Strategy spent $151.7 million buying back STRC preferred stock and $142.7 million on 1,665 Bitcoin in the week covered by its Sept. 28 filing. Its $18.84 billion of unsold common stock can fund more of both, though Michael Saylor's Oct. 4 post confirms no new purchase.
Reality
- Evidence78
- Adoption45
- Hype gap+20
- Incentives55
- Confidence72
Michael Saylor explained on September 29 that Strategy pays preferred dividends from a dedicated USD Reserve because its Bitcoin produces no cash. STRC's yield therefore depends on Strategy's continued ability to sell new shares.
Reality
- Evidence35
- Adoption
- Insufficient
- Hype gap+15
- Incentives75
- Confidence40
Strategy kept the annualized dividend on its STRC preferred stock at 12% for October, a fourth straight month at that rate after a 9% launch in July 2025. Each dollar it raises this way to buy bitcoin now costs 12 cents a year, a third more than at launch.
Reality
- Evidence45
- Adoption
- Insufficient
- Hype gap+10
- Incentives60
- Confidence50
Smarter Web Company plans to raise £15 million to £25 million with MORE, the first preferred share from a UK corporate Bitcoin holder, pending FCA approval. How much it raises, and at what dividend, is an early check on Michael Saylor's claim that Bitcoin-backed credit issuers enlarge each other's market.
Reality
- Evidence40
- Adoption15
- Hype gap+45
- Incentives70
- Confidence40
Bitmine added 17,362 ether last week to hold about 4.9% of supply, while Strategy bought 1,665 bitcoin to reach 847,666. Both kept buying as prices eased, with Bitmine now near a 5% target it set itself and Strategy adding about 0.2% to its holdings.
Reality
- Evidence50
- Adoption55
- Hype gap+20
- Incentives65
- Confidence55
Strategy sold $246.2 million of new common stock last week and put $103.5 million of it into buying back STRC preferred below its $100 par. Those same common holders decide on October 28 whether the four preferreds move to daily dividends.
Reality
- Evidence55
- Adoption
- Insufficient
- Hype gap+15
- Incentives60
- Confidence50
Strategy spent $151.7 million retiring STRC preferred in the week to September 27, more than the $142.7 million it paid for 1,665 bitcoin. MSTR stock sales paid for most of both, so common shareholders are now paying to shrink the company's preferred stock.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 28%
- Investor
- Investor 67%
Reality
- Evidence80
- Adoption
- Insufficient
- Hype gap+5
- Incentives60
- Confidence78
Strategy will let only common shareholders vote on October 28 on moving STRC preferred to daily dividends from November 1. The rate and total payout stay the same, though STRC holders voted when Strategy last changed their payment schedule in May.
Reality
- Evidence70
- Adoption
- Insufficient
- Hype gap+20
- Incentives70
- Confidence65
A ten-week gap in purchases produced a $1.59bn dollar reserve, and the roughly 3,588 coins sold in July to meet dividend obligations show where cash has to come from when the asset on the balance sheet pays none.
Perspective Coverage
6 publishers
- Builder
- Builder 6%
- Operator
- Operator 22%
- Investor
- Investor 72%
Reality
- Evidence55
- Adoption50
- Hype gap+15
- Incentives55
- Confidence60
Strategy's second straight week of buying its own preferreds cost $139.3 million and captured roughly $2.74 million of discount to the $100 stated value. The cash pool that funded it held $1.30 billion on September 13.
Perspective Coverage
3 publishers
- Builder
- Builder 3%
- Operator
- Operator 17%
- Investor
- Investor 80%
Reality
- Evidence72
- Adoption
- Insufficient
- Hype gap+15
- Incentives55
- Confidence70
Strive outbought Strategy again on Monday, 1,355 coins against 950, and its stack ranks fifth among public holders. The weekly checks come out of a perpetual preferred that pays 13% and crossed $1 billion of notional this month.
Reality
- Evidence36
- Adoption58
- Hype gap+38
- Incentives78
- Confidence52
The particulars of claim filed on September 17 name two men in Preston, nine handles and a Stripe profile in a third name. X is chasing payments made under a creator program it has already closed.
Reality
- Evidence52
- Adoption45
- Hype gap+12
- Incentives70
- Confidence55
OKX's layer 2 went from no tokenized equities to roughly $91.5 million in three months. How that balance is distributed across 836 listings says more about the demand behind it than the headline figure does.
Reality
- Evidence32
- Adoption50
- Hype gap+36
- Incentives66
- Confidence38
A Paris-listed company holding 3,521 coins says it wants one per cent of all Bitcoin, and the distance between those two numbers is the story the Euronext turnover ranking is being asked to carry.
Reality
- Evidence30
- Adoption36
- Hype gap+55
- Incentives70
- Confidence38
Gizmodo reports that a StarkWare researcher's transaction needed no soft fork. That fact moves post-quantum migration out of the developer debate and into the custody workflow, where somebody has to schedule it and pay for it.
Reality
- Evidence42
- Adoption18
- Hype gap+20
- Incentives62
- Confidence45
The company that vowed never to sell has taken $432.5 million out of its own reserve since May, and the dollars now sit in two accounts, one ring-fenced for dividends and interest, the other still free to buy bitcoin.
Reality
- Evidence38
- Adoption64
- Hype gap+14
- Incentives74
- Confidence42
The stock fell 25% to $2.84 while the new shares are priced at $4.36, which values the enlarged company at roughly two-thirds of the bitcoin it would hold. On this deal, what used to be a premium is now a discount.
Reality
- Evidence56
- Adoption16
- Hype gap+32
- Incentives86
- Confidence48
A $1.59 billion discretionary pool now sits beside a $5.10 billion escrow for dividends and interest. Both were filled with equity, which moves the solvency question off the coin price.
Perspective Coverage
4 publishers
- Builder
- Builder 5%
- Operator
- Operator 23%
- Investor
- Investor 72%
Reality
- Evidence82
- Adoption79
- Hype gap+16
- Incentives72
- Confidence76
One price level separates a paper loss from a paper profit at Michael Saylor's company. The cushion on 840,447 coins works out to $3,015 each.
Reality
- Evidence42
- Adoption55
- Hype gap+34
- Incentives62
- Confidence50
The Tokyo-listed treasury firm is committing about $134.6 million in coins and cash for 95.7% of Super League. Shareholders and regulators in two countries still have to sign off.
Perspective Coverage
4 publishers
- Builder
- Builder 8%
- Operator
- Operator 25%
- Investor
- Investor 67%
Reality
- Evidence74
- Adoption26
- Hype gap+27
- Incentives68
- Confidence66