Strive's SATA preferred shares recover to near $100 par value after June selloff, reflecting regained confidence in Bitcoin treasury strategies, with potential positive impact on similar products like Strategy's STRC.
Empery Digital invested $20 million in Cardinal Data Power's $70M Series A, securing an 8% stake to support a 750MW West Texas data center for AI. This move aligns with Empery's pivot from its Bitcoin treasury strategy, having sold 1,400 BTC for $87.1M amid shareholder pressure, to fund AI infrastructure and repay debt.
Zhibao Technology Inc., a Nasdaq-listed Chinese InsurTech company, announced a non-binding term sheet to receive approximately 3,500 Bitcoin ($220M) as payment in a PIPE financing. The deal would give buyer Joyertech and Information OPC majority control of Zhibao.
Smarter Web sold 177.89 Bitcoin for $11.7 million to repay a convertible instrument, reducing its BTC holdings by 6.18% and simplifying its capital structure. The repayment extinguished a potential claim for 7.72 million new shares, impacting Bitcoin exposure per share.
Satsuma Technology, a UK-based Bitcoin treasury company, will liquidate its entire 668 BTC position (worth $43.5M) and delist from the LSE after shareholders overruled its board. This unwinds the company, which raised £163.6M in 2025 but saw its stock crash during the crypto winter.
Jack Mallers is stepping down as CEO of Twenty One Capital to focus on Strike, while Twenty One and Strike abandon their planned combination. Raphael Zagury takes over Twenty One, tasked with building cash-generating operations around its large Bitcoin treasury amid market challenges.
UK-listed B HODL Plc's recent share buyback proved 24% more accretive to gross Bitcoin-per-share than buying Bitcoin directly. The company retired 823,400 shares for £37,985, leveraging its stock trading below its Bitcoin holdings, demonstrating an effective capital allocation strategy.
Capital B, Europe's second-largest Bitcoin treasury firm, will execute a 10-for-1 reverse stock split on Sept. 8 to reduce shares from 300.7M to 30.1M. This aims to broaden its institutional investor base and support development.
B Treasury Capital AB's BTC PREF preference share, aimed at funding Bitcoin purchases, is set to start trading on the Spotlight Stock Market on July 20, after a rights offer saw only 52% of shares subscribed, raising approximately SEK 12.2 million ($1.26 million). The share's 10% issue yield will face a market price test, with its attractiveness to income investors uncertain due to potential dividend deferrals and sparse trading concerns.
Empery Digital's shares rose after selling 1,400 Bitcoin for $87.1 million to fund an AI data center project and repay debt. The move signals a shift as investor confidence in Bitcoin treasury strategies wanes.
Cantor Equity Partners I and BSTR have halted Adam Back's 30,021-BTC treasury deal, citing the need to revise terms to reflect current market conditions. The companies are renegotiating financing, postponing a shareholder meeting and returning redeemed shares.
Empery Digital's shares rose after the company sold nearly half its Bitcoin holdings for $87.1 million to fund an AI data center project and repay debt. The move suggests a shift in investor confidence from Bitcoin treasury strategies to AI.
Empery Digital's shares rose after selling 1,400 Bitcoin for $87.1 million to fund a 25% stake in an AI data center venture and repay debt. The sale reduced holdings by 48%, with investors viewing the move favorably amid fading confidence in Bitcoin treasury strategies.
Strive, a major Bitcoin holder, disclosed a significant drop in the fair value of its Strategy preferred stock, signaling potential stress in the Bitcoin treasury preferred stock category. Strategy has responded with a new Digital Credit Capital Framework, including reserve policies and dividend adjustments, to manage market pressure.
MicroStrategy, the largest corporate Bitcoin holder, sold 3,588 BTC for $216 million to fund dividends and increase its U.S. dollar reserve. The sale, part of a new capital management framework, trimmed its holdings to 843,775 BTC, with Bitcoin trading below its cost basis.
A bitcoin treasury company, Stack BTC, in which Reform UK leader Nigel Farage invested and advertised, has lost over 15% of its asset value since March. This £565,000 loss has prompted finance experts to warn investors about such volatile firms and public figure endorsements, while Liberal Democrats call for a ban on MPs promoting financial products.
K Wave Media sold all its Bitcoin holdings for $64.2 million, shifting focus to AI infrastructure. The sale, detailed in a June 30 filing, reveals the fragility of corporate Bitcoin treasury strategies when debt, collateral, and Nasdaq compliance pressures mount.
Public companies holding Bitcoin, like Strategy and Metaplanet, face increased investor scrutiny over financing methods. The market now prioritizes "Bitcoin per fully diluted share" over mere accumulation, leading to mNAV compression and forcing companies to defend shareholder value amid dilution and preferred dividends.
Strategy introduced a "Digital Credit Capital Framework" allowing it to sell up to $1.25 billion in Bitcoin to fund cash reserves, pay dividends, and repurchase securities. This move aims to strengthen credit quality and manage capital amidst pressure on its preferred stock.
Metaplanet acquires Siiibo Securities for $13.4M to build a regulated platform for Bitcoin-linked products, shifting from balance-sheet accumulation to distribution and fee generation amidst declining Bitcoin-per-share value.
Strategy's 847,363 Bitcoin holdings are down $12 billion below purchase cost, pressuring its capital-raising model. Its MSTR stock is at a two-year low, and STRC preferred stock trades 20% below its $100 target, increasing financing costs for the company.
Strategy, formerly MicroStrategy, is grappling with financial challenges as its Variable Rate Series A Preferred Stock (STRC) hit a record low. The company's $1.5 billion convertible note repurchase drained cash, exposing a conflict in Michael Saylor's Bitcoin financing model: balancing cash reserves for dividends with Bitcoin purchases and common shareholder dilution.
European Bitcoin treasury companies Capital B and BTC AB are seeking shareholder approval for significant capital increases and credit instruments to boost Bitcoin holdings per share. However, investors face the challenge of assessing whether financing costs and dilution will outweigh the benefits of increased Bitcoin exposure.
European Bitcoin treasury companies are focusing on financing structures, with Capital B gaining shareholder approval for substantial capital and credit tools, while BTC AB tests investor demand for preference shares before a June 30 deadline. The core investor question is how financing terms will impact the Bitcoin per share metric.
