inflation is believed to remain near three-year highs, with energy prices and geopolitical developments keeping the market cautious about the future policy direction.Pressure is also emerging simultaneously on the chain and institutional levels. Structural concerns surrounding Strategy (formerly MicroStrategy) continue to escalate, with its preferred stock STRC falling to $91.79 on June 16, over 8% below its $100 par value, seen as a sign of weakening corporate Bitcoin buying power.Although spot Bitcoin ETFs recorded net inflows of approximately $10.1 million on June 16, with BlackRock's IBIT contributing the majority, the capital scale remains significantly lower than in previous periods, indicating limited buying momentum.Market research firms Bitfinex and QCP note that the recent Bitcoin rebound appears more like a "technical recovery driven by exhausted selling pressure" rather than being fueled by new demand. In the derivatives market, rising implied volatility in options and a skew towards put protection suggest traders are pricing in tail risks.In terms of price structure, Bitcoin is considered to be oscillating in the short term within the $60,000 to $68,000 range. If the Fed signals a hawkish stance or institutional buying weakens further, a pullback to the $62,000–$63,000 range is possible.Overall, the current market presents a combination of "macro wait-and-see, marginal institutional weakening, and heightened derivatives defense." The short-term direction still depends on FOMC policy signals and the potential return of ETF and corporate capital flows. (The Block)
Odaily News, Strategy Executive Chairman Michael Saylor said at the company's Q2 earnings call that while the company has previously allocated nearly "100% of its funds to Bitcoin," it may adopt a combined strategy of holding both cash and BTC going forward. He stated, "Perhaps the best way to buy the most Bitcoin is not to buy the most Bitcoin immediately."TD Cowen and Benchmark both maintained their Buy ratings on Strategy following the Q2 earnings call. The two firms believe that the core goal of the company's current management has shifted toward bringing its STRC preferred stock price back to near par value, thereby restoring its ability to function as a financing tool.TD Cowen analyst Lance Vitanza said the most important takeaway from the call was management's strong focus on STRC. Company executives repeatedly emphasized that restoring STRC to par value is the core objective, and noted that despite recent price deviations in the security, institutional adoption continues to rise.Benchmark analyst Mark Palmer holds a similar view. He pointed out that Saylor and his team spent most of the 90-minute call focused on the same goal: restoring STRC to the $99–$100 range, making it once again the primary engine for the company to raise capital and purchase Bitcoin.
ARK Invest's "The Bitcoin Quarterly" report for Q2 2026 indicates Bitcoin fell approximately 14% in the second quarter, closing around $58,544, and broke below three major technical moving averages. Historically, this technical pattern is often associated with bearish market conditions. The report shows that despite price pressure, Bitcoin Long-term Holders continued to accumulate, pushing their holdings to a new all-time high of approximately 14.85 million BTC, absorbing coins released during the market correction.ARK Invest stated that on-chain data is signaling signs of seller exhaustion: the supply of BTC in loss exceeds the supply in profit, and the rate of realized losses once surpassed the rate of realized profits. Historically, similar phenomena have often clustered near the bottom of market cycles.The report also pointed out that institutional demand in the Bitcoin market is facing pressure. Both corporate Bitcoin reserves (Treasury Companies) and the ETF ecosystem have shown signs of weakness:The STRC preferred stock price once fell to approximately $74.57, below its $100 par value;U.S. spot Bitcoin ETFs experienced net outflows for 7 consecutive weeks, with cumulative outflows totaling approximately 70,000 BTC.ARK Invest believes that ETF outflows indicate a weakening of important marginal buying pressure for Bitcoin, but continued accumulation by long-term holders suggests a redistribution of coins is occurring within the market.The firm stated that a clear divergence is currently forming between BTC's price performance and the behavior of long-term holders. Historical data shows that such divergences can often serve as important observation signals for market cycle turning points.
According to official website data, VanEck's non-financial preferred stock ETF, PFXF, has further increased its position in Strategy Stretch Preferred Stock (STRC), with the total market value of holdings reaching $207 million.
according to fund official website data, VanEck's non-financial preferred stock ETF PFXF has further increased its position in Strategy Stretch Preferred Stock (STRC), bringing the total holding market value to $207 million. As of July 16, STRC was the top holding of PFXF, accounting for 8.63% of the fund's net assets, corresponding to approximately 2.42 million shares.
According to The Block, JPMorgan analysts pointed out in the latest report that although recent spot Bitcoin ETF fund inflows have fluctuated significantly, Strategy's increase of USD reserves from $2.55 billion to $3 billion (covering approximately 20 months of preferred stock dividends), as well as Bitcoin futures (including CME futures and perpetual contracts) recording positive fund inflows this week, are both "positive signals" for Bitcoin's prospects. The analysts also noted that leveraged ETF inflows linked to Strategy have remained stable for seven consecutive weeks, mainly driven by retail investors, effectively supporting its stock price. Meanwhile, Strategy President and CEO Phong Le stated that the company is "very confident" in its balance sheet, will only consider debt risk if Bitcoin prices fall to the $8,000 to $10,000 range, and plans to continue issuing additional shares after the STRC preferred stock returns to a $100 par value, with the proceeds potentially used to purchase more Bitcoin.
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.
BitcoinTreasuries.NET 发文称,Strive(ASST)首席执行官 Matt Cole 表示,比特币在当前价格区间处于历史性低估水平,公司认为在此承担风险并增持 BTC 具有建设性意义。他还称,Strategy 仅出售 BTC 以支持 STRC 回归面值,从而长期以增厚收益的方式买入 BTC。
Strategy Executive Chairman Michael Saylor stated that company stock buybacks are not a current priority, and the company is focusing on building a $4.8 billion cash reserve to support the STRC preferred stock business.
According to a post by MicroStrategy founder Michael Saylor, MicroStrategy has upgraded the dashboard for four preferred stock products: STRC, STRD, STRK, and STRF, adding metrics such as Bitcoin rating, after-tax effective yield, and one-year Sharpe ratio. These new tools can be used to evaluate the yield levels, credit quality, downside protection, and risk-adjusted returns of the relevant products.
Odaily News Nasdaq-listed institution Strive has released its Q2 financial report for the period ending June 30, 2026. The company acquired a total of 6,236 Bitcoin in Q2, bringing its first-half total to 12,237 Bitcoin, with a Q2 Bitcoin yield of 23.9% and a first-half yield of 37.7%. Between July 1 and August 7, it added another 303 Bitcoin. The Q2 GAAP net loss was $257.6 million, of which 94.1% was attributable to the decline in the fair value of its Bitcoin holdings and STRC shares; the non-GAAP adjusted net loss attributable to common shareholders was $275 million.Since June 16, the company has initiated daily floating distributions on its SATA series perpetual preferred stock, distributing dividends 44 consecutive times as of August 7. Strive has now fully repaid all long-term and short-term debt, achieving zero leverage. As of August 7, it held $154.9 million in cash and cash equivalents, with the fair value of its Strategy STRC preferred stock at $48 million. The company has also launched an updated financial dashboard to enhance disclosure related to SATA products. (Globenewswire)
Michael Saylor, Executive Chairman of digital asset treasury company Strategy, posted a Bitcoin holding chart on X on August 9, with the caption "Doing Business." Strategy holds 842,138 Bitcoin on its books, valued at approximately $55 billion as of the morning of August 9. Since June 22, the company has disclosed four sales but no purchases. The Strategy chart shows its average Bitcoin cost basis is $75,653 per coin, with unrealized losses of approximately $9.051 billion. The Strategy dashboard shows that as of 10:06 that day, total reserves including $4 billion in cash stood at $5.889 billion, with the Bitcoin portion valued at approximately $54.9 billion and an average cost basis of $75,419 per coin. On August 3, Strategy filed a document with the U.S. Securities and Exchange Commission (SEC) disclosing the sale of 1,638 Bitcoin from July 27 to August 2, with a transaction amount of approximately $104.73 million and an average price of $63,957 per coin. The company also sold 2,225, 1,363, and 32 Bitcoin on July 6, June 30, and June 1, respectively, and repurchased 912,143 shares of STRC for $81.2 million.
Odaily News: Software company Strategy holds nearly 850,000 Bitcoin, valued at just over $50 billion, with some recent purchases funded through debt and stock issuance. Since Michael Saylor shifted the company toward Bitcoin accumulation in 2020, his wealth has fluctuated with Bitcoin's price. Michael Saylor stated that last year, with the aid of an AI chatbot, he earned $15 billion through the company's Bitcoin-backed preferred stock. Strategy's STRC offers an annual dividend yield of 12%, with its price recently recovering to near $100 after dipping to around $75 in late June. Over the past year, Strategy's common stock value has fallen by approximately 80% alongside Bitcoin's price decline. The company recently sold some of its Bitcoin holdings to manage debt and dividend commitments, and has built a $4 billion cash reserve, providing roughly two years of funding support before subsequent financing. Michael Saylor also mentioned that in May of last year, he used ChatGPT's deep research mode to design the company's convertible preferred stock product.
BitcoinTreasuries.NET 发文称,Strive(ASST)首席执行官 Matt Cole 表示,比特币在当前价格区间处于历史性低估水平,公司认为在此承担风险并增持 BTC 具有建设性意义。他还称,Strategy 仅出售 BTC 以支持 STRC 回归面值,从而长期以增厚收益的方式买入 BTC。
Odaily News: Bitcoin rebounded from a low of $62,653 during the day, breaking through $64,000, hitting an intraday high of $64,375, with a daily gain of nearly 2% and a market cap briefly exceeding $1.29 trillion. Coinglass data shows that over the past 24 hours, the liquidation amount for leveraged short positions in Bitcoin was $57.4 million, while long positions saw $13.3 million in liquidations. During the same period, total liquidations across the entire network approached $220 million, with short positions accounting for approximately $155 million. Business intelligence software firm Strategy held 840,447 bitcoins as of August 16, with no changes in its holdings, while increasing its U.S. dollar cash reserves to $4.8 billion. The company used $333.7 million raised from selling common stock to repurchase 1,388,720 shares of STRC and pay $52.4 million in preferred stock dividends. (Bitcoin.com News)
Strategy Executive Chairman Michael Saylor stated that company stock buybacks are not a current priority, and the company is focusing on building a $4.8 billion cash reserve to support the STRC preferred stock business.
Odaily News: BitcoinTreasuries.NET posted on X platform, stating that Michael Saylor just said Strategy "will not let the STRC price rise significantly above $100. If price volatility is allowed, the market will become paralyzed. If it falls below par value, the company will use all resources to bring it back to par value. Our stance is clear. Maintaining par value liquidity is the goal."
According to Odaily, an 8-K filing submitted by Strive to the U.S. SEC shows that the company purchased 79 Bitcoin at an average price of approximately $63,231 between August 10 and 14. As of August 14, Strive held a total of 20,246 Bitcoin, along with 505,000 shares of Strategy STRC preferred stock (with a fair value of approximately $47.86 million) and about $154.8 million in cash.
据 Strategy 向美国 SEC 提交的 8-K 文件,公司于 2026 年 8 月 10 日至 16 日未购买比特币,持仓维持在 840,447 枚,总持仓成本约 633.6 亿美元,平均成本约 75,385 美元。