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Top Performing Leveraged/Inverse ETFs Last Week

These were last week’s top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly. Always do your homework.

1. SOXS – Direxion Daily Semiconductor Bear 3x ETF

The SOXS ETF inversely tracks the PHLX Semiconductor Index topped the list of levered/ inverse ETFs with 43%+ returns in the last week. The sell-off was triggered by hotter-than-expected inflation data, shifting Federal Reserve rate-cut expectations, rising corporate financing costs for artificial intelligence infrastructure, and growing doubts over the debt and spending models supporting AI chip buyers.

2. SMHD – MicroSectors -3x Short Semiconductor ETN

SMHD, which seeks to provide 3x the inverse daily closing price of the VettaFi Semiconductor Fund-Tracking Index, was another semiconductor-focused ETF ranking second on the list with over 37% weekly gains.

3. HIBS – Direxion Daily S&P 500 High Beta Bear 3X ETF

HIBS, which provides inverse exposure to the U.S. large-cap stocks, was present on the top performing levered/ inverse ETFs list this week. Inverse ETFs gained as stocks fell due to a sharp sell-off in AI-related and tech stocks over heavy borrowing and spending concerns, hot September inflation data that raised interest rate worries, and climbing oil prices.

4. TECS – Direxion Daily Technology Bear 3X ETF

Another inverse technology ETF, TECS, made it to the list, gaining more than 25% last week. The U.S. technology sector fell last week due to escalating worries over heavy AI debt, rising inflation, and high borrowing costs.

5. BERZ – MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN

The BERZ ETF, which provides daily -3x inverse exposure to an index of FANG and technology companies, also featured on the list of top-performing inverse ETFs with over 23% weekly returns, due to mounting fears over the massive AI spending boom, rising credit and debt worries, and a broader bond market yield surge.

6. SNK – GraniteShares 2x Short SpaceX Daily ETF

SNK provides 2x inverse leveraged exposure to daily price movement for shares of Space Exploration Technologies Corp, (NASDAQ: SPCX) stock. The stock fell last week due to pre-earnings investor jitters, caution over high-multiple AI and space valuations, lingering insider lockup expirations, and market nervousness ahead of its third-quarter financial report.

7. SSG – Proshares Ultrashort Semiconductors

SSG ETF, which offers 2x daily short leverage to the Dow Jones U.S. Semiconductors Index, was another semiconductor-focused top performing inverse ETF featuring on the list, gaining by more than 21% last week.

8. MSTZ – T-Rex 2X Inverse MSTR Daily Target ETF

MSTZ aims to provide inverse exposure to the daily price movement of Strategy Inc. stock (NASDAQ: MSTR) ranked among the inverse ETFs list with over 21% returns in the last week. Strategy shares fell last week primarily due to MSCI approving new index eligibility rules that classify non-operating, investment-heavy companies as ineligible for its Global Investable Market Indexes, alongside a broader technology sector sell-off.

9. EDZ – Direxion Daily MSCI Emerging Markets Bear 3X ETF

EDZ, which offers 3x daily short leverage to the broad-based MSCI Emerging Markets Index also made it to the list with ~20% weekly gains driven broadly by a global AI and technology sell-off, rising crude oil prices driven by Middle East tensions, and persistent foreign investor outflows.

10. LABD – Direxion Daily S&P Biotech Bear 3X ETF

LABD provides daily 3 times inverse exposure to the S&P Biotechnology Select Industry Index, also made it to the list. The biotech sector fell last week due to a broader Wall Street tech selloff, rising borrowing costs, disappointing or shifting clinical data on high-profile stocks like Moderna and Vaxcyte, and a general investor rotation toward safer large-cap pharmaceutical and energy assets.

For more news, information, and analysis, visit the Leveraged & Inverse Content Hub.

The digital asset landscape has matured significantly, shifting from a niche interest into a major focus for global investors. Choosing between Circle Internet Group (CRCL -3.44%) and Strategy (MSTR -5.00%) involves two very different models.

Circle provides the technical infrastructure for digital payments through its stablecoin network. Strategy combines its long-standing software business with an aggressive treasury strategy focused on accumulating Bitcoin (BTC -0.50%). Both companies are navigating a shifting regulatory environment and market volatility while attempting to define the future of finance.

The case for Circle Internet GroupCircle Internet Group operates as a global financial technology company that issues USDC (USDC +0.00%) and EURC (EURC -0.25%). These are digital currencies designed to maintain a stable value relative to the dollar and the euro. The company provides tools for payments and commerce to businesses and developers in over 185 countries, facilitating transactions for consumer wallets and digital asset exchanges. Circle recently partnered with SAP (SAP +3.38%) to integrate these stablecoin payments into enterprise software and has a multi-year commercial agreement with Binance to expand its global distribution among financial stocks.

In FY 2025, revenue reached nearly $2.7 billion, representing an impressive 63.9% growth over the prior year. Despite this strong top-line performance, the company reported a net loss of approximately $69.5 million. But it is worth noting the bulk of this loss was driven by a $424 million non-cash expense from its IPO. Net margin, which measures how much revenue remains as profit after all expenses, was negative 2.5% for the period.

As of its December 2025 balance sheet, the company maintains a debt-to-equity ratio of 0.0x. This debt-to-equity ratio compares total debt to shareholder equity, indicating that Circle has no debt relative to its equity. The current ratio, which measures the ability to cover short-term debts with short-term assets, stands at 1.0x. Free cash flow, representing cash from operations minus capital expenditures, was roughly $529.7 million. Note that stock-based compensation represented roughly 104.4% of operating cash flow, meaning reported cash generation is heavily inflated by this non-cash add-back.

The case for StrategyStrategy, formerly known as MicroStrategy, began as an enterprise analytics software provider before shifting its focus to an aggressive Bitcoin treasury strategy. Its software business has since taken a back seat as the company accumulated nearly 850,000 BTC, representing roughly 4% of Bitcoin's total supply today.

In FY 2025, revenue reached approximately $477.2 million, which is a 3% increase over the previous year. However, the company reported a substantial net loss of roughly $3.8 billion. This figure is heavily influenced by accounting rules that required the company to adjust the value of its digital asset holdings each period. Consequently, its net margin was a negative 806.3%, reflecting the high volatility of its treasury strategy rather than just the performance of its software business.

As of its December 2025 balance sheet, Strategy carries a debt-to-equity ratio of 0.2x. This indicates a relatively low level of total debt compared to shareholder equity. The current ratio stands at approximately 5.6x, suggesting a strong ability to meet short-term obligations. Free cash flow was negative $22.6 billion for the period, primarily because the company continues to deploy vast amounts of capital to acquire more Bitcoin. This negative free cash flow highlights the capital-intensive nature of its current treasury strategy.

Risk profile comparisonCircle Internet Group operates in a competitive and evolving regulatory environment. However, the passage of the GENIUS Act established a federal framework for stablecoin issuers, providing greater regulatory clarity and lending legitimacy to Circle's business model. As more financial activity moves onto blockchains, Circle is well positioned to benefit from the growing adoption of stablecoins and digital payments.

Conversely, Strategy's financial health remains heavily tied to Bitcoin's price performance, given its substantial holdings of the cryptocurrency. To fund its continued Bitcoin purchases, the company has relied heavily on issuing new shares and other securities. While this strategy has allowed Strategy to accumulate more Bitcoin, it also introduces dilution risk for existing shareholders. Even if Bitcoin appreciates, continued share issuance could limit how much of that upside translates into gains for investors.

Valuation comparisonStrategy appears more attractively valued based on earnings estimates, while Circle offers a significantly lower sales multiple for its high growth.

MetricCircle Internet GroupStrategyForward P/E77.3x10.3xP/S ratio7.5x112.3xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy?Both of these stocks are going to experience volatility given their exposure to the cryptocurrency industry. However, Circle operates in a more established and growing segment of the market, with its business tied to the adoption of stablecoins and digital payments rather than the price of any single cryptocurrency.

Strategy, meanwhile, offers investors a way to gain amplified exposure to Bitcoin. That can work in both directions. During a Bitcoin bull market, Strategy has the potential to outperform, but falling Bitcoin prices can lead to sharp declines in its stock, as seen in 2026. Investors must also contend with the ongoing risk of share dilution as the company raises capital to fund additional Bitcoin purchases.

Both stocks have their merits, but for long-term investors, Circle is the winner. Its position in the growing stablecoin industry offers a more predictable business model and a clearer path to long-term growth, without the same degree of dependence on cryptocurrency prices.

Strategy remains an intriguing option for investors bullish on Bitcoin, but its potential upside comes with considerable volatility, deep drawdown risk, and the possibility of further dilution. For those looking to gain exposure to the future of digital assets without taking on those same risks, Circle looks like the better buy.

JPMorgan just gave Bitcoin a place in serious long-term forecasts, but the projected return tells only half the story. The other half, rooted in volatility that can carve 50% from your holdings, determines whether any allocation makes sense for your…

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J.P. Morgan Asset Management, a part of JPMorgan Chase (NYSE: JPM | JPM Price Prediction), has included Bitcoin (CRYPTO: BTC) in its long-term investment forecast. This raises an important question: how much Bitcoin should you include in your portfolio? Their 2027 Long-Term Capital Market Assumptions predict a 10% annual return for Bitcoin over the next 10 to 15 years. This outpaces their projections for U.S. large-cap stocks at 7.5% and U.S. REITs at 8.2%.

However, Bitcoin carries high risk, with estimated annual volatility of 55%. As of October 22, 2026, Bitcoin is trading around $82,000, roughly 22% lower than a year ago. Given these figures, does a potential 10% return justify allocating 10% of your portfolio to Bitcoin?

JPMorgan’s Higher Bitcoin Return Forecast Comes With Far Bigger Swings

Investors who typically use a 60/40 mix of stocks and bonds may question whether their portfolio lacks diversity. Some may take bold steps; for instance, a recent Reddit post on r/wallstreetbets shared a user’s experience of investing almost all their liquid assets in Bitcoin and Strategy (NASDAQ: MSTR), the largest corporate Bitcoin holder, which drew significant attention.

Remember, the 10% return averages over many years. It doesn’t indicate where Bitcoin’s price will be in the coming year, and this forecast could include years of substantial losses.

Factor Detail Typical starting mix 60/40 stocks and bonds Bitcoin’s projected return 10% per year over 10 to 15 years Gold’s projected return 5.5% per year Bitcoin’s projected volatility 55% per year Core decision How large a Bitcoin allocation to hold and how to maintain it Position Size Decides How Much a Bitcoin Crash Can Hurt a Portfolio

Bitcoin’s significant volatility plays a more critical role in shaping your investment outcome than its potential 10% return. How much Bitcoin you hold in your portfolio determines how much a significant downturn can affect your overall investment. A 50% drop in Bitcoin’s price will impact your portfolio based on your Bitcoin allocation.

Here’s how Bitcoin allocations can affect your portfolio during a drop:

Bitcoin allocation Portfolio impact from a 50% drop Dollar impact on a $100,000 portfolio 1% About 0.5 percentage points $500 5% About 2.5 percentage points $2,500 10% About 5 percentage points $5,000 Beyond the risk of drastic price drops, Bitcoin can also swing wildly in shorter time frames. For instance, while Bitcoin surged about 31% over the past 90 days, it remains 22% lower than it was a year ago.

Three Ways to Size Bitcoin Next to a 60/40 Portfolio

Excluding Bitcoin altogether eliminates the 55% volatility, but it also forgoes the potential for higher returns. This strategy may suit individuals nearing retirement or those who would panic and sell after a significant drop.

A 1% or 5% allocation with regular rebalancing lets you benefit from Bitcoin’s upside while reducing the potential damage of a crash. For example, if your 5% Bitcoin investment doubles while your other investments stay the same, your Bitcoin slice would grow to about 9.5% of your portfolio. Rebalancing can help lock in gains by selling some Bitcoin to return to your original 5% allocation.

This rebalancing strategy also works well after a price drop, as it lets you maintain your desired allocation without letting your Bitcoin exposure dwindle to almost nothing. Keep in mind the tax implications: selling Bitcoin in a taxable account may trigger capital gains tax, while a spot Bitcoin ETF in an IRA can be adjusted without immediate tax consequences.

By contrast, a 10% Bitcoin allocation or more—especially through a leveraged investment like Strategy—might not be advisable for most households. With a 10% Bitcoin allocation, a 50% drop reduces the entire portfolio’s value by 5%. Furthermore, swapping Bitcoin for a leverage-dependent asset amplifies risk, which is something only investors with a long time horizon, solid cash reserves, and the ability to endure downturns should consider.

How Much of Your Portfolio Should Be in Bitcoin? For most investors interested in Bitcoin, aiming for a smaller allocation—around 1% or 5%—is generally more sensible. This conservatively sized investment accounts for the high volatility while aligning with the potential for favorable returns. This approach suits individuals who have already secured their emergency fund and retirement savings and can hold through significant fluctuations without selling their Bitcoin.

Successful investing depends on sizing your position based on volatility rather than chasing headlines about potential returns. Many investors jump in after big gains and sell into losses, ultimately doing worse than steady investors. It helps to set a rebalancing rule, such as reviewing your allocation once a year. If J.P. Morgan’s future assessments show Bitcoin’s volatility falling well below 55%, a larger allocation could become worthwhile.

Contact [email protected] for any questions or corrections.

Bitcoin sits nearly 35% below its all-time high while ETF buyers grow inconsistent, treasury firms slip underwater, and the Fed keeps tightening. The path to a $3 trillion market cap exists, but the forces standing in the way may push that milestone further than most investors expect.

On October 20, 2026, Strategy Inc MSTR shares rose 4.9%, closing at $142.72. This movement comes amidst a challenging performance backdrop, with the stock trading within a 52-week range of $81.81 to $306.16.

GF Value™ verdict: Current price is $142.72 vs GF Value™ of $112.59, indicating a 26.8% overvaluation. GF Score™ of 61/100, suggesting the company is above average overall. Most notable signal: Insider activity reflects a net selling of $35.4M over the past 12 months. Is MSTR Overvalued or Undervalued? The current market price of Strategy Inc MSTR is $142.72, which is significantly above the GF Value™ estimate of $112.59. This indicates that the stock is approximately 26.8% overvalued. GF Value™ is GuruFocus' intrinsic-value estimate that considers historical trading multiples, past business growth, and future performance estimates. Given that MSTR is currently unprofitable and cash-flow negative, the applicability of earnings-based valuations, such as the Price-to-Earnings (P/E) ratio, is limited. Instead, a more relevant measure for MSTR's valuation might be the Price-to-Sales (P/S) ratio, which reveals deeper insights into the company's revenue generation compared to historical performance.

The GF Valuation label describes MSTR as modestly overvalued, which aligns with the warnings suggested by the GF Value™ assessment. The risk associated with this overvaluation could lead to price corrections if the company fails to stabilize its financial performance. Therefore, potential investors should exercise caution and consider the high valuation in the context of the company’s ongoing challenges.

How Does MSTR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) Not applicable 36.2x Forward P/E 18.3x Not applicable Currently, Strategy Inc does not have an applicable P/E ratio due to its unprofitability. However, the forward P/E stands at 18.3x, indicating that the market expects some recovery in earnings, although this remains a speculative measure. The absence of a historical P/E comparison weakens the argument for valuation based on earnings, and therefore this analysis does not align neatly with the GF Value™ verdict of overvaluation.

What Does MSTR's GF Score™ Tell Us? The GF Score™ is a multifactor rating that assesses a company's financial strength, profitability, growth potential, valuation, and momentum. With a GF Score™ of 61/100, Strategy Inc demonstrates a solid overall rating, but the underlying factors show mixed signals. The strongest sub-rank is in momentum, rated at 7/10, indicating recent positive price action, while the weakest is growth, rated at 2/10, which reflects the company’s struggles to achieve consistent revenue growth.

Metric Rating GF Score™ 61/100 Financial Strength 4/10 Profitability 4/10 Growth 2/10 Valuation 5/10 Momentum 7/10 The scores indicate that while MSTR has some strengths in momentum, significant weaknesses in growth and financial strength could hinder its long-term prospects. Investors should be cautious, as the growth ranking may reflect ongoing challenges in scaling operations and securing profitability.

What Are Gurus and Insiders Doing with MSTR? Currently, five gurus hold shares of Strategy Inc, with three increasing their positions and two reducing their stakes in recent quarters. This mixed activity suggests varied opinions among institutional investors regarding the stock's future potential. Additionally, insider activity shows that over the past 12 months, insiders purchased $0.8M worth of shares while selling $36.1M, leading to a net selling of $35.4M. This significant selling by insiders can be interpreted as a lack of confidence in the company's near-term outlook and adds a layer of caution for potential investors.

What This Means for Investors In conclusion, Strategy Inc MSTR appears to be overvalued according to the GF Value™ assessment, which highlights a risk of potential price corrections. Given the company's struggles with profitability and growth, coupled with significant insider selling, investors should approach this stock with caution. For further details on MSTR's financials and performance metrics, you can visit the Strategy Inc (MSTR) stock page.

Frequently Asked Questions What is MSTR's GF Score™?

The GF Score™ for MSTR is 61/100, indicating that the company is above average in terms of overall financial health and market performance.

Is MSTR overvalued or undervalued?

According to the GF Value™, MSTR is overvalued, with a current price of $142.72 compared to a GF Value™ estimate of $112.59.

What is MSTR's P/E ratio?

Strategy Inc currently does not have a trailing P/E ratio due to being unprofitable, but the forward P/E is 18.3x, suggesting market optimism for future earnings recovery.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Strategy Inc‘s (NASDAQ:MSTR) stock has flashed a Golden Cross, a bullish technical signal that could attract momentum traders back to the Bitcoin (CRYPTO: BTC) proxy.

But the chart tells a more complicated story: MSTR remains below its short-term trend line, while momentum indicators continue to lean bearish. The signal is real, but the follow-through is not yet there.

The Golden Cross Has a CatchChart created using Benzinga Pro

MSTR stock trades at around $137.18. Its 50-day simple moving average stands at $135.67, just above the 200-day average at $135.53, confirming the golden-cross setup.

The gap is narrow, however, and the stock is only modestly above both averages. More importantly, MSTR remains below its 20-day moving average of $147.40, roughly 7.5% above the current price. That level is an important near-term hurdle if the stock is to turn the longer-term bullish signal into a sustained recovery.

Momentum indicators offer little confirmation so far. The relative strength index, or RSI, was 42.89, below the neutral 50 threshold. The chart’s MACD (moving average convergence/divergence) reading was negative at -3.72, with the MACD line at 1.24 below its signal line at 4.96. Together, those readings suggest that short-term selling pressure has not fully eased.

For bulls, the golden cross is an encouraging change in trend structure, not a guarantee of an immediate rally.

Problem No. 1: Index RiskStrategy’s first challenge sits outside the chart. Potential exclusion from MSCI indexes has raised concerns about passive-fund selling, creating a possible source of pressure independent of Bitcoin’s direction.

That matters because MSTR is not simply a reflection of Bitcoin’s price. Its shares also respond to investor demand for the company’s Bitcoin-focused strategy, its financing decisions and the potential flows associated with index membership. Even if Bitcoin strengthens, index-related selling could complicate the stock’s recovery.

Read Next

Problem No. 2: The Cost of Buying BitcoinStrategy’s capital structure is another risk. The company has financed Bitcoin accumulation through equity issuance and other funding mechanisms. Selling additional shares can dilute existing shareholders, while financing obligations can affect how much Bitcoin-related upside ultimately accrues to common stockholders.

That makes the relationship between Bitcoin and MSTR more complicated than a simple one-to-one bet. A rising Bitcoin price may help the value of Strategy’s holdings, but dilution and financing costs can change the payoff for shareholders.

For investors, the takeaway is that MSTR’s golden cross is bullish, but the stock still needs to reclaim its $147.40 20-day average and show improving momentum. Until that happens, index risk and the cost of financing its Bitcoin strategy remain two reasons to be cautious.

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Photo Courtesy: Phongphan via Shutterstock.com

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Robertson Stephens Wealth Management LLC boosted its stake in Strategy Inc (NASDAQ:MSTR – Free Report) by 83.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,924 shares of the software maker’s stock after purchasing an additional 4,048 shares during the period. Robertson Stephens Wealth Management LLC’s holdings in Strategy were worth $1,366,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MSTR. Frank Rimerman Advisors LLC acquired a new position in shares of Strategy in the 3rd quarter worth approximately $235,000. Counterpoint Mutual Funds LLC bought a new position in Strategy during the third quarter worth $439,000. St. Louis Financial Planners Asset Management LLC bought a new position in Strategy during the third quarter worth $446,000. Parisi Gray Wealth Management bought a new position in Strategy during the third quarter worth $547,000. Finally, Cyndeo Wealth Partners LLC lifted its holdings in Strategy by 533.6% in the third quarter. Cyndeo Wealth Partners LLC now owns 17,887 shares of the software maker’s stock valued at $2,738,000 after buying an additional 15,064 shares during the period. 59.84% of the stock is owned by institutional investors.

Insider Activity
In related news, Director Jarrod Patten sold 2,775 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $125.33, for a total value of $347,790.75. Following the transaction, the director directly owned 28,406 shares in the company, valued at $3,560,123.98. This trade represents a 8.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 14,100 shares of company stock valued at $1,815,669. 5.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth
MSTR has been the topic of a number of research analyst reports. Alliance Global Partners assumed coverage on shares of Strategy in a research report on Tuesday, September 1st. They set a “buy” rating and a $217.00 price target on the stock. Benchmark reissued a “buy” rating and issued a $435.00 price objective (down from $570.00) on shares of Strategy in a research report on Monday, July 27th. UBS Group reissued a “buy” rating on shares of Strategy in a research note on Friday, July 31st. HC Wainwright set a $325.00 target price on Strategy in a research report on Monday, August 3rd. Finally, TD Cowen decreased their target price on Strategy from $400.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Strategy currently has a consensus rating of “Moderate Buy” and a consensus target price of $246.13.
Read Our Latest Analysis on MSTR

More Strategy News
Here are the key news stories impacting Strategy this week:

Positive Sentiment: Cantor Fitzgerald raised its price target to $208 from $186 and maintained an “overweight” rating, implying substantial upside based on Strategy’s Bitcoin holdings and treasury strategy. Cantor Fitzgerald raises Strategy price target
Positive Sentiment: Strategy plans to maintain a 12% annualized dividend rate on its STRC preferred shares and begin daily cash dividends in November, subject to shareholder approval. The move is intended to support STRC’s trading near its $100 par value and improve investor confidence in the preferred securities. Strategy daily dividends
Neutral Sentiment: Strategy continues to hold a large Bitcoin position—reported at approximately 848,250 BTC—and CEO Michael Saylor remains bullish on broader institutional and banking adoption of Bitcoin. This supports the long-term investment case but leaves MSTR highly exposed to cryptocurrency volatility. Michael Saylor Bitcoin outlook
Negative Sentiment: MSCI adopted new eligibility rules for non-operating companies that could remove Strategy from major global indexes. The final deletion list is expected November 11, with implementation later in the month. Analysts estimate index-tracking funds could be forced to sell as much as $2.8 billion of MSTR, creating a significant source of selling pressure even if Bitcoin prices stabilize. MSCI index exclusion rules
Negative Sentiment: Recent momentum has weakened as Bitcoin’s rally and crypto ETF inflows lost steam. MSTR has also begun diverging from Bitcoin’s performance, raising concern that index-related risks and its premium to underlying Bitcoin holdings are becoming more important drivers of the stock. Strategy stock analysis

Strategy Stock Performance
Shares of MSTR opened at $136.83 on Monday. The stock has a 50-day moving average of $135.78 and a 200-day moving average of $131.33. The company has a market cap of $52.57 billion, a PE ratio of -1.41 and a beta of 3.56. The company has a debt-to-equity ratio of 0.22, a current ratio of 5.39 and a quick ratio of 5.39. Strategy Inc has a one year low of $81.81 and a one year high of $306.16.

Strategy (NASDAQ:MSTR – Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The software maker reported ($24.45) EPS for the quarter, missing analysts’ consensus estimates of ($2.19) by ($22.26). The firm had revenue of $122.37 million during the quarter, compared to analyst estimates of $122.90 million. Strategy had a negative net margin of 6,102.95% and a negative return on equity of 74.18%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the business posted $32.52 EPS. On average, equities research analysts predict that Strategy Inc will post -23.74 EPS for the current fiscal year.

Strategy Company Profile
(Free Report)

Strategy, formerly known as MicroStrategy, Incorporated (NASDAQ: MSTR) is a global provider of enterprise analytics and mobility software. The company’s flagship platform offers business intelligence, data discovery, and advanced visualizations that enable organizations to analyze large volumes of data and deliver actionable insights. In addition to traditional on-premises deployments, Strategy provides a range of cloud-based services and managed offerings that allow customers to leverage the power of its analytics tools without managing complex infrastructure.

Founded in 1989 by Michael J.

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Claude AI sees drastically different futures for Bitcoin and Solana by 2030, and the gap between its optimistic and pessimistic scenarios spans hundreds of billions in market value. The deciding factors may already be in motion.

Shares of Strategy Inc (NASDAQ:MSTR – Get Free Report) gapped down prior to trading on Friday. The stock had previously closed at $151.29, but opened at $145.95. Strategy shares last traded at $145.2030, with a volume of 3,143,305 shares trading hands.

More Strategy News Here are the key news stories impacting Strategy this week:

Positive Sentiment: Cantor Fitzgerald raised its price target to $208 from $186 and maintained an “overweight” rating, implying substantial upside based on Strategy’s Bitcoin holdings and treasury strategy. Cantor Fitzgerald raises Strategy price target Positive Sentiment: Strategy plans to maintain a 12% annualized dividend rate on its STRC preferred shares and begin daily cash dividends in November, subject to shareholder approval. The move is intended to support STRC’s trading near its $100 par value and improve investor confidence in the preferred securities. Strategy daily dividends Neutral Sentiment: Strategy continues to hold a large Bitcoin position—reported at approximately 848,250 BTC—and CEO Michael Saylor remains bullish on broader institutional and banking adoption of Bitcoin. This supports the long-term investment case but leaves MSTR highly exposed to cryptocurrency volatility. Michael Saylor Bitcoin outlook Negative Sentiment: MSCI adopted new eligibility rules for non-operating companies that could remove Strategy from major global indexes. The final deletion list is expected November 11, with implementation later in the month. Analysts estimate index-tracking funds could be forced to sell as much as $2.8 billion of MSTR, creating a significant source of selling pressure even if Bitcoin prices stabilize. MSCI index exclusion rules Negative Sentiment: Recent momentum has weakened as Bitcoin’s rally and crypto ETF inflows lost steam. MSTR has also begun diverging from Bitcoin’s performance, raising concern that index-related risks and its premium to underlying Bitcoin holdings are becoming more important drivers of the stock. Strategy stock analysis Wall Street Analyst Weigh In Several analysts recently commented on the company. Mizuho set a $165.00 target price on Strategy in a report on Monday, August 10th. Benchmark reiterated a “buy” rating and set a $435.00 price target (down from $570.00) on shares of Strategy in a research report on Monday, July 27th. BTIG Research reissued a “buy” rating and issued a $250.00 price target on shares of Strategy in a report on Friday, July 31st. Citigroup reissued a “buy” rating and issued a $240.00 price target (up from $136.00) on shares of Strategy in a report on Friday, October 2nd. Finally, B. Riley Financial upped their price objective on Strategy from $175.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Strategy has a consensus rating of “Moderate Buy” and a consensus target price of $246.13.

Read Our Latest Research Report on Strategy Strategy Trading Down 9.6% The company has a market cap of $52.57 billion, a price-to-earnings ratio of -1.41 and a beta of 3.56. The company has a quick ratio of 5.39, a current ratio of 5.39 and a debt-to-equity ratio of 0.22. The company’s 50-day moving average is $135.78 and its 200 day moving average is $131.26.

Strategy (NASDAQ:MSTR – Get Free Report) last released its quarterly earnings data on Friday, July 31st. The software maker reported ($24.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.19) by ($22.26). The firm had revenue of $122.37 million during the quarter, compared to analysts’ expectations of $122.90 million. Strategy had a negative net margin of 6,102.95% and a negative return on equity of 74.18%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $32.52 EPS. Research analysts predict that Strategy Inc will post -23.74 EPS for the current year.

Insider Activity at Strategy In related news, Director Jarrod Patten sold 1,350 shares of Strategy stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $156.16, for a total value of $210,816.00. Following the completion of the transaction, the director owned 28,406 shares in the company, valued at $4,435,880.96. The trade was a 4.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 14,100 shares of company stock worth $1,815,669. 5.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Strategy Large investors have recently bought and sold shares of the business. Onyx Bridge Wealth Group LLC acquired a new stake in Strategy during the 3rd quarter worth $666,000. Robertson Stephens Wealth Management LLC grew its holdings in shares of Strategy by 83.0% during the third quarter. Robertson Stephens Wealth Management LLC now owns 8,924 shares of the software maker’s stock worth $1,366,000 after buying an additional 4,048 shares in the last quarter. Frank Rimerman Advisors LLC purchased a new stake in shares of Strategy during the third quarter worth $235,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of Strategy during the third quarter worth $439,000. Finally, St. Louis Financial Planners Asset Management LLC acquired a new stake in shares of Strategy in the third quarter valued at about $446,000. Institutional investors and hedge funds own 59.84% of the company’s stock.

Strategy Company Profile (Get Free Report)

Strategy, formerly known as MicroStrategy, Incorporated (NASDAQ: MSTR) is a global provider of enterprise analytics and mobility software. The company’s flagship platform offers business intelligence, data discovery, and advanced visualizations that enable organizations to analyze large volumes of data and deliver actionable insights. In addition to traditional on-premises deployments, Strategy provides a range of cloud-based services and managed offerings that allow customers to leverage the power of its analytics tools without managing complex infrastructure.

Founded in 1989 by Michael J.

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MSCI is preparing to strip Strategy Inc. from its global indexes, triggering a 9.6% stock drop and raising an urgent question about whether the world's largest corporate Bitcoin holder could be forced to sell its massive crypto stash.

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MSCI (NYSE: MSCI | MSCI Price Prediction), a well-known index provider followed by many passive investment funds, plans to classify companies like Strategy Inc. (NASDAQ: MSTR) as “non-operating.” This change would make them ineligible for MSCI’s global indexes. As a result, Strategy could end up on a potential deletions list alongside Japan’s Metaplanet, with final decisions expected by November 11, 2026, and removals starting on November 30.

After the news, Strategy’s stock fell 9.6% to $137 on October 16 and has dropped 11.4% over the past week. Meanwhile, Bitcoin (CRYPTO: BTC) remained relatively stable, slipping just 1.0% in the 24 hours leading up to October 16 to $81,548. So, how might this index decision, concerning the largest corporate holder of Bitcoin, impact Bitcoin’s price?

Why Is MSCI Targeting Strategy Inc.?

The controversy began with an MSCI proposal that would have excluded any company whose digital asset holdings made up more than 50% of its total assets. Strategy voiced strong opposition, describing this threshold as “discriminatory towards digital assets” and “arbitrary,” according to Chief Financial Officer Andrew Kang during a February 5 earnings call.

Though MSCI retracted this proposal in January, the provider eventually initiated a broader consultation that led to the current “non-operating assets” test driving the potential removals. Strategy formally opposed the test, with Kang insisting that Strategy is “an operating company with a treasury balance sheet built upon a commodity,” highlighting its 1,500-employee workforce and 2025 revenue of $477 million.

While the company’s software division generates consistent revenue—reporting $122.4 million in the second quarter (up 6.9% from the previous year), with subscription services growing by 54% to $62.9 million—most investors hold shares in Strategy primarily for its Bitcoin assets. The company holds 848,250 BTC, valued at about $69 billion at the current Bitcoin price, exceeding its $55.25 billion market cap.

However, the second quarter also posted a substantial net loss of $8.22 billion, mainly due to an $8.32 billion unrealized loss on Bitcoin, as fair value accounting requires the company to mark its holdings to market every quarter.

Index Funds Would Sell MSTR Shares, Not Bitcoin

Index funds are passive investments that mirror the holdings of the indexes they track. If Strategy is removed from the index, index funds would be required to sell their shares, which could trigger about $2.8 billion in forced selling, according to JPMorgan Chase (NYSE: JPM).

While this selling would affect MSTR shares, it wouldn’t directly impact Bitcoin. The shares would change hands between buyers and sellers, so Strategy would retain custody of its Bitcoin. Bitcoin prices would only be affected if the company decided to sell some of its holdings, and the current MSCI terms don’t obligate any company to do so.

Michael Saylor, Strategy’s executive chairman, expressed that the MSCI decision is “not that important to us,” adding that MSCI manages “a fairly de minimis amount of capital.” However, this perspective is expected, given that Saylor represents a company that could lose its index status. Traders, for their part, treated the news as a serious threat.

How the MSCI Change Could Still Affect Bitcoin

The main link between Strategy’s stock and Bitcoin is the company’s buying power. Strategy has heavily invested in Bitcoin, funding purchases through the sale of new shares and preferred stock. In the second quarter alone, it raised $8.41 billion through “at-the-market” offerings. In 2025, it raised $25.3 billion.

If the stock price declines and fewer index funds hold the shares, raising money could become more challenging. Strategy might need to issue a greater number of shares to acquire the same amount of Bitcoin. Furthermore, with an S&P credit rating of B-, far below investment grade, the company faces higher borrowing costs and limited access to bond funds that only deal in highly rated debt.

Additionally, Strategy has recently begun selling some of its Bitcoin. The company’s board approved sales of up to $1.25 billion to support its USD Reserve, and it has already sold $218.4 million of Bitcoin this year. The reserve currently stands at $3.75 billion, enough to cover more than 2.1 years of preferred dividends and interest on its $6.7 billion in convertible debt.

However, the pressure on Bitcoin prices remains. Strategy’s average purchase price is around $75,444 per Bitcoin, and Bitcoin’s current $81,548 is only about 8% above it, while it trades 35.3% below its record high of $126,080 set on October 6, 2025. That said, Saylor previously reassured investors that falling below that cost threshold would not trigger any major actions, stating that Strategy has no “covenants or triggers” tied to its purchase price.

Will MSCI Dropping Strategy Hit Bitcoin’s Price? The MSCI change is primarily an issue for Strategy’s stock rather than Bitcoin directly. Bitcoin’s price may be affected only if the company significantly slows its buying or decides to sell its Bitcoin assets in the future.

The first clear test comes with MSCI’s final list on November 11. If Strategy is on it and its reports after the November 30 removals show Bitcoin sales beyond the $218.4 million already sold this year, the index exit has reached the coin. If its purchases keep coming instead, the damage stays with MSTR shareholders.

Contact [email protected] for any questions or corrections.

Strategy (MSTR - Free Report) closed the most recent trading day at $136.50, moving -9.78% from the previous trading session. The stock fell short of the S&P 500, which registered a loss of 1.09% for the day. On the other hand, the Dow registered a loss of 0.34%, and the technology-centric Nasdaq decreased by 2.15%.

Coming into today, shares of the business software company had gained 14.4% in the past month. In that same time, the Finance sector lost 2.57%, while the S&P 500 gained 2.44%.

The investment community will be paying close attention to the earnings performance of Strategy in its upcoming release. The company is slated to reveal its earnings on October 29, 2026. The company is forecasted to report an EPS of $21.5, showcasing a 155.34% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $130.4 million, indicating a 1.33% upward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$23.74 per share and a revenue of $503.53 million, indicating changes of -55.88% and +5.51%, respectively, from the former year.

Investors might also notice recent changes to analyst estimates for Strategy. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. At present, Strategy boasts a Zacks Rank of #2 (Buy).

The Financial - Miscellaneous Services industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 174, which puts it in the bottom 30% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

On October 15, 2026, Strategy Inc MSTR shares rose 5.6%, closing at $151.29. The stock has fluctuated between a 52-week high of $308.88 and a low of $81.81 over the past year.

GF Value™ verdict: Current price at $151.29 versus GF Value™ of $112.80, indicating the stock is 34.1% overvalued. GF Score™: 61/100, suggesting an above-average overall performance. Notable signal: Insider activity shows a net selling of $35.4M over the past 12 months. Is MSTR Overvalued or Undervalued? The current price of Strategy Inc MSTR at $151.29 significantly exceeds the GF Value™ estimate of $112.80, which indicates the stock is overvalued by approximately 34.1%. GF Value™ represents a proprietary intrinsic value estimate that considers historical trading multiples, past business growth, and future performance predictions. This extreme reading suggests that the current valuation does not align with the company's financial fundamentals, particularly given MSTR's status as a cash-flow-negative enterprise.

Investors should be cautious, as the significant overvaluation implies a risk of price correction if the company's financial performance does not improve. The GF Valuation label categorizes MSTR as significantly overvalued, serving as a directional warning for potential investors regarding the sustainability of such pricing levels.

How Does MSTR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) Not available 36.2x (5-Year Median) Forward P/E 19.3x N/A As the current P/E ratio is not available due to the company's unprofitability, we cannot make a direct comparison to its historical valuation using P/E metrics. However, the forward P/E of 19.3x suggests a lower valuation relative to its historical median, even though the lack of earnings makes a traditional P/E analysis less applicable. This aligns with the GF Value™ verdict, indicating that relying solely on earnings-based valuation metrics may not be appropriate for MSTR.

What Does MSTR's GF Score™ Tell Us? The GF Score™ evaluates a company's overall performance based on several key factors, providing insights into financial strength, profitability, growth potential, valuation, and momentum. Strategy Inc MSTR holds a GF Score™ of 61/100, with the following sub-ranks:

Metric Rating GF Score™ 61/100 Financial Strength 5/10 Profitability 4/10 Growth 2/10 Valuation 5/10 Momentum 5/10 MSTR's strongest area is its financial strength, rated 5/10, indicating a reasonably stable financial position relative to industry peers. However, the growth rank of 2/10 is a concern, reflecting limited growth prospects. The score suggests that while the company has some favorable attributes, its weaknesses in profitability and growth could hinder long-term performance.

What Are Gurus and Insiders Doing with MSTR? Currently, five gurus hold shares of MSTR, with three increasing their positions and two reducing their stakes in recent quarters. This mixed activity suggests a varied outlook among institutional investors.

Furthermore, insider activity over the past year reveals that insiders purchased $0.8 million worth of shares while selling $36.1 million, resulting in a substantial net selling of $35.4 million. This pattern may indicate a lack of confidence from insiders regarding the company’s future performance, highlighting potential risks for retail investors.

What This Means for Investors Based on the GF Value™ assessment, Strategy Inc MSTR is currently overvalued. This conclusion is supported by the stock's inflated price in comparison to its estimated intrinsic value and the company’s financial performance metrics. Investors should approach this stock with caution, weighing the risks of potential valuation corrections against any future performance improvements. For further insights, one can explore the Strategy Inc (MSTR) stock page, along with the GF Value™ page.

Frequently Asked Questions What is MSTR's GF Score™?

MSTR's GF Score™ is 61/100, indicating an above-average overall performance compared to its peers.

Is MSTR overvalued or undervalued?

MSTR is considered overvalued with a GF Value™ of $112.80, compared to its current price of $151.29.

What is MSTR's P/E ratio?

MSTR does not have an available P/E ratio due to its unprofitability, but its forward P/E is 19.3x, which is below its historical median of 36.2x.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures
I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

Michael Saylor publicly cheered a Bitcoin purchase from a company that directly competes with his own, the same week his firm spent far more money on something other than Bitcoin. The reasons behind both moves raise uncomfortable questions about corporate…

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In an exciting development in the cryptocurrency space, Strive (NASDAQ: ASST), a publicly traded company that holds Bitcoin (CRYPTO: BTC) as its primary treasury asset, purchased 3,311 BTC for approximately $280 million, as disclosed on October 13, 2026.

This purchase marks Strive’s largest acquisition since January and raised questions about who is actively buying Bitcoin—especially since it occurred the same week a major competitor, Strategy Inc. (NASDAQ: MSTR | MSTR Price Prediction), directed most of its funds elsewhere.

While Strive made headlines with its substantial buy, Strategy only acquired 250 BTC for $21.5 million that week, which is roughly 92% less than what Strive spent. Instead, Strategy allocated $192.4 million toward repurchasing its preferred shares. Strategy now holds 848,250 BTC.

Interestingly, Michael Saylor, Strategy’s executive chairman, praised Strive’s significant purchase, according to press reports, though we haven’t seen the text of his post. With Bitcoin trading around $83,290, these two contrasting filings depict different trends in corporate demand for the cryptocurrency.

Strive Funds Its Largest Bitcoin Purchase Since January With Warrant Cash

Strive’s Bitcoin holdings rose about 11%, from 29,462 BTC to 32,773 BTC, valued at about $2.7 billion based on the October 9 Bitcoin price of $82,300. Strive operates as a structured finance company with Bitcoin as its benchmark; any other investment must outperform simply holding the cryptocurrency.

Strive Asset Management, a subsidiary and SEC-registered investment adviser, manages client funds. Strive also completed a merger with Semler Scientific and finances its Bitcoin purchases by selling Class A common stock and perpetual preferred shares.

Most of Strive’s buying power came from about $208 million in Strive warrants that investors exercised. A warrant lets the holder buy shares at a predetermined price before a specific date, providing cash to the company when exercised. However, the remaining $15.3 million worth of warrants expired at 5 p.m. Eastern on October 13.

Strive’s $100 Preferred Floor Limits Future Fundraising

Strive has also established a minimum offering price of $100 for its perpetual preferred shares in its governing documents. This type of stock never matures, and dividends are paid before common shareholders receive anything. The price floor protects existing investors from dilution, since Strive cannot raise cash quickly by issuing new shares below $100, which could lower value for current holders.

Strive funded its recent Bitcoin purchase with fresh investor capital, so future acquisitions will depend on how much more it can raise. With the warrants now expired, Strive may need to sell preferred shares at $100 or above or issue new common stock, which would spread ownership over more shares.

Strategy Spent Nearly Nine Times More on Buybacks Than on Bitcoin

Claiming to be the world’s largest institutional holder of Bitcoin, Strategy also runs an enterprise analytics software business. When a company buys back its own stock, it uses cash to repurchase shares previously sold. This practice reduces the number of outstanding shares and the dividends owed on them, which can increase value for remaining shareholders.

However, when a treasury company spends more on its own securities than the asset it was designed to hold, it suggests it sees better value in its own securities. While drawing this conclusion from two weekly filings may be premature, Strategy hasn’t announced a policy prioritizing buybacks over Bitcoin purchases. One could view this spending as a lack of confidence in Bitcoin, but the company’s filings don’t confirm this interpretation.

The reports of Saylor welcoming Strive’s acquisition take on a new angle. Saylor’s company competes directly with Strive for investors seeking Bitcoin as a treasury asset, and Strive holds some of Strategy’s preferred stock, so the two companies’ fortunes are intertwined. Without a direct statement, we can only note that the chairman of the company buying less publicly acknowledged the one that bought more.

Meanwhile, Strive’s 32,773 BTC brings it close to a large public miner with 35,303 BTC. A company that previously held 29,462 BTC is now nearing the reserves of a business that actively produces the cryptocurrency.

So, who is still buying Bitcoin? Smaller treasury companies like Strive continue to invest in Bitcoin; however, recent filings don’t give Bitcoin holders strong reasons to expect a substantial price rise. The most aggressive buyer in this scenario was a smaller firm utilizing one-time warrant funds, while the largest holder redirected most of its cash toward its own preferred stock. With Bitcoin trading roughly 34% below its $126,080 peak, the recent corporate buying activity won’t guarantee future trends.

Contact [email protected] for any questions or corrections.

Two crypto treasury companies both prioritize preferred shareholders and chase similar capital-markets strategies, yet one pays nearly double what the other's underlying asset can actually generate. Understanding that gap reveals something uncomfortable about where the money really comes from.

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DeFi Development Corp. (NASDAQ:DFDV) holds a substantial stash of Solana (CRYPTO:SOL) and offers a generous 13% annual return on its CHAD preferred stock. In contrast, Strategy Inc. (NASDAQ:MSTR | MSTR Price Prediction), the largest corporate Bitcoin holder (CRYPTO:BTC), pays between 8% and 12% on its preferred shares.

Strategy’s fixed rates include 8% for STRK and 10% for STRF, STRD, and its euro-denominated STRE. Its fifth class, known as Stretch (or STRC), features a variable rate that resets monthly and stands at 12% for October. Similarly, CHAD also operates with a variable rate, and DeFi Development made its first dividend payment on October 1, 2026.

Both companies deal in cryptocurrencies, prioritize dividend payments to preferred shareholders, and generally follow a similar capital-markets strategy. So why does Solana offer a higher return?

CHAD Pays 13% on a $10 Stated Amount, and DeFi Development Can Change the Rate

Preferred shares are a class of stock that receives dividends before any distributions are made to common shareholders. In exchange for this priority, preferred shareholders usually forgo the potential for significant price appreciation; for example, if common stock’s share price doubles, preferred shareholders continue to receive the same dividend payment.

Each preferred share also has a stated amount, which serves as the reference price for dividends. CHAD’s stated amount is $10, so its 13% yield is approximately $1.30 per share annually. However, the stated amount does not always reflect the share’s market value. DeFi Development initially issued CHAD at $8 per share back in September, but it aims for CHAD to trade at $10.

A variable rate poses greater risk than a fixed one because the issuer can adjust it. DeFi Development can lower CHAD’s rate by up to half a percentage point at a time, while Strategy resets its Stretch rate each month. DeFi Development also operates a $300 million at-the-market program for CHAD, allowing it to sell new shares incrementally at varying prices.

Interestingly, DeFi Development’s CEO has described Strategy’s approach as “the foundation of every Digital Asset Treasury currently in operation, including ours.” This acknowledgment comes from a competitor in the preferred shares market.

Staked Solana Yields 6% to 7%, About Half of CHAD’s Rate

Solana holders can stake their coins, locking them up to help sustain the network in exchange for rewards in the form of additional Solana. This mechanism provides steady income from the asset, roughly 6% to 7% annually. DeFi Development also operates a validator—a system that confirms network transactions—and utilizes some of its Solana in DeFi lending and trading platforms, including Kamino, JupLend, and Sanctum.

DeFi Development holds about 2,564,212 Solana, valued at around $272 million with Solana priced at approximately $106 as of October 13. The treasury has risen 11% since the company’s August 2026 earnings report, and the company says staking and validator rewards fund its dividend payments. Future disclosures will be crucial in verifying this claim.

This creates a discrepancy. CHAD pays 13%, while staked Solana yields only about 6% to 7%. Thus, the extra yield from CHAD must stem from raising fresh capital, liquidating assets, or an increase in Solana’s price. The $300 million at-the-market program is likely the most straightforward way to raise additional funds.

Bitcoin Provides No Yield, So Strategy Relies on a $4.88 Billion Reserve

Unlike Solana, Bitcoin offers no yield, and holders cannot stake it. Therefore, Strategy funds its preferred dividends through reserves, capital raises, or asset sales. Currently, it maintains a USD reserve of $4.88 billion, which it claims supports its preferred dividends and debt interest. However, its filings indicate a reliance on capital markets to sustain dividends with no expiration date.

Additionally, Strategy has spent heavily to support one of its preferred classes. For instance, it spent $192.4 million in just one week to buy back Stretch shares, a move aimed at maintaining the value of a share class whose rate the company sets.

A sharp decline in either cryptocurrency would affect the two companies differently. DeFi Development’s staked Solana would still earn rewards, but those rewards would be worth less in dollars. Conversely, Strategy’s Bitcoin, which generates no income, would leave the company relying on its reserves and fundraising to maintain its dividends.

DeFi Development’s CEO noted in the company’s second-quarter 2026 report that “owning a Digital Asset Treasury (DAT) in 2026 requires an iron stomach.” This line serves as a cautionary reminder about the implications of a 13% yield. Our free guide outlines seven red flags that suggest a double-digit yield could soon be adjusted downward.

What Is CHAD Preferred Stock’s Extra Yield Paying For? Primarily, it compensates for funding risk. CHAD’s 13% return is about double staked Solana’s. Covering this difference depends on DeFi Development’s ability to raise capital, liquidate assets, or benefit from an appreciation in Solana’s price.

Historically, Solana’s price has fluctuated more than Bitcoin’s, and using capital in DeFi applications inherently carries smart contract risk. The strategy’s 12% Stretch rate also carries its own set of challenges.

Contact [email protected] for any questions or corrections.

In an exclusive interview from DC Fintech Week, Strategy founder and Executive Chairman Michael Saylor says Bitcoin is at the beginning of a bull market thanks to favorable regulation and accelerating bank adoption. He speaks on "Bloomberg Crypto.

Strategy Inc (NASDAQ:MSTR – Get Free Report) has been given an average recommendation of “Moderate Buy” by the eighteen analysts that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $258.94.

Several equities analysts have issued reports on the company. Citigroup reissued a “buy” rating and issued a $240.00 price target (up from $136.00) on shares of Strategy in a research note on Friday, October 2nd. Credit Suisse Group set a $250.00 price target on Strategy in a report on Tuesday, June 30th. Zacks Research raised shares of Strategy from a “strong sell” rating to a “hold” rating in a research report on Monday, September 21st. B. Riley Financial raised their price objective on shares of Strategy from $175.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, September 22nd. Finally, UBS Group reiterated a “buy” rating on shares of Strategy in a research note on Friday, July 31st.

Get Our Latest Stock Report on MSTR

Insider Buying and Selling
In related news, Director Jarrod Patten sold 475 shares of Strategy stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $171.00, for a total value of $81,225.00. Following the completion of the sale, the director owned 28,406 shares of the company’s stock, valued at approximately $4,857,426. This trade represents a 1.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 11,350 shares of company stock valued at $1,393,439 over the last ninety days. Company insiders own 5.40% of the company’s stock.
Hedge Funds Weigh In On Strategy
A number of hedge funds have recently bought and sold shares of the company. State Street Corp increased its holdings in Strategy by 7.2% during the second quarter. State Street Corp now owns 7,527,561 shares of the software maker’s stock worth $654,371,000 after buying an additional 506,635 shares during the last quarter. Bank of America Corp DE raised its position in Strategy by 3.1% in the first quarter. Bank of America Corp DE now owns 3,965,680 shares of the software maker’s stock worth $494,917,000 after acquiring an additional 117,374 shares during the period. Renaissance Technologies LLC boosted its stake in Strategy by 122.6% in the first quarter. Renaissance Technologies LLC now owns 2,130,881 shares of the software maker’s stock valued at $265,934,000 after acquiring an additional 1,173,549 shares during the last quarter. Swiss National Bank boosted its stake in Strategy by 7.1% in the first quarter. Swiss National Bank now owns 766,100 shares of the software maker’s stock valued at $95,609,000 after acquiring an additional 50,720 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in Strategy by 24.3% in the first quarter. First Trust Advisors LP now owns 755,890 shares of the software maker’s stock valued at $94,335,000 after acquiring an additional 147,562 shares during the last quarter. 59.84% of the stock is owned by hedge funds and other institutional investors.

Strategy Stock Down 1.1%
Shares of NASDAQ MSTR opened at $152.68 on Tuesday. The company has a 50 day simple moving average of $131.97 and a 200 day simple moving average of $130.88. The firm has a market cap of $58.66 billion, a PE ratio of -1.57 and a beta of 3.56. Strategy has a 1 year low of $81.81 and a 1 year high of $315.95. The company has a debt-to-equity ratio of 0.22, a current ratio of 5.39 and a quick ratio of 5.39.

Strategy (NASDAQ:MSTR – Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The software maker reported ($24.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.19) by ($22.26). The company had revenue of $122.37 million for the quarter, compared to the consensus estimate of $122.90 million. Strategy had a negative return on equity of 74.18% and a negative net margin of 6,102.95%. Strategy’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business earned $32.52 earnings per share. On average, research analysts forecast that Strategy will post -23.74 EPS for the current year.

Key Strategy News
Here are the key news stories impacting Strategy this week:

Positive Sentiment: Strategy acquired 250 Bitcoin for approximately $21.5 million at an average cost of $86,194 per coin, increasing its holdings to 848,250 BTC. The company’s total Bitcoin investment is approximately $64 billion, with an average cost of $75,444 per coin. Strategy buys Bitcoin and repurchases preferred stock
Positive Sentiment: The company repurchased approximately $192.4 million of STRC preferred stock, retiring 1.93 million shares. Management still has roughly $354.8 million available under the preferred-stock buyback authorization and $1 billion authorized for common-stock repurchases, which could support capital-structure management. Strategy repurchases STRC preferred stock
Neutral Sentiment: Executive Chairman Michael Saylor signaled that additional Bitcoin purchases remain part of Strategy’s strategy. The latest purchase follows an earlier acquisition of 334 BTC, but the two purchases cover different reporting periods. Saylor hints at more Bitcoin buying
Negative Sentiment: The 250-Bitcoin purchase was Strategy’s smallest reported acquisition of the year. Investors interpreted the reduced buying pace as a possible sign of tighter capital availability, particularly because the company spent nearly nine times as much on the STRC repurchase as on Bitcoin. Strategy stock slips on smaller Bitcoin purchase
Negative Sentiment: Strategy sold 125,183 common shares through its at-the-market program to raise approximately $21 million for Bitcoin purchases. Although this supports accumulation, issuing shares can dilute existing holders and reinforces concerns about the cost of financing the company’s Bitcoin strategy. Strategy shareholders face dilution
Negative Sentiment: MSTR remains highly sensitive to Bitcoin’s price, which retreated during the session. The company’s 12% STRC dividend rate also highlights the high cost of preferred financing and adds pressure if Bitcoin appreciation slows.

Strategy Company Profile
(Get Free Report)

Strategy, formerly known as MicroStrategy, Incorporated (NASDAQ: MSTR) is a global provider of enterprise analytics and mobility software. The company’s flagship platform offers business intelligence, data discovery, and advanced visualizations that enable organizations to analyze large volumes of data and deliver actionable insights. In addition to traditional on-premises deployments, Strategy provides a range of cloud-based services and managed offerings that allow customers to leverage the power of its analytics tools without managing complex infrastructure.

Founded in 1989 by Michael J.

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Trump's ethics filings reveal he swapped Coinbase shares for more Strategy stock on a single August day, but the story behind the timing and which bet paid off raises some pointed questions about his trading instincts.

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Recent ethics filings from President Donald Trump show he sold shares of Coinbase Global (NASDAQ:COIN | COIN Price Prediction) and bought shares of Strategy Inc. (NASDAQ:MSTR) on August 10, 2026. Both trades fall within the smallest reporting band of $1,001 to $15,000. An earlier filing noted that Trump also bought both stocks in July, suggesting this latest Coinbase sale was part of a quick trading cycle.

Since these transactions, both stocks have seen growth. Strategy’s share price surged 58.6% from its August 10 close to its October 9 close, while Coinbase’s shares rose 20.7%. This suggests that the stock Trump purchased has outperformed the one he sold.

Trump’s August Filing Lists 517 Trades in Dollar Ranges

Trump’s filing included 517 transactions reported through a Form 278-T, which senior officials file with the Office of Government Ethics to disclose their financial trades. The report is dated September 17 and was made public on October 8, covering transactions made entirely in August.

These filings report trades as dollar ranges rather than specific amounts. For example, a trade listed in the range of $1,001 to $15,000 could be any amount within that range. Below is a summary of Trump’s crypto-related trades alongside his more significant transactions.

Security Transaction Date Disclosed Band Strategy Inc. stock Purchase August 10 $1,001 to $15,000 Coinbase stock Sale August 10 $1,001 to $15,000 SpaceX senior unsecured notes Purchase August 18 $1,000,001 to $5,000,000 Meta Platforms stock Purchase August 21 $5,000,001 to $25,000,000 The bottom of the SpaceX band alone is more than 66 times the top of the Coinbase or Strategy band. Additionally, NVIDIA (NASDAQ:NVDA) appears multiple times in the filing, with one notable purchase falling in the range of $500,001 to $1,000,000 on August 17.

The purchase of SpaceX notes is essentially a loan, not an equity stake. These notes carry a 5.35% interest rate and mature in July 2031. “Senior” means the lender gets paid before shareholders if SpaceX faces financial difficulties, while “unsecured” indicates that no specific asset backs the loan. Therefore, the investor collects interest regardless of SpaceX’s performance.

Strategy Stock Has Surged 59% Since August 10, While Coinbase Rose 21%

The filing lacks execution prices for the trades, so we use daily closing prices for comparison. Coinbase’s stock closed at $149 on August 10 and rose to $179 by October 9, indicating a gain in Trump’s sold shares. However, since both trades are in a small dollar range, the gain Trump missed by selling could be relatively modest. It’s unclear whether this sale completely closed Trump’s Coinbase position or just reduced it.

Over a longer period, Coinbase’s performance raises concerns. The stock is down 20.6% in 2026 and has plummeted 53.6% over the last year, driven largely by reduced trading and a corresponding drop in fee revenue. The second-quarter earnings report, released on July 30, missed revenue expectations because trading volumes fell and crypto market volatility decreased.

Coinbase earns revenue from trading fees charged to both retail and institutional clients. It also earns income from a share of the interest on the reserves backing USDC (CRYPTO:USDC), a stablecoin issued by Circle Internet Group (NYSE:CRCL). Other revenue sources include staking rewards, Coinbase One subscriptions, the Base blockchain, and derivatives from its August 2025 acquisition of Deribit.

In contrast, Strategy’s share price increased from $97 on August 10 to $154 by October 9. Despite a 16.6% gain over the past month, Strategy’s stock is still down 51.7% over the past year.

The company holds Bitcoin (CRYPTO:BTC) on its balance sheet and finances its purchases by selling stock, while maintaining a traditional enterprise software business. In short, Coinbase profits from trading activity, while the value of Strategy’s shares largely hinges on the price of the Bitcoin it holds.

Trump’s Filing Shows the Trades but Not Who Chose Them

Form 278-T outlines the trades but omits the reasoning behind them. It does not specify who made the decisions, whether Trump himself made the choices, or whether an external manager directed the trades.

Neither Coinbase nor Strategy announced any specific deals related to these trades. The companies did not disclose a settlement asset or require customers to use a particular token, and the filing mentions no specific token.

Does Trump’s Coinbase Stock Sale Impact Bitcoin or USDC? No, the amount involved in the trades—between $1,001 and $15,000—is too small to influence the stock prices of Coinbase or Strategy, or the price of Bitcoin. USDC is designed to maintain a stable dollar value, so even significant news about Coinbase is unlikely to change its worth. For Strategy, the company’s stock price is influenced by fluctuations in Bitcoin’s value, not the other way around.

Since mid-August, Bitcoin has also seen price increases, but trading within this low dollar range is unlikely to affect broader market movements.

Contact [email protected] for any questions or corrections.

Strategy (formerly known as MicroStrategy) stock MSTR was in the red on Monday, reversing an early gain as Bitcoin retreated from a session high of $84,227 to $82,788.

The decline came after the company disclosed its smallest Bitcoin purchase of the year, adding 250 BTC to its holdings over the past week.

The Bitcoin treasury company acquired the cryptocurrency between October 5 and October 11 at an average price of $86,194 per Bitcoin, according to its filing with the US Securities and Exchange Commission.

The purchase was valued at approximately $21.5 million, according to the company's announcement.

The latest acquisition brings Strategy's total Bitcoin holdings to 848,250 BTC, accumulated at an average purchase price of $75,444 per coin.

The company said its holdings had cost approximately $64 billion, including fees and expenses.

The 250 BTC acquisition marks Strategy's smallest Bitcoin purchase in 2026 and its 14th-smallest overall since the company began building its Bitcoin treasury.

At current prices, the company's holdings were valued at approximately $70.6 billion.

The position represents more than 4% of Bitcoin's maximum supply of 21 million coins and implies paper gains of around $6.6 billion.

However, Strategy's latest purchase price of $86,194 per Bitcoin was above the cryptocurrency's reported trading level of $82,788 at the time of writing.

The company's accumulation strategy remains central to its business, with its growing Bitcoin holdings exposing its financial position to changes in the cryptocurrency's market value.

Strategy financed the latest Bitcoin acquisition using proceeds from the sale of its Class A common stock and cash reserves.

The company sold 125,183 MSTR shares during the week for approximately $21 million.

It used those proceeds, together with funds from its USD Cash reserves, to finance the Bitcoin purchase.

Strategy also repurchased 1,932,145 STRC preferred shares for approximately $192.4 million under its digital credit securities repurchase programme.

As of October 11, the company held $4.88 billion in its USD Reserve and another $640.5 million in USD Cash.

It also reported that approximately $354.8 million remained available under its digital credit securities repurchase programme.

Separately, around $1 billion remained available under its MSTR stock repurchase programme, according to the company's disclosure.

The company also said $18.8 billion worth of MSTR shares remained available for issuance and sale under its at-the-market stock offering programme.

These figures highlight the range of financing tools Strategy uses to manage its Bitcoin accumulation and capital structure.

TD Cowen maintains $260 price target on StrategyStrategy's latest purchase comes as analysts assess the outlook for Bitcoin and the company's shares.

TD Cowen raised its Bitcoin price forecasts on Thursday but maintained its $260 price target on Strategy.

The brokerage said dilution and the company's financial obligations would likely limit the potential upside for shareholders.

The $260 target implies approximately 70% upside for MSTR.

TD Cowen's analysts forecast Bitcoin reaching around $109,000 by the end of the year and $280,000 by 2029.

BlockchAIn Digital Infrastructure NYSEAMERICAN: AIB outlined its plans to develop a 50-megawatt data center project under a newly executed contract with Nebius, with management saying customer prepayments are expected to cover the company’s required equity contribution to the project.

During a corporate update call, Chief Executive Officer Jerry Tang said the agreement covers 50 MW of IT load for an initial 12-year term. Tang described the agreement as a firm contract without termination options, adding that any termination provisions would require full payment.

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“We are receiving a material amount of prepayment from the client, and we can use that for POs and other construction costs right away,” Tang said, referring to purchase orders. “Based on that, we do not need to raise any equity.”

Project funding and construction timeline AIB estimated a total development budget of about $800 million for the project. Management’s anticipated capital structure includes approximately $560 million of construction debt, $140 million of project-level preferred equity and roughly $100 million of equity. Tang said the customer prepayment exceeds the estimated $100 million equity requirement.

Chief Financial Officer Jolienne Halisky said the company has been working with Bank Street on financing preparations for several months. She said the company projects debt funding equal to 70% of the $800 million project budget and is beginning discussions regarding the preferred-equity portion.

Halisky said the preferred investment would be at the project company or special-purpose-vehicle level. Tang said management expects the preferred equity to carry an accrual rate in the low teens and an equity kicker of 10% to 20% at the project level, while stating that the company does not intend to permit conversion into AIB common stock.

Tang said escrowed customer funds can be drawn for purchase orders and construction costs. He characterized the prepayments as advance rent. Halisky added that a portion treated as a rental prepayment or security deposit would be accounted for as deferred rent, while non-recurring fit-out charges would be recorded as property, plant and equipment.

The company expects the first 25 MW data hall to be completed approximately 10 months after it receives escrow funds, followed by the second 25 MW hall in about 14 months. Halisky said AIB expects operational cash flow from the site to begin when the first hall comes online, which she placed around the fourth quarter of 2027.

Pricing, power and margins While AIB did not disclose the total contract value because of customer confidentiality, Tang said the company’s rate exceeds the range shown for three comparable contracts, which ranged from $1.87 million to $2.16 million per MW per year of IT load. He said investors could use those figures to estimate the contract’s potential value, but the company could not provide the specific amount.

Tang said AIB will remain the counterparty to the electric service agreement with the utility, while utility costs will be passed through to Nebius. He also said he expects EBITDA margins of about 90%.

Addressing project costs, Tang said the $800 million budget equates to roughly $12 million per MW based on 65 MW of utility load. He said the company has observed turnkey construction costs ranging from $10 million to $14 million per MW of utility load.

Pipeline and site strategy Tang said the Nebius agreement follows AIB’s May utility contract for 65 MW over a 15-year term. The company is decommissioning an existing Bitcoin mining facility at the project site as construction preparations begin.

AIB also controls four additional sites, according to Tang. He said the company owns the DFW1 site and has executed an electric service agreement there. Together, the additional sites represent approximately 280 MW of potential capacity that could be contracted and developed over the next three to six months, he said.

Management said it is focused on data centers below 100 MW, aiming to avoid lengthy approval processes and potential community opposition associated with larger projects. Tang said the company prefers markets with clear data center regulations, including jurisdictions where capacity thresholds help define what can be developed.

“Every data center, we lease to one client,” Tang said. The company’s longer-term objective is to build a diversified portfolio of eight to 10 clients over the next 24 months, he added.

Tang said AIB is in active discussions with multiple potential customers for two other sites and that each has at least five or six prospective clients reviewing it. He also said the master service agreement with Nebius could allow future sites to be added through purchase orders rather than requiring a complete renegotiation of the agreement.

About BlockchAIn Digital Infrastructure (NYSEAMERICAN:AIB)BlockchAIn Digital Infrastructure Inc is engaged in the digital infrastructure business, providing data center operations and high-performance computing services. The company offers power infrastructure, hosting services, and equipment leasing to customers involved in blockchain computing, artificial intelligence, and high-performance data processing. Its operations include leasing space, power capacity, and equipment within data center facilities, as well as offering modular digital asset mining containers and related hardware and support services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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A Look at Strategy Inc (MSTR) After 6.8% Decline -- GF Value $113.21 vs Price $153.37

On October 07, 2026, Strategy Inc MSTR shares fell 6.8% to $153.37, a significant drop in the context of its 52-week range of $81.81 to $359.44. This decline reflects ongoing volatility as the company grapples with its financial performance amidst a challenging market environment.

GF Value™ verdict indicates that MSTR is currently priced at $153.37, which is 35.5% above the estimated fair value of $113.21.The GF Score™ stands at 57/100, indicating an average rating across various metrics.Insider activity shows a significant net selling of $45.7 million over the past 12 months, suggesting a lack of confidence among insiders.Is MSTR Overvalued or Undervalued?Currently, Strategy Inc MSTR appears overvalued based on its GF Value™, which estimates fair value at $113.21. This assessment implies that the stock is trading at a significant premium, with a 35.5% margin of overvaluation. The GF Valuation label categorizes MSTR as significantly overvalued, which raises concerns for potential investors. Given that MSTR is unprofitable and cash-flow-negative, relying on earnings-based valuation metrics like Price-to-Earnings (P/E) would not be appropriate. Instead, a Price-to-Sales (P/S) analysis could provide a more relevant perspective, particularly when examining historical performance and market trends.

The GF Value™ is a proprietary intrinsic-value estimate generated by GuruFocus, based on historical trading multiples, past business growth, and future performance forecasts. In the case of MSTR, the stark difference between its current market price and GF Value™ serves as a directional warning, indicating that the stock may not be a prudent investment at this time.

How Does MSTR's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)N/A36.2xForward P/E21.8xN/AAs MSTR currently does not have a trailing twelve-month (TTM) P/E due to its losses, we can only reference the forward P/E of 21.8x. This forward valuation suggests that the stock is trading below its five-year median P/E of 36.2x. However, this analysis does not fully align with the GF Value™ verdict, which indicates that the stock is overall significantly overvalued based on its current pricing and historical valuation metrics.

What Does MSTR's GF Score™ Tell Us?The GF Score™ provides a comprehensive overview of a company's financial health, combining multiple factors such as financial strength, profitability, growth potential, valuation, and momentum. MSTR's score of 57/100 indicates an average standing, with varying strengths across different metrics.

MetricRatingGF Score™57Financial Strength5/10Profitability4/10Growth2/10Valuation3/10Momentum5/10MSTR's strongest area is Financial Strength, with a score of 5/10, indicating a moderate ability to meet its financial obligations. However, the weakest area is Growth, scoring only 2/10, which reflects the company’s challenges in expanding its operations and revenues. The low profitability rank of 4/10 further reinforces the concerns regarding the sustainability of its business model.

What Are Gurus and Insiders Doing with MSTR?Currently, five gurus hold positions in MSTR, with three increasing their stakes and two reducing their holdings in recent quarters. This mixed activity suggests a cautious sentiment among institutional investors. The insider trading pattern is more telling, with insiders having sold $46.4 million worth of stock compared to only $0.8 million in purchases, resulting in a net selling of $45.7 million over the past 12 months. This trend raises red flags regarding insiders' confidence in the company's future performance and may indicate potential concerns that investors should consider.

What This Means for InvestorsOverall, Strategy Inc MSTR is currently deemed overvalued based on GF Value™, with a significant premium over the estimated fair value. The stock's lack of profitability, negative cash flows, and the concerning insider selling activity suggest a cautious approach for potential investors. For a deeper analysis of MSTR's financial performance, visit the Strategy Inc (MSTR) stock page, and explore other insights through the GF Value™ page or the GuruFocus Stock Screener.

Frequently Asked QuestionsWhat is MSTR's GF Score™?

The GF Score™ for MSTR is 57/100, indicating an average rating across various financial metrics.

Is MSTR overvalued or undervalued?

MSTR is currently overvalued, as indicated by its GF Value™ which estimates a fair value at $113.21, making the stock price of $153.37 a significant premium.

What is MSTR's P/E ratio?

MSTR currently does not have a TTM P/E ratio due to its unprofitability; however, its forward P/E is 21.8x, which is below its historical median P/E of 36.2x.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

Bitmine detiene il 4,9% dell'offerta complessiva di ETH, pari a 122,1 milioni di token

In soli 15 mesi, Bitmine ha raggiunto il 99% dell'obiettivo «Alchemy of 5%»

Tom Lee terrà il keynote alla conferenza Token2049 il 7 ottobre 2026 a Singapore

Bitmine è stata inclusa nel Russell 1000 Large-cap Index il 26 giugno 2026

Le azioni privilegiate di Serie A di Bitmine sono negoziate al NYSE con il simbolo BMNP

Bitmine ha 5.067.309 ETH in staking, per un valore di 13,8 miliardi di dollari calcolato a 2.726 dollari per ETH. MAVAN (Made in America VAlidator Network) rappresenta una piattaforma di riferimento per lo staking di Ethereum destinata a BMNR e agli investitori istituzionali

Bitmine detiene una partecipazione da 117 milioni di dollari in Eightco (NASDAQ: ORBS), una delle poche società quotate al mondo che offrono agli investitori un'esposizione indiretta a OpenAI

Il valore complessivo delle disponibilità di Bitmine in criptovalute, liquidità, titoli negoziabili e investimenti «moonshot» ammonta a 17,4 miliardi di dollari e comprende 6,02 milioni di ETH, liquidità e titoli negoziabili per 643 milioni di dollari, oltre ad altre criptovalute

Bitmine continua a essere sostenuta da un gruppo di investitori istituzionali di primo piano, tra cui Cathie Wood di ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital e l'investitore privato Thomas «Tom» Lee, a sostegno dell'obiettivo della società di acquisire il 5% dell'offerta di ETH

, /PRNewswire/ -- Bitmine Immersion Technologies, Inc. (NYSE: BMNR) («Bitmine» o la «Società»), società attiva nell'ecosistema Bitcoin ed Ethereum e focalizzata sull'accumulo di criptovalute come investimento di lungo termine, ha annunciato oggi che il valore complessivo delle proprie disponibilità in criptovalute, liquidità, titoli negoziabili e investimenti «moonshot» ammonta a 17,4 miliardi di dollari.

BMNR Weekly Update

BITMINE: Outperformed ETH by 50,9

Asset Performance

Bitmine Chairman, Tom Lee, t

Crypto Bull und

STAKING: BMNR now

ALCHEMY of 5%:

Alle 18:30 ET del 4 ottobre 2026, le partecipazioni in criptovalute della Società comprendono 6.016.414 ETH al prezzo di 2.726 per ETH (fonte CoinbaseNASDAQ: COIN), 214 Bitcoin (BTC), una partecipazione da 180 milioni di dollari in Beast Industries, una partecipazione da 117 milioni di dollari in Eightco Holdings (NASDAQ: ORBS), classificata tra gli investimenti «moonshot», e liquidità e titoli negoziabili per un totale di 643 milioni di dollari. Le partecipazioni in ETH di Bitmine rappresentano il 4,9% dell'offerta complessiva di Ethereum, pari a 122,1 milioni di ETH.

«Crediamo che mentre le criptovalute entrano in un ciclo che consideriamo un mercato rialzista, ciò che è degno di nota è la sovraperformance del prezzo azionario di Bitmine rispetto all'ETH durante il mercato ribassista del 2025-2026. Nei primi 9 mesi del 2026, ETH è diminuito del 10%, mentre BMNR è scesa del 3%, equivalente a una sovraperformance di 731 punti base», ha dichiarato Thomas «Tom» Lee, presidente di Bitmine.

«A nostro avviso, la performance dell'azione BMNR riflette l'impegno della Società ad ottimizzare il rendimento degli azionisti. E questo è stato da noi realizzato attraverso molti interventi, tra cui l'esecuzione del più grande riacquisto di sempre di azioni con tesoreria in criptovalute, acquistando 21 milioni di azioni solo nel 2026», ha proseguito Lee.

«La sovraperformance di ETH di 6.832 punti base rispetto all'S&P 500 nel 3T26 è degna di nota se si considerano i sostanziali venti contrari macroeconomici che sono emersi nel trimestre, tra cui una Fed "aggressiva", l'aumento del petrolio, l'incremento dei rendimenti obbligazionari globali e il generale inasprimento delle condizioni finanziarie. Da inizio trimestre, ETH ha registrato una sovraperformance di 6.832 punti base, distanziando altri asset macro», ha dichiarato Lee.

Tom Lee terrà inoltre il keynote alla conferenza Token2049 il 7 ottobre alle 10:00 presso il Marina Bay Sands a Singapore. Il keynote di 20 minuti fa parte di Token2049, la più grande conferenza al mondo dedicata alle criptovalute. Ulteriori informazioni sono disponibili sul sito web della conferenza Token2049.

«Nell'ultima settimana abbiamo acquistato 15.112 ETH. Nessuna società quotata al mondo può vantare una continuità negli acquisti di criptovalute paragonabile a quella di Bitmine. Bitmine ha acquistato ETH ogni settimana dall'avvio della propria ETH Treasury Strategy, il 30 giugno 2025», ha dichiarato Lee.

Bitmine rilascerà il più recente Messaggio del Presidente per il mese di ottobre 2026 questa settimana. Il titolo del Messaggio è «Il ciclo rialzista delle criptovalute è in corso e potrebbe trattarsi del più significativo mai osservato».

All'inizio del 2026, Bitmine ha lanciato MAVAN, acronimo di Made in America VAlidator Network, la propria piattaforma di staking di livello istituzionale. Inizialmente sviluppata per supportare la tesoreria in Ethereum di Bitmine, MAVAN è stata successivamente ampliata per servire investitori istituzionali, società di custodia e partner dell'ecosistema alla ricerca di un'infrastruttura di staking di livello professionale. Una parte degli ETH detenuti da Bitmine è già in staking sulla piattaforma MAVAN.

Al 4 ottobre 2026, Bitmine aveva complessivamente 5.067.309 ETH in staking, per un valore pari a 13,8 miliardi di dollari, calcolato a 2.726 dollari per ETH. «Bitmine ha messo in staking più ETH di qualsiasi altra entità al mondo. A regime, quando tutti gli ETH di Bitmine saranno messi in staking tramite MAVAN e i suoi partner, le ricompense da staking previste ammonteranno a 431 milioni di dollari su base annualizzata, sulla base di un rendimento BMNR a 7 giorni del 2,63%», ha dichiarato Lee.

«I ricavi annualizzati derivanti dallo staking sono attualmente stimati in 363 milioni di dollari. I 5,1 milioni di ETH in staking rappresentano l'84% dei 6,02 milioni di ETH detenuti da Bitmine. Le attività di staking gestite direttamente da Bitmine hanno generato un rendimento a 7 giorni pari al 2,63% su base annualizzata», ha proseguito Lee.

Bitmine è uno dei titoli più scambiati negli Stati Uniti. Secondo i dati di Fundstrat, il titolo ha registrato un volume medio giornaliero di scambi pari a 827 milioni di dollari (media a 5 giorni, al 2 ottobre 2026), classificandosi al 125° posto negli Stati Uniti, dietro a Bristol-Myers Squibb Co (124° posto) e davanti a Schlumberger NV (126° posto) tra i 5.704 titoli quotati negli Stati Uniti (statista.com e ricerca di Fundstrat).

Le disponibilità di criptovalute di Bitmine la collocano al primo posto tra le società con una tesoreria in Ethereum al mondo e al secondo posto tra le tesorerie crypto a livello globale, dietro a Strategy Inc. (NASDAQ: MSTR), che secondo quanto riportato detiene 847.666 BTC per un valore di circa 78 miliardi di dollari. Bitmine rimane la maggiore società al mondo per consistenza della tesoreria in Ethereum. 

Il management di Bitmine ritiene che il GENIUS Act e il Project Crypto della Securities and Exchange Commission (SEC) possano avere sui servizi finanziari nel 2026 un impatto trasformativo paragonabile a quello dell'intervento statunitense del 15 agosto 1971, che pose fine al sistema di Bretton Woods e sganciò il dollaro statunitense dalla convertibilità in oro 55 anni fa. L'evento del 1971 rappresentò il catalizzatore della modernizzazione di Wall Street, contribuendo alla nascita dei grandi protagonisti della finanza e delle infrastrutture finanziarie e di pagamento che conosciamo oggi. Questi si sono poi rivelati investimenti più redditizi dell'oro.

Il messaggio del Presidente è disponibile qui:

https://www.Bitminetech.io/chairmans-message

La presentazione dei risultati dell'intero esercizio fiscale 2025 e la presentazione societaria sono disponibili qui: https://Bitminetech.io/investor-relations/ 

Per ricevere aggiornamenti, è possibile registrarsi qui: https://Bitminetech.io/contact-us/ 

Informazioni su Bitmine

Bitmine Immersion Technologies, Inc. (NYSE: BMNR), insieme alle proprie controllate («Bitmine» o la «Società»), è un'azienda attiva nelle infrastrutture tecnologiche blockchain e opera nei servizi istituzionali di staking e validazione di asset digitali, nel mining di Bitcoin e nella gestione strategica di asset digitali. In qualità di principale società al mondo con una tesoreria in Ethereum, adotta una strategia innovativa di gestione degli asset digitali destinata agli investitori istituzionali e agli investitori nei mercati regolamentati. La Società fornisce infrastrutture di staking e validazione di livello istituzionale, attraverso le quali genera ricompense da staking e ricavi derivanti dalla validazione, oltre a svolgere attività di mining di Bitcoin. Bitmine detiene strategicamente asset digitali e genera rendimenti su tali disponibilità a sostegno della liquidità e della raccolta di capitale. Dal 2025, la Società ha ampliato le proprie capacità infrastrutturali nel settore blockchain, includendo lo sviluppo e l'implementazione di MAVAN, la propria piattaforma istituzionale di staking e validazione. Le attività della Società comprendono inoltre investimenti in opportunità blockchain in fase iniziale, ad alto potenziale, nonché servizi accessori di mining, gestione di infrastrutture e consulenza.

Per altre informazioni, segui Bitmine su X:

https://x.com/bitmnr

https://x.com/fundstrat

Avvertenza sulle dichiarazioni previsionali

Il presente comunicato stampa contiene dichiarazioni che costituiscono «dichiarazioni previsionali» ai sensi del Private Securities Litigation Reform Act del 1995, e successive modifiche. Le dichiarazioni previsionali comprendono tutte le dichiarazioni che non hanno natura esclusivamente storica e possono generalmente essere identificate dall'uso di termini quali «si attende», «proietta», «intende», «pianifica», «crede», «si aspetta», «stima», «può», «potrà», «potrebbe», «dovrebbe», «ritiene» o espressioni analoghe. In particolare, il presente comunicato stampa contiene dichiarazioni previsionali riguardanti: (i) l'obiettivo della società di acquisire il 5% dell'offerta complessiva di ETH, nell'ambito dell'iniziativa «Alchemy of 5%»; (ii) la strategia della Società relativa all'accumulo e alla gestione di asset digitali in tesoreria, incluse le dichiarazioni riguardanti gli acquisti settimanali continuativi di ETH e il posizionamento della Società come maggiore tesoreria in ETH al mondo; (iii) le attività di staking della Società, incluse le ricompense annualizzate di staking di ETH stimate in circa 431 milioni di dollari a regime e i ricavi annualizzati da staking attualmente stimati in circa 363 milioni di dollari; (iv) l'espansione di MAVAN per servire investitori istituzionali, società di custodia e partner dell'ecosistema; (v) le convinzioni del management in merito alle condizioni del mercato delle criptovalute e alla sovraperformance del prezzo azionario rispetto a ETH; (vi) la performance relativa di ETH rispetto all'indice S&P 500 e ad altri asset macro; (vii) la convinzione del management secondo cui il GENIUS Act e il Project Crypto della SEC potrebbero avere un impatto trasformativo sui servizi finanziari; e (viii) le dichiarazioni relative al valore delle disponibilità della Società in criptovalute, liquidità, titoli negoziabili e investimenti «moonshot».

Tali dichiarazioni previsionali comportano rischi e incertezze significativi che potrebbero determinare risultati effettivi sostanzialmente diversi da quelli espressi o implicitamente indicati. Tra i fattori che potrebbero determinare o contribuire a tali differenze figurano, a titolo esemplificativo e non esaustivo: l'estrema volatilità e imprevedibilità dei prezzi degli asset digitali, inclusi ETH e Bitcoin; la dipendenza della Società da fonti terze per la determinazione dei prezzi e dai valori di mercato riportati, che possono fluttuare in modo significativo; le variazioni delle condizioni di mercato che influenzano il prezzo e i volumi di negoziazione dei titoli della Società; la capacità della Società di attuare con successo la propria strategia di acquisizione di asset digitali e raggiungere i propri obiettivi di accumulo di ETH, compreso l'obiettivo «Alchemy of 5%», la capacità della Società di finanziare le proprie attività operative e l'espansione di MAVAN; i rischi operativi, di sicurezza e tecnologici connessi alle attività di staking e validazione della Società, inclusi i guasti di rete, eventi di slashing, violazioni della cybersicurezza e modifiche ai protocolli; il rischio che i rendimenti, le ricompense e i ricavi effettivi dello staking differiscano in misura significativa dagli importi previsionali; la concorrenza nel settore della tesoreria di asset digitali, dello staking e del mining; la dipendenza della Società da figure chiave; gli sviluppi normativi riguardanti gli asset digitali, la tecnologia blockchain e le attività di staking, compresa l'eventuale approvazione definitiva, attuazione e interpretazione del GENIUS Act e di altre proposte legislative; le iniziative della SEC, della CFTC e di altri organismi di regolamentazione; i rischi connessi agli investimenti «moonshot» della Società, inclusi quelli in Eightco Holdings e Beast Industries; i fattori macroeconomici, tra cui inflazione, tassi di interesse e condizioni economiche generali; eventuali modifiche al protocollo Ethereum; la performance dei fornitori terzi di servizi, degli exchange, delle società di custodia e dei partner di staking; nonché gli altri fattori di rischio descritti nei documenti presentati dalla Società presso la SEC.

Le dichiarazioni previsionali contenute nel presente comunicato stampa si basano sulle informazioni a disposizione del management alla data del presente comunicato e riflettono le attuali aspettative, stime e convinzioni del management in merito a eventi futuri. I risultati effettivi potrebbero differire in misura significativa da quelli espressi o impliciti per effetto dei fattori sopra descritti e di quelli riportati nella sezione «Risk Factors» dell'Annual Report della Società su Form 10-K relativo all'esercizio chiuso al 30 settembre 2025, depositato presso la SEC il 21 novembre 2025, nei Quarterly Reports della Società su Form 10-Q e negli altri documenti depositati dalla Società presso la SEC, come eventualmente modificati o aggiornati nel tempo. Copie di tali documenti sono disponibili su www.sec.gov e su https://Bitminetech.io/investor-relations/. La Società invita i lettori a non fare eccessivo affidamento sulle dichiarazioni previsionali, che riflettono esclusivamente le circostanze esistenti alla data in cui vengono formulate. Bitmine declina espressamente qualsiasi obbligo di aggiornare o rivedere dichiarazioni previsionali, salvo quanto previsto dalla legge applicabile.

Bitmine Immersion Technologies (BMNR) anuncia que sus tenencias de ETH llegan a 6,02 millones de tokens, y que el total de sus activos en criptomonedas y efectivo asciende a 17.400 millones de dólares

Bitmine posee el 4,9% del suministro total de monedas ETH, que asciende a 122,1 millones.

Bitmine ha recorrido el 99% del camino hacia la "alquimia del 5%" en tan solo 15 meses.

Tom Lee impartirá la conferencia principal en Token2049 el 7 de octubre de 2026 en Singapur.

Bitmine se incorporó al índice Russell 1000 de empresas de gran capitalización el 26 de junio de 2026.

Las acciones preferentes de Serie A de Bitmine cotizan en la Bolsa de Nueva York (NYSE) bajo el símbolo BMNP.

Bitmine cuenta con 5.067.309 ETH en staking, lo que representa 13.800 millones de dólares a un precio de 2.726 dólares por ETH. MAVAN (Made in America VAlidator Network) es una plataforma líder de staking de Ethereum para BMNR e inversores institucionales.

Bitmine posee una participación de 117 millones de dólares en Eightco (NASDAQ: ORBS), que actualmente es una de las pocas empresas cotizadas en bolsa del mundo que ofrece a los inversores una exposición indirecta a OpenAI.

Las tenencias de criptomonedas, el efectivo y los valores negociables, y las inversiones de alto riesgo ("Moonshots") de Bitmine suman un total de 17.400 millones de dólares, cifra que incluye 6,02 millones de tokens ETH, 643 millones de dólares en efectivo y valores negociables, así como otras tenencias de criptomonedas.

Bitmine sigue contando con el respaldo de un grupo destacado de inversores institucionales —entre ellos Cathie Wood (de ARK), MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital y el inversor particular Thomas "Tom" Lee— para apoyar su objetivo de adquirir el 5% de ETH.

, /PRNewswire/ -- (NYSE: BMNR) Bitmine Immersion Technologies, Inc. ("Bitmine" o la "empresa"), una compañía centrada en las redes Bitcoin y Ethereum y enfocada en la acumulación de criptomonedas para inversión a largo plazo, anunció hoy que sus tenencias —que comprenden criptomonedas, efectivo total y valores negociables, así como inversiones de alto riesgo y gran potencial ("moonshots")— ascienden a un total de 17.400 millones de dólares.

BMNR Weekly Update

BITMINE: Outperformed ETH by 50,9

Asset Performance

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STAKING: BMNR now

ALCHEMY of 5%:

A 4 de octubre de 2026 a las 6:30pm (hora del este), las tenencias de criptomonedas de la compañía se componen de 6.016.414 ETH a 2.726 dólares por ETH (según CoinbaseNASDAQ: COIN), 214 Bitcoin (BTC), una participación de 180 millones de dólares en Beast Industries, una participación de 117 millones de dólares en Eightco Holdings (NASDAQ: ORBS) —clasificadas como apuestas de alto riesgo y gran potencial ("moonshots")— y un total de 643 millones de dólares en efectivo y valores negociables. Las tenencias de ETH de Bitmine representan el 4,9% de la oferta de ETH (que asciende a 122,1 millones de ETH).

"Creemos que, a medida que el sector de las criptomonedas entra en lo que consideramos un mercado alcista, cabe destacar que el precio de las acciones de Bitmine superó el rendimiento de ETH durante el mercado bajista de 2025-2026. En los primeros nueve meses de 2026, ETH cayó un 10 % mientras que BMNR bajó un 3 %, lo que supone un rendimiento superior de 731 puntos básicos", declaró Thomas "Tom" Lee, presidente de Bitmine.

"A nuestro juicio, el comportamiento de las acciones de BMNR refleja el compromiso de la empresa de optimizar la rentabilidad para el accionista. Y lo logramos mediante diversas acciones, incluida la ejecución de la mayor recompra de acciones de la historia financiada con reservas de criptomonedas, adquiriendo 21 millones de títulos tan solo en 2026", continuó Lee.

"El hecho de que ETH superara al S&P 500 en 6.832 puntos básicos durante el tercer trimestre de 2026 resulta notable si se consideran los importantes vientos en contra de índole macroeconómica surgidos en dicho periodo, tales como una Reserva Federal con una postura restrictiva hawkish, el fuerte aumento del precio del petróleo, el incremento de los rendimientos de los bonos a nivel mundial y el endurecimiento general de las condiciones financieras. En lo que va del trimestre, ETH registra un rendimiento superior de 6.832 puntos básicos, superando con creces a otros activos macroeconómicos", afirmó Lee.

Tom Lee también ofrecerá la conferencia principal en Token2049 el 7 de octubre a las 10:00 a.m. en Marina Bay Sands en Singapur. Esta ponencia de 20 minutos forma parte de Token2049, la conferencia de criptomonedas más grande del mundo. Hay información adicional disponible en el sitio web de Token2049.

"Durante la última semana, adquirimos 17.112 ETH. El historial de compras constantes de criptomonedas de Bitmine no tiene parangón entre las empresas públicas de todo el mundo. Bitmine ha comprado ETH todas y cada una de las semanas desde el inicio de su estrategia de tesorería en ETH el 30 de junio de 2025", afirmó Lee.

Bitmine publicará esta semana el mensaje más reciente del presidente, correspondiente a octubre de 2026. El título del mensaje es 'Mercado alcista de criptomonedas en marcha: es probable que este ciclo sea el mayor'.

A principios de 2026, Bitmine lanzó MAVAN (Made in America VAlidator Network), una plataforma de staking de nivel institucional. Si bien MAVAN se desarrolló originalmente para dar soporte a la propia tesorería de Ethereum de Bitmine, la plataforma ha ampliado su alcance para atender a inversores institucionales, custodios y socios del ecosistema que buscan una infraestructura de staking de primer nivel. Una parte de los ETH de Bitmine ya se encuentra en staking a través de la plataforma MAVAN.

A 4 de octubre de 2026, el total de ETH en staking de Bitmine asciende a 5.067.309 unidades (13.800 millones de dólares a un precio de 2.726 dólares por ETH). "Bitmine ha puesto en staking más ETH que cualquier otra entidad en el mundo. A gran escala (cuando el ETH de Bitmine esté totalmente en staking a través de MAVAN y sus socios de staking), la recompensa proyectada por el staking de ETH sería de 431 millones de dólares anuales (basándose en un rendimiento BMNR a 7 días del 2,63%)", indicó Lee.

"Los ingresos anualizados por staking se proyectan ahora en 363 millones de dólares. Además, estos 5,1 millones de ETH representan el 84% de los 6,02 millones de ETH que posee Bitmine. Las propias operaciones de staking de Bitmine generaron un rendimiento a 7 días del 2,63% (anualizado)", destacó Lee.

Bitmine es una de las acciones con mayor volumen de negociación en Estados Unidos. Según datos de Fundstrat, la acción ha registrado un volumen diario promedio de negociación de 827 millones de dólares (promedio de 5 días, a fecha del 2 de octubre de 2026), situándose en el puesto número 125 en Estados Unidos —por detrás de Bristol-Myers Squibb Co (puesto 124) y por delante de Schlumberger NV (puesto 126)— entre las 5.704 acciones cotizadas en el país (fuentes: statista.com  e investigación de Fundstrat).

Las tenencias de criptomonedas de Bitmine ocupan el primer lugar entre las reservas de Ethereum y el segundo a nivel mundial, por detrás de Strategy Inc. (NASDAQ: MSTR), que según se informa posee 847.666 BTC valorados en aproximadamente 78.000 millones de dólares. Bitmine sigue siendo la entidad con mayores reservas de ETH del mundo.

La dirección de Bitmine considera que la Ley GENIUS y el "Project Crypto" de la Comisión de Bolsa y Valores (SEC) son tan transformadores para los servicios financieros en 2026 como lo fue la medida adoptada por Estados Unidos el 15 de agosto de 1971, la cual puso fin al sistema de Bretton Woods y desvinculó al dólar estadounidense del patrón oro hace 55 años. Aquel acontecimiento del año 1971 actuó como catalizador para la modernización de Wall Street, dando origen a los icónicos gigantes del sector y a las infraestructuras financieras y de pago actuales; dichas inversiones resultaron ser más rentables que el oro.

El mensaje del presidente se encuentra aquí:
https://www.Bitminetech.io/chairmans-message

La presentación de resultados y la presentación corporativa correspondientes al ejercicio fiscal completo de 2025 pueden consultarse aquí: https://Bitminetech.io/investor-relations/ 

Para mantenerse informado, regístrese en: https://Bitminetech.io/contact-us/ 

Acerca de Bitmine

Bitmine Immersion Technologies, Inc. (NYSE: BMNR), junto con sus filiales ("Bitmine" o la "empresa"), es una compañía de infraestructura tecnológica blockchain que opera en los ámbitos de los servicios institucionales de staking y validación de activos digitales, la minería de bitcóin y la gestión estratégica de activos digitales. Como empresa líder mundial en tesorería de Ethereum, implementa una estrategia innovadora de activos digitales dirigida a inversores institucionales y participantes de los mercados públicos. La empresa proporciona infraestructura de staking y validación de nivel institucional —mediante la cual obtiene recompensas por staking e ingresos por validación—, además de realizar actividades de minería de bitcóin. Bitmine mantiene activos digitales de forma estratégica y genera rendimiento sobre dichas tenencias para respaldar la liquidez y la formación de capital. Desde 2025, la empresa ha ampliado sus capacidades de infraestructura blockchain, incluyendo el desarrollo y despliegue de MAVAN, su plataforma institucional de staking y validación. Las actividades de la empresa abarcan también inversiones en oportunidades blockchain en fase inicial (inversiones de alto riesgo y gran potencial o "moonshots") y servicios complementarios de minería, alojamiento y consultoría.

Para detalles adicionales, síganos en X:

https://x.com/bitmnr

https://x.com/fundstrat

Declaraciones prospectivas 
Este comunicado de prensa contiene declaraciones que constituyen "declaraciones prospectivas" en el sentido de la Ley de Reforma de Litigios sobre Valores Privados de 1995, en su versión modificada. Las declaraciones prospectivas incluyen todas aquellas que no son puramente históricas y que, por lo general, pueden identificarse mediante términos como "espera", "proyecta", "tiene la intención de", "planea", "cree", "anticipa", "estima", "pronostica", "establece objetivos", "metas", "puede", "hará", "podría", "debería", "considera", "ve" o expresiones similares, o la forma negativa de dichos términos u otra terminología comparable. Este comunicado de prensa contiene específicamente declaraciones prospectivas relativas a, entre otras cosas: (i) el objetivo de la compañía de adquirir el 5% del suministro total de ETH (la iniciativa "Alchemy of 5%"); (ii) la estrategia de la Compañía de acumulación de activos digitales y gestión de tesorería, incluidas las declaraciones sobre las continuas adquisiciones semanales de ETH y la posición de la Compañía como la entidad con la mayor reserva de tesorería en ETH del mundo; (iii) las operaciones de staking de la Compañía, incluidas las recompensas anualizadas proyectadas por staking de ETH de aproximadamente 431 millones de dólares a escala y los ingresos anualizados proyectados actualmente por staking de aproximadamente 363 millones de dólares; (iv) la expansión de MAVAN para atender a inversores institucionales, custodios y socios del ecosistema; (v) las opiniones de la dirección sobre las condiciones del mercado de criptomonedas y el rendimiento superior del precio de las acciones en relación con ETH; (vi) el rendimiento relativo de ETH frente al S&P 500 y otros activos macroeconómicos; (vii) la opinión de la dirección de que la Ley GENIUS y el "Project Crypto" de la SEC transformarán los servicios financieros; y (viii) las declaraciones sobre el valor de las tenencias de la Compañía en criptomonedas, efectivo, valores negociables e inversiones de alto riesgo y gran potencial (moonshots).

 Estas declaraciones prospectivas conllevan riesgos e incertidumbres sustanciales que podrían hacer que los resultados reales difieran materialmente de los expresados o implícitos. Entre los factores que podrían causar o contribuir a tales diferencias se incluyen, entre otros: la extrema volatilidad e imprevisibilidad de los precios de los activos digitales, incluidos ETH y Bitcoin; la dependencia de la Compañía de fuentes de precios y valores de mercado declarados de terceros, los cuales pueden fluctuar significativamente; los cambios en las condiciones del mercado que afectan al precio de cotización y al volumen de negociación de los valores de la Compañía; la capacidad de la Compañía para ejecutar con éxito su estrategia de adquisición de activos digitales y alcanzar sus objetivos de acumulación de ETH, incluida la meta de "Alchemy of 5%"; la capacidad de la Compañía para financiar sus operaciones comerciales y la expansión de MAVAN; los riesgos operativos, de seguridad y tecnológicos asociados a las operaciones de staking y validación de la Compañía, incluidas las fallas de red, los eventos de penalización, las brechas de ciberseguridad y los cambios de protocolo; el riesgo de que los rendimientos, recompensas e ingresos reales del staking difieran sustancialmente de las cantidades proyectadas; la competencia en los sectores de tesorería de activos digitales, staking y minería; la dependencia de la Compañía respecto a personal clave; los acontecimientos regulatorios que afectan a los activos digitales, la tecnología blockchain y las actividades de staking, incluida la eventual promulgación, implementación e interpretación de la Ley GENIUS y otra legislación pendiente; las acciones de la SEC, CFTC y otros organismos reguladores; los riesgos relacionados con las inversiones de alto riesgo y gran potencial ("moonshot") de la Compañía, incluidas las realizadas en Eightco Holdings y Beast Industries; los factores macroeconómicos, como la inflación, las tasas de interés y las condiciones económicas generales; los cambios en el protocolo de Ethereum; el desempeño de proveedores de servicios, plataformas de intercambio, custodios y socios de staking externos; y los demás factores de riesgo descritos en los documentos presentados por la Compañía ante la SEC.

Las declaraciones prospectivas contenidas en este comunicado de prensa se basan en la información de la que dispone la dirección a la fecha de este comunicado y reflejan las expectativas, estimaciones, previsiones, proyecciones, opiniones y creencias actuales de la dirección en relación con acontecimientos y circunstancias futuros. Los resultados reales pueden diferir sustancialmente de los expresados o implícitos en las declaraciones prospectivas debido a diversos factores, incluidos los descritos anteriormente y en la sección de "Factores de riesgo" del Informe Anual de la Compañía en el formulario 10-K correspondiente al ejercicio fiscal finalizado el 30 de septiembre de 2025, presentado ante la SEC el 21 de noviembre de 2025, así como en los informes trimestrales de la compañía en el formulario 10-Q y en otros documentos presentados por la compañía ante la SEC, según se modifiquen o actualicen periódicamente. Se pueden obtener copias de estos documentos en el sitio web de la SEC (www.sec.gov) y en el sitio web de la compañía (https://Bitminetech.io/investor-relations/). La compañía advierte a los lectores que no deben depositar una confianza indebida en ninguna declaración prospectiva, ya que estas solo son válidas a la fecha en que se realizan. Bitmine rechaza expresamente cualquier obligación o compromiso de actualizar, revisar o complementar las declaraciones prospectivas para reflejar cambios en sus expectativas o variaciones en los acontecimientos, condiciones o circunstancias en los que se basan dichas declaraciones, salvo que así lo exija la legislación o normativa aplicable.

Key Takeaways Strategy's Bitcoin holdings rose 26% to 848,000 BTC through Oct. 4, expanding its treasury scale.Funding remains key, with $17.06B raised through ATM programs and $7.53B via STRC issuances.Strategy reported negative BTC Yield and a $2.10B BTC dollar Gain, underscoring dilution risks. Strategy Inc.’s (MSTR - Free Report) Bitcoin treasury has continued to expand in 2026. As of Oct. 4, the company held 848,000 BTC, acquired for an aggregate of $63.97 billion at an average purchase price of $75,440.70 per coin. The latest purchase, disclosed Oct. 5, added 334 BTC for $28.7 million at an average price of $85,838.80 per Bitcoin.

The scale of the treasury has expanded considerably this year. Strategy ended 2025 with 672,500 BTC, meaning its holdings have increased more than 175,000 BTC, or about 26%, through Oct. 4. Earlier, the company reported that its Bitcoin holdings had grown 25% year to date by July 26.

Funding remains central to the model. By July 26, Strategy had raised $17.06 billion through at-the-market programs in 2026, while STRC issuances had raised $7.53 billion. Liquidity has also been built to meet financing obligations. As of Oct. 4, Strategy’s USD Reserve stood at $4.88 billion, down from $5.02 billion on Sept. 27 after the company used reserve funds for preferred-stock dividends and interest payments.

The larger treasury has not guaranteed gains on a per-share basis. As of Oct. 4, Strategy reported a year-to-date BTC Yield of negative 3.7%, a BTC Gain of negative 24,963 and BTC dollar Gain of approximately negative $2.10 billion. These metrics indicate that Bitcoin per assumed share has declined, highlighting the importance of dilution and financing costs in Strategy’s treasury model.

Bitcoin prices also have a major effect on reported earnings. In the second quarter, Strategy recorded an $8.32 billion unrealized loss on digital assets and an $8.22 billion net loss, even as revenues rose 6.9% year over year to $122.4 million. That mix keeps the company closely tied to Bitcoin’s market value.

How Are MARA Holdings and Strive Competing?MARA Holdings (MARA - Free Report) competes with Strategy through a differentiated Bitcoin model that combines mining, treasury accumulation and active asset management, giving it internally generated Bitcoin alongside capital-market flexibility. Unlike Strategy’s acquisition-led approach, MARA can monetize or deploy holdings to support operations, liquidity and investments. MARA held 35,577 Bitcoin as of June 30, 2026.

Strive (ASST - Free Report) competes with Strategy through an aggressive Bitcoin-treasury model centered on capital raising, acquisitions and increasing Bitcoin per share. Its acquisition of Semler Scientific significantly expanded its treasury scale, strengthening its position among listed Bitcoin holders and creating another equity-based alternative for cryptocurrency exposure. Strive held 19,864 Bitcoin as of June 30, 2026.

MSTR’s Price Performance, Valuation and EstimatesShares of MSTR have increased 61.2% over the past three months against the industry’s fall of 6.1%.

Image Source: Zacks Investment Research

From a valuation standpoint, Strategy remains highly expensive, trading at a forward 12-month price-to-sales ratio of 120.54, which is far above the sector's average. Its Value Score of F reinforces concerns that the stock is significantly overvalued.

Image Source: Zacks Investment Research

Over the past 30 days, earnings estimates for 2026 have been revised 2 cents upward to negative $23.74 per share.

Image Source: Zacks Investment Research

At present, MSTR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Bitcoin has staged an impressive quarterly comeback, but millions of buyers are still watching their portfolios bleed red. Whether you break even depends entirely on one number: the price you paid.

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Bitcoin (CRYPTO: BTC) has surged 33.4% over the past 90 days; however, it still trades 29.7% below its price a year ago. This means many buyers have yet to hit their Bitcoin break-even price. The recent rally has pushed Bitcoin from around $63,400 in early July 2026 to nearly $84,621 as of October 3. Despite this rebound, Bitcoin remains about 32.9% below its all-time high of $126,080 recorded in October 2025.

With such strong quarterly growth, we must ask: which Bitcoin buyers are still facing losses?

Bitcoin’s 33% Quarter Still Leaves Many Buyers Underwater

While a 90-day gain highlights recent performance, it doesn’t reflect where most buyers initially entered the market. Bitcoin’s rise began at $63,400, down from about $120,400 a year ago.

Additionally, recovering from a loss requires a more substantial percentage gain. Bitcoin needs to rise about 42% to return to last year’s price and about 49% to hit its record high, even after this recent 33.4% gain.

Looking more closely, momentum has slowed recently. Bitcoin rose 31.4% over the past two months but only gained 7.8% in the last month and just 0.5% over the past week. Most of the significant gains occurred between early August and early September.

Bitcoin’s Break-Even Price Depends on When Buyers Paid

Each holder’s result depends largely on their entry price. Anyone who bought Bitcoin at prices above $84,621 is currently at a loss. The breakdown below shows how much Bitcoin needs to rise for buyers at different entry points to break even.

Entry Point Price Paid Increase Needed to Break Even Record High $126,080 +49% A Year Ago About $120,400 +42% Start of 2026 About $88,750 +4.9% Strive’s Latest Purchase $85,396 +0.9% Strategy’s Average Cost $75,419 None (already 12% in profit) Buyers who entered on January 1 need only a 4.9% increase, as Bitcoin is down 4.7% this year. However, those who bought near the all-time high need a nearly 50% increase, while buyers who entered around $63,400 in early July are currently seeing about a 33% gain.

Strategy Holds a Profit While Strive’s Latest Bitcoin Batch Is Underwater

Most Bitcoin transactions occur on exchanges and through ETFs, and individual buyers usually don’t share their purchase costs. However, Strategy Inc. (NASDAQ: MSTR | MSTR Price Prediction), a software company that has shifted to holding Bitcoin, reports an average purchase price of $75,419, for a gain of about 12%.

In contrast, Strive (NASDAQ: ASST), an asset manager with a Bitcoin treasury, purchased its latest batch at an average price of $85,396, putting it about 0.9% above the current price. The timing of purchases matters. Strategy’s average includes older, lower-cost purchases, while Strive’s recent acquisition reflects higher prices.

These examples cover only two companies. Public data doesn’t show the overall percentage of Bitcoin holders who are underwater, so any estimates remain speculative.

Which Bitcoin Buyers Are Still at a Loss in 2026? In summary, anyone who paid more than about $84,621 is still facing losses. This includes buyers from the beginning of 2026, those who bought a year ago, and anyone who entered near the $126,080 record. Most recent gains benefited long-term holders like Strategy and those who bought near the July lows.

For recent buyers, regaining their Bitcoin break-even price may require patience. Many may sell once they reach that point, potentially slowing Bitcoin’s ascent between $85,000 and $89,000. Additionally, if the price falls below $75,419 (roughly 11% lower), it could even push Strategy’s average purchase price underwater. The question remains: Will Bitcoin surpass the start-of-year Bitcoin break-even price of around $88,750 before the end of 2026?

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