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Strategy

Strategy (formerly MicroStrategy) is a U.S. software company known as the largest corporate holder of bitcoin, funded via debt and preferred stock like STRC.

Known aliases

  • Strategy Inc
  • STRC issuer

Relationships

No evidence-backed relationships are recorded.

Current stories

invest5 publishers

Evernorth takes a $1 billion XRP treasury to Nasdaq with about $300 million of it in cash

Armada Acquisition Corp. II shareholders approved the Evernorth merger, so a 473 million XRP treasury lists on Nasdaq as XRPN on Oct. 8. Only about $300 million of the $1 billion-plus raised is cash, and investors contributed XRP directly for much of the rest.

Perspective Coverage

5 publishers
Builder
Builder 6%
Operator
Operator 20%
Investor
Investor 74%

Reality

Evidence65
Adoption45
Hype gap+25
Incentives65
Confidence70
invest1 publisher

Saylor Argues Digital Credit Issuers Strengthen Each Other as Smarter Web Advances MORE Preferred Share

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
invest3 publishers

Strategy put more money into buying back STRC preferred than into bitcoin last week

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
invest4 publishers

Strive's $81.5M Bitcoin buy grew the pile 5.5% and each share by 1.4%

The asset manager paid for the coins with fresh common and preferred stock. Back out the two disclosed percentages and the fully diluted share count grew about 4% in a single week.

Perspective Coverage

4 publishers
Builder
Builder 5%
Operator
Operator 18%
Investor
Investor 77%

Reality

Evidence72
Adoption45
Hype gap+30
Incentives60
Confidence68
invest6 publishers

Strategy resumes buying on a cash pile equal to half its unrealised bitcoin gain

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
invest3 publishers

Strategy's $139 million preferred buyback captured about $2.7 million of discount to par

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
invest3 publishers

Strive funds 469 bitcoin with preferred stock costing $11,170 per coin a year

Strive paid for last week's 469 bitcoin entirely with preferred stock. The coupon on its $1.04 billion of SATA is 13%, charged every business day, against a treasury of 25,000 coins. Warrants struck at $27 expire in mid-October.

Perspective Coverage

3 publishers
Builder
Builder 7%
Operator
Operator 22%
Investor
Investor 71%

Reality

Evidence72
Adoption55
Hype gap+12
Incentives65
Confidence70
invest3 publishers

Four more weeks at this pace takes Bitmine to 5% of Ethereum's supply

Bitmine holds 5,983,940 ETH, 4.9% of supply, and the 121,060 tokens still missing cost about $325m at its own reference price, a bill its cash balance covers twice over. Tom Lee expects institutions in the fourth quarter.

Perspective Coverage

3 publishers
Builder
Builder 7%
Operator
Operator 17%
Investor
Investor 76%

Reality

Evidence62
Adoption45
Hype gap+22
Incentives80
Confidence65
invest8 publishers

Bitcoin's squeeze high stopped $409 short of the average ETF buyer's cost

Forced closures of bearish bets, counted at $648 million by Crypto Briefing and above $600 million by CoinGlass, carried bitcoin to its highest price since January. Glassnode puts the US spot ETF cohort's average entry at $85,638.

Perspective Coverage

8 publishers
Builder
Builder 6%
Operator
Operator 14%
Investor
Investor 80%

Reality

Evidence62
Adoption40
Hype gap+30
Incentives55
Confidence60

Earlier coverage

  1. Democrats price the CLARITY Act's missing seven votes at a divestment trigger

    Invest · September 15, 2026 · 1 publisher

  2. The Clarity Act's 11-vote shortfall hands crypto's rulebook to the SEC and CFTC until 2027

    Invest · September 15, 2026 · 1 publisher

  3. Circle and Coinbase fell more than twice as far as bitcoin after the Senate stalled CLARITY

    Invest · September 15, 2026 · 1 publisher

  4. A 54% bitcoin drawdown cost the top 50 treasury companies $83bn of market value

    Invest · September 10, 2026 · 1 publisher

  5. Bitcoin's climb past $81,000 ran on $415 million of forced short covering

    Invest · September 3, 2026 · 3 publishers

  6. Strive's 13% preferred funds a ninth straight day of buying at 29% of last week's pace

    Invest · September 1, 2026 · 1 publisher

  7. A quantum-resistant bitcoin spend clears mainnet under today's consensus rules

    Product · August 30, 2026 · 1 publisher

  8. Strategy sells 6,948 bitcoin at about $62,000 each to keep its preferred dividends paid

    Invest · August 29, 2026 · 1 publisher

  9. Bernstein's $300K Bitcoin call is really a bet that mining gets 2.7 times dearer

    Invest · August 26, 2026 · 1 publisher

  10. Strategy's bitcoin stack is 3.8% above cost, and that gap is the whole green headline

    Invest · August 24, 2026 · 1 publisher

  11. A $12m Shanghai insurer sold most of itself for 2,380 Bitcoin

    Invest · August 19, 2026 · 2 publishers

  12. Metaplanet buys a Nasdaq listing with 2,100 of its own bitcoin, and writes a template

    Invest · August 18, 2026 · 4 publishers

  13. One $400M round held up crypto's July: 41 rounds and 140 investors, both at lows

    Invest · August 18, 2026 · 1 publisher

  14. Strategy sold $333.7M of stock to pay its preferred holders, not to buy bitcoin

    Invest · August 17, 2026 · 1 publisher

  15. Crypto's signature swap now has a date, a price tag, and no owner

    Invest · August 15, 2026 · 1 publisher

  16. Metaplanet's 200 million yen bond debut is a plumbing test, not a raise

    Invest · August 14, 2026 · 3 publishers