Topic
Listed companies whose balance sheets are dominated by bitcoin holdings and the financing strategies that fund accumulation.
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
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
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
Spot Bitcoin ETFs took in about $3 billion over eight sessions as oil lifted Treasury yields to 2007 highs, holding Bitcoin near $84,000. Onchain profit-taking adds sellers as this week's inflation and jobs data decide which side gives first.
Reality
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 publishersReality
Adam Back's 7.6 million euro tranche took him to 17.64% of the ordinary shares, and the placement it sat in priced above Capital B's own at-the-market print, a premium more typical of ordinary financing than of discounted rescue money.
Reality
Strategy told followers its market value rose $32 billion in three months. The share price rose 54%. About $6.3 billion of the gain came from selling 61.5 million new shares at an average of $102.
Reality
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
Strategy's 48% month made it the best stock in the Nasdaq-100. The $67.6bn Cryptobriefing puts on its 845,050 coins works out at bitcoin at $80,000, a level the same piece says the coin is still approaching.
Reality
Stack BTC has agreed to pay up to £12 million for Direct Bullion, a gold dealer that earned £2.15 million after tax last year, and the seller is the treasury firm's own chief strategy officer. Aquis classes the deal as related-party.
Reality
Metaplanet's board pulled back grant terms that expanded with every equity raise, cutting the potential share pool by about 41 percent and lifting bitcoin per fully diluted share 8.8 percent without buying a coin.
Reality
Smarter Web, the UK's largest listed bitcoin holder, wants £15m to £25m from London for a non-voting preferred share that pays a variable weekly dividend. The prospectus still needs FCA approval.
Reality
A 17% two-day selloff got Metaplanet's board to take 131.27 million potential shares out of its contested option pool in four days, and to add a new CFO, a Hong Kong arm and a December capital vote.
Reality
The Bristol company wants £15m to £25m for MORE shares, a sterling perpetual preferred backed by 2,878 bitcoin, and the High Court cleared the dividend capacity in July, before any prospectus existed.
Reality
The board froze an option pool that had grown nearly sevenfold to 319 million rights and cut the plan by 41%, a reduction worth about $123m that leaves management with a claim on roughly 13% of the diluted company.
Reality
No major holder was forced to sell, and Strategy's roughly $6.7bn of cash against about $6.75bn of convertible debt is the reason; the cohort's shareholders absorbed the drawdown instead of its lenders.
Reality
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
Buyers in Japan, France, the UK and Dallas all added bitcoin in the same week; the Singapore name in the group sold its whole stack this year to repay $8.5m of debt, which is what a forced seller looks like.
Reality
Nine days of purchases paid for by a security that disburses cash every business day is a demand read on the preferred rather than on bitcoin. The coins Strive bought last week at $79,431 are marked at $77,100.
Reality
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
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