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Bitcoin treasury company Strive (NASDAQ:ASST) announced new capital initiatives totaling $950 million and a Bitcoin-focused board, signaling a strengthened strategy for institutional Bitcoin accumulation. Executive Summary Strive (NASDAQ:ASST) announced capital initiatives totaling $950 million, comprising a $450 million at-the-market (ATM) offering and a $500 million stock repurchase program. The company also formalized a new board of directors with significant Bitcoin industry experience, aiming to enhance its Bitcoin accumulation strategy and maximize Bitcoin per share for shareholders. These actions are part of a broader strategy, building on $750 million in prior financing with potential for an additional $750 million from warrants within 12 months. The Event in Detail Strive (NASDAQ:ASST), which began as a public company with an initial holding of 69 Bitcoin acquired through a Section 351 exchange, has outlined a multi-faceted approach to expand its Bitcoin treasury. The $450 million at-the-market (ATM) offering provides flexibility to raise capital through equity sales. Concurrently, a $500 million stock repurchase program has been initiated, allowing the company to manage its capital structure based on market conditions. The firm also revealed plans to issue a publicly traded perpetual preferred equity security in 2025 to acquire additional Bitcoin in an accretive manner. The newly appointed board, chaired by CEO Matt Cole, includes industry figures such as Shirish Jajodia (Strategy), Ben Werkman (Swan), and Pierre Rochard (The Bitcoin Bond Company), underscoring a commitment to Bitcoin-centric governance. Financial Mechanics The $450 million at-the-market (ATM) offering provides Strive with a flexible mechanism to issue common stock directly into the market over time, depending on demand and market price, to raise capital for Bitcoin purchases. As a well-known-seasoned-issuer (WKSI), the company benefits from streamlined regulatory processes for such offerings. The $500 million stock repurchase program serves to potentially mitigate dilution from equity offerings and can be utilized to return capital to shareholders, or to increase Bitcoin per share by reducing the outstanding share count when market conditions are favorable. Initial financing of $750 million was secured, with an additional $750 million potentially available from warrant exercises over the first 12 months, providing substantial capital. The proposed perpetual preferred equity security in 2025 aims to attract income-focused investors by offering a yield while enabling Strive to acquire more Bitcoin without diluting common equity shareholders. This instrument is designed to be accretive, enhancing Bitcoin exposure for common shareholders. Business Strategy & Market Positioning Strive positions itself as an evolution of the corporate Bitcoin treasury model pioneered by companies like MicroStrategy (MSTR). Unlike a simple balance sheet allocation, Strive employs a "multi-engine model" focused on maximizing Bitcoin per share. This strategy includes leveraging a Section 351 tax-deferred Bitcoin-for-equity swap, allowing accredited Bitcoin holders to contribute BTC in exchange for equity without immediate capital gains taxes. The company also plans roll-up acquisitions of cash-rich public companies, converting their fiat reserves into Bitcoin. The emphasis on "outperforming Bitcoin over time" and treating Bitcoin as a capital hurdle rate signifies a proactive, rather than passive, treasury management approach. The strategic board appointments further align the company's governance with its Bitcoin accumulation objectives. Broader Market Implications Strive's new capital initiatives and sophisticated Bitcoin accumulation strategy reinforce the growing trend of publicly traded companies adopting Bitcoin as a primary treasury asset. The use of diverse financial instruments, including ATM offerings, stock repurchases, and perpetual preferred equity, demonstrates evolving methods for corporate Bitcoin integration, potentially offering a blueprint for other firms. This move signals sustained institutional interest in Bitcoin and could inspire similar strategies across the Web3 ecosystem, contributing to increased demand and further legitimizing Bitcoin within traditional finance. The focus on increasing Bitcoin per share indicates a strategic shift towards shareholder value creation linked directly to Bitcoin exposure, potentially attracting new investor demographics to companies employing such models.
Robinhood's addition to the S&P 500 drove its stock up, while upcoming token unlocks and the closure of Kinto create mixed market signals. Market Reactions to Robinhood's S&P 500 Inclusion Robinhood (HOOD) shares surged 7% in after-hours trading following its inclusion in the S&P 500, set for September 22. This contrasts with Strategy (MSTR), which was not included despite meeting the criteria. The move signals increasing acceptance of crypto-related companies in traditional finance, as previously seen with Coinbase. Robinhood reported Q2 revenue of $989 million, up 45% year-over-year, with net income at $386 million ($0.42 per share). Crypto trading revenue reached $160 million, nearly double year-over-year, though down from the previous quarter's $252 million. Token Unlock Events and Potential Market Volatility Significant token unlocks are scheduled for the week, potentially impacting market prices. Tokens like MOVE, S, and APT are among those set for release. Specifically, Cheelee (CHEEL) will unlock approximately 20.81 million tokens on September 13th, valued at approximately US$56 million and accounting for 3.13% of the current circulating supply. Aptos (APT) will unlock approximately 11.31 million tokens on September 11, representing a 2.20% ratio to the current circulating supply and valued at approximately $48 million. Sonic (S) will unlock approximately 150 million tokens on September 9th, accounting for 5.02% of the current circulating supply and valued at approximately US$45.4 million. These unlocks, while part of scheduled tokenomics, can create downward pressure on prices due to increased supply. Kinto's Closure Following Exploit Kinto, an Ethereum Layer 2 network, will shut down on September 30 following a July exploit that resulted in a $1.55 million loss from lending pools. The exploit involved minting 110,000 fake Kinto tokens and draining assets from Morpho lending vaults and Uniswap v4 liquidity pools. Founder Ramón Recuero is allocating $55,000 of personal funds to reimburse affected users. All remaining foundation assets will be returned to the Phoenix lenders, who will recover 76% of their loan principal. The incident highlights the risks associated with DeFi platforms and smart contract vulnerabilities, with the vulnerability existing in the widely used OpenZeppelin Proxy template. Broader Market Implications Robinhood's inclusion in the S&P 500 may encourage more traditional investors to explore crypto offerings, potentially driving capital inflows into the crypto market. The company's platform serves as a gateway for retail investors into digital assets. Conversely, the exclusion of MicroStrategy (MSTR) from the S&P 500, despite meeting standard market capitalization and revenue growth thresholds, suggests continued skepticism toward crypto assets among index gatekeepers. Linea will distribute 160 million LINEA tokens as incentives for its Ignition liquidity program next week, with 80% allocated to lending pool LPs and 20% allocated to Ethereum trading. SOL Strategies Inc. (STKE) is set to begin trading on the Nasdaq Global Select Market on September 9, after receiving approval. This listing aims to enhance the company's visibility among institutional investors. CEO Leah Wald stated that joining Nasdaq aligns the company with innovative technology firms and positions it to attract institutional investors who recognize Solana's infrastructure potential. Expert Commentary Bloomberg senior analyst Eric Balchunas noted that MSTR's inclusion would have created a feedback loop where rising BTC prices boost MSTR's valuation, attracting more index-linked capital and further reinforcing Bitcoin's institutional adoption.
$MSTR: 2100 Crypto enthusiasts, led by a bold CEO, stacked their sats, and crowned it the king of crypto stocks.
What makes MicroStrategy particularly appealing to traders is its bold venture into the world of digital currencies. In recent years, the company has attracted significant attention and positioned itself competitively by accumulating a large amount of Bitcoin and integrating it as a strategic part of its balance sheet. This move has not only transformed its financial profile but has also made MSTR stock a must-have for cryptocurrency enthusiasts.
$MSTR = Most crypto enthusiast stock
MicroStrategy represents a unique blend of traditional business and cryptocurrency investing. While its core software business continues to generate steady revenue, its massive Crypto holdings provide a level of volatility and high profit potential, similar to what is seen in the cryptocurrency markets. (Data from Coingecko)
MSTR2100 (MSTR) current price is $0.165692, up 2.75% today.
MSTR2100 (MSTR) daily trading volume is $133.3K
MSTR2100 (MSTR) current market cap is $3.4M
MSTR2100 (MSTR) current circulating supply is 20.6M
MSTR2100 (MSTR) fully diluted market cap (FDV) is $3.4M