strategy

According to the disclosure on the Strategy official website (Form 8-K, May 15), Strategy announced plans to repurchase $1.5 billion of convertible bonds maturing in 2029.At the same time, the company opened voting on the STRC semi-monthly dividend amendment to STRC and MSTR holders.

BlackRock, the world's largest asset management company, submitted its Q1 2026 13F report, showing a significant adjustment in its holdings of crypto-related stocks.Among them, it increased its holdings in MicroStrategy (MSTR) by approximately 3.14 million shares, raising its total to 17.75 million shares, with a market value of about $2.216 billion; it increased its holdings in Bitmine (BMNR) by approximately 2.02 million shares, bringing its total to about 11.08 million shares, with a market value of about $219 million.At the same time, it reduced its holdings in Coinbase (COIN) by approximately 330,000 shares, bringing its total to about 16.74 million shares, with a market value of about $2.924 billion; it reduced its holdings in Circle (CRCL) by approximately 610,000 shares, bringing its total to about 5.06 million shares, with a market value of about $483 million.

Strategy's preferred stock STRC recorded a record trading volume on Thursday, with a transaction amount reaching $1.53 billion, more than quadrupling the average over the past 30 days. Reports indicate that this peak in trading mainly occurred on the eve of the ex-dividend date, with a large number of trades priced at or above the $100 par value level. STRC currently offers an annualized cash dividend of approximately 11.5%, paid monthly.The high trading volume propelled Strategy to complete a new round of Bitcoin accumulation through its ATM (at-the-market) financing mechanism, purchasing approximately 11,707 BTC, allowing the company to continue expanding its position as the largest publicly traded Bitcoin holder in the world. Market data shows that STRC slightly retreated by about 1% in pre-market trading after entering ex-dividend trading, approaching the trading range just below $100, consistent with the usual price adjustment pattern for dividend-paying assets after the ex-dividend date. During the same period, the price of Bitcoin slightly weakened to around $80,500, and Strategy's common stock also fell by about 2%, reflecting the continued significant correlation between cryptocurrency assets and the company's stock price.

Delphi Digital published a report stating that the variable rate Series A perpetual preferred stock STRC of Strategy has an authorized issuance limit of approximately $28.3 billion. If this value is reached without expanding the limit, the accumulation rate of Bitcoin by Strategy may slow down.On Monday, Strategy purchased 535 Bitcoins for $43 million, with most of the funds raised through the sale of Class A common stock MSTR. Currently, Strategy's market net asset value is 1.25 times. Researchers pointed out that when mNAV is low, Strategy uses STRC as the main accumulation tool, and if mNAV expands, it may acquire Bitcoin through the sale of MSTR. Strategy has a cash reserve of $2.25 billion, and the next significant cash obligation will mature in September 2027.

According to The Block, K33 research director Vetle Lunde stated that Strategy's perpetual preferred stock STRC may be becoming an important factor driving the mid-month rise in Bitcoin. Lunde pointed out that STRC dividends are paid on the last day of each month, while the ex-dividend date is set around the 15th of each month.Since Strategy will issue additional shares through the ATM mechanism when the STRC price exceeds the $100 par value and use the raised funds to purchase BTC, the market demand for STRC tends to increase before the ex-dividend date, often leading to more BTC buying.Data shows that the scale of BTC purchased by Strategy through STRC has grown from 4,467 coins in January this year to about 46,872 coins in April. Currently, Strategy's total Bitcoin holdings have reached 818,869 BTC, valued at approximately $6.57 billion.However, K33 also noted that the speed at which STRC returned to par value this month has slowed compared to before, with only 1 BTC added through this tool recently, indicating that market demand may be approaching a phase of plateau.

Delphi Digital stated on platform X that Strategy has raised funds over the years by issuing stock at a premium and cheap convertible bonds.Today, this window has essentially closed. Common stock issuance is constrained by the market-adjusted net asset value (mNAV), the issuance of new convertible debt has been suspended, and STRC has become the primary financing channel. The 11.5% yield is the cost at a lower tier of the capital structure.The repayment order of STRC is behind convertible bonds and preferred stock, so holders are compensated for taking on the impairment risks that the debt layer avoids. Strategy is paying this spread to continue accumulating Bitcoin in the current environment while buying time for the repayment of large debts maturing in 2028.

Strategy's STRC Bitcoin accumulation has begun, and sufficient funds have been raised to purchase 17 BTC.

According to Bits.media, Wells Fargo disclosed its holdings in cryptocurrency ETFs to the U.S. SEC. In the first quarter, the bank increased its position in Ethereum ETFs, with a 63.5% increase in shares of BlackRock's iShares Ethereum Trust ETF (ETHA), rising from 672,600 shares to 1,100,000 shares; and a 37% increase in shares of Bitwise Ethereum ETF (ETHW), rising from 186,800 shares to 257,000 shares. Despite a net outflow of approximately $769 million from Ethereum spot ETFs in the first quarter and a 29% drop in ETH prices, Wells Fargo still holds about $21.5 million in Ethereum ETFs, with BlackRock products accounting for $17.6 million.In terms of Bitcoin ETFs, the bank's investments in Bitwise Bitcoin ETF and Grayscale Bitcoin Mini Trust grew by approximately 24% and 41%, respectively. BlackRock's iShares Bitcoin Trust remains the main holding, at about $250 million. Wells Fargo also significantly adjusted its holdings in cryptocurrency-related stocks: it reduced its stake in Galaxy Digital by 97%, from 2.5 million shares to 78,600 shares; while increasing its stake in Strategy by 125%, from 322,700 shares to approximately 726,000 shares.

According to BBX data, this week (as of May 12), Bitcoin corporate reserves continue to expand, and institutional-level ETF product monthly performance data has been released. The core dynamics are as follows:Strategy, Inc. (NASDAQ: $MSTR) submitted Form 8-K to the SEC on May 11, disclosing that the company purchased an additional 535 BTC, totaling approximately $43 million, with an average price of about $80,340; as of May 11, the total holdings increased to 818,869 BTC, with a total acquisition cost of approximately $61.86 billion (average price $75,540), and a BTC yield of 9.4% since the beginning of 2026. Of the funds used for this round of purchases, $42.9 million came from MSTR ATM equity financing, and $1 million came from the STRC preferred stock program; this purchase of 535 BTC is significantly lower than last month's peak (an increase of 34,164 BTC in the week of April 13-19), but it still maintains the purchase after the company's Q1 financial report hinted at the possibility of selling BTC to pay dividends, thereby endorsing the "firm holding" position with actual actions.Morgan Stanley (NYSE: $MS) launched the Morgan Stanley Bitcoin Trust (NYSE Arca: $MSBT) on April 8. According to a report by CryptoSlate on May 10, $MSBT recorded zero net redemptions in its first full trading month after launch, with assets under management maintaining positive growth from the first day; meanwhile, the overall U.S. Bitcoin spot ETF has recorded net positive inflows for six consecutive weeks, with a cumulative net inflow of $2.44 billion in April, and daily average inflows continuing to be positive since May. $MSBT entered the market with a management fee rate of 0.14%, making it the lowest fee Bitcoin spot ETF currently available; the zero net redemption data for the first month marks the establishment of preliminary stable demand for this product among Morgan Stanley's wealth management client network, interpreted by institutional analysts as an early signal of large-scale access to the Bitcoin ETF ecosystem through traditional wealth management channels.

TON Strategy Company (Nasdaq: TONX) announced its Q1 2026 financial report, stating that the company currently holds approximately 221.9 million Toncoin, which accounts for about 4.29% of the total TON supply according to Tonstat data, with approximately 221.2 million already used for staking.The company indicated that its staking infrastructure currently accounts for about 26.18% of the total staking scale on the TON network. As of March 31, 2026, the fair value of the company's TON holdings was approximately $27.2 million. The financial report showed that the company earned about 2.2 million TON through staking in Q1, generating approximately $3 million in staking revenue; total revenue was $5.3 million, with a gross profit of about $4 million.However, due to the volatility of the TON coin price, the company recorded an unrealized loss of approximately $87.9 million in cryptocurrency assets for the quarter, with a pre-tax net loss of $91 million. As of the end of Q1, the company held approximately $35 million in cash and restricted cash, with no debt on the balance sheet.TON Strategy also stated that after the TON network completed a significant performance upgrade in April 2026, the network's staking yield increased from 0.34% in March to 1.39% in April, annualized to approximately 16.7%.In addition, the company mentioned that as Telegram continues to promote the development of the TON ecosystem and the overall market strengthens, as of May 6, 2026, the fair value of its 221.9 million TON holdings has risen to approximately $433.3 million.New CEO Kevin Wilson stated that the company's goal is to become "the core platform providing transparent TON exposure for institutional investors in the U.S. public market," emphasizing the long-term potential of TON in Telegram, payments, development tools, and AI Agent scenarios.

The cryptocurrency research institution Delphi Digital released the latest report "How Far Can Saylor Stretch It," which systematically analyzes the Bitcoin (BTC) funding expansion mechanism of Strategy, pointing out that its financing structure is transitioning from "low-cost accumulation" to the "diminishing marginal efficiency" stage. The report shows that in the current asset accumulation system centered around Bitcoin, STRC has become the core financing tool for Strategy's continuous purchase of BTC. Initially, it relied on a significant premium in MSTR's stock price (mNAV far exceeding BTC's net value) to achieve a positive cycle of "issuance leads to accumulation," but as the valuation has fallen back to about 1.24 times the EV-based mNAV, the BTC per share enhancement effect from common stock issuance is nearing breakeven.At the same time, while convertible bond tools have played an important role historically, they have accumulated about $8.2 billion in principal and will face concentrated repayment pressure after September 2027, putting long-term sustainability of the financing structure under pressure. STRC provides a continuous financing source for Strategy by offering approximately 11.5% annualized monthly dividends to income-oriented investors, to maintain the pace of BTC purchases. However, this mechanism also introduces ongoing cash flow obligations, meaning that each round of financing increases BTC assets while simultaneously accumulating future dividend burdens.The report emphasizes key risk scenarios: if BTC prices remain stagnant and MSTR's premium fails to recover, then the "STRC financing purchase gain" may be gradually offset by "common stock dilution and dividend obligations." Although the company's approximately $2.25 billion cash reserves can cover about $1 billion in redemption pressure in 2027, larger-scale debt and dividend structures in 2028 still need to be addressed. Additionally, the current authorized issuance limit of about $28.3 billion for STRC becomes a critical constraint point. Once the limit is reached, the ability to purchase new BTC may slow down, but existing dividend obligations will continue to exist, thus altering the overall BTC per share dynamic growth path.

Strategy announced that it will hold a Q&A session for retail investors tomorrow at 5:00 PM Eastern Time. This event will be hosted by Nat Brunell, with Strategy founder Michael Saylor and CEO Phong Le in attendance, discussing the company's strategy, Bitcoin holdings, and related business developments with investors. This Q&A may be seen as an important communication window for the market's attention on Strategy's digital asset strategy and capital market trends.

Wells Fargo's latest submitted 13F filing shows that it increased its holdings in several Ethereum spot ETFs in the first quarter of 2026, including BlackRock ETHA and Bitwise ETHW. Among them, the ETHA holdings increased from approximately 672,600 shares in the fourth quarter of 2025 to about 1.1 million shares, an increase of about 63.5%; the ETHW holdings rose from about 186,800 shares to approximately 257,000 shares, an increase of about 37%. As of the end of the first quarter, the total value of the ETH ETFs held by Wells Fargo was approximately $21.5 million.In contrast, its Bitcoin ETF holdings showed divergence: IBIT holdings slightly decreased, while BITB and Grayscale Bitcoin Mini Trust ETF holdings increased by approximately 24% and 41%, respectively. Currently, IBIT remains its largest crypto ETF holding, with a scale of about $250 million. Additionally, Wells Fargo significantly adjusted its positions in crypto-related stocks, reducing its holdings in Galaxy Digital by about 97%, while increasing its holdings in Strategy from approximately 322,700 shares to 726,000 shares, an increase of about 125%.

According to on-chain analyst Yu Jin's monitoring, Bitcoin treasury company Strategy (MSTR) purchased 535 BTC (approximately $43 million) last week at a price of about $80,340. They now hold a total of 818,869 BTC (approximately $6.6398 billion), with an average cost of $75,540, resulting in an unrealized profit of $4.54 billion (+7.3%).Ethereum treasury company Bitmine (BMNR) purchased 26,659 ETH (approximately $6.214 million) last week at a price of about $2,331. They now hold a total of 5,206,790 ETH (approximately $12.132 billion), with an average cost of $3,539, resulting in an unrealized loss of $6.297 billion (-34.1%). Additionally, 90% of their ETH (4.713 million) has been deposited into Ethereum staking.

Michael Saylor posted that Strategy purchased an additional 535 bitcoins before May 10, with a total value of approximately 43 million dollars and an average purchase price of about 80,340 dollars.Saylor stated that Strategy's BTC Yield has reached 9.4% as of 2026. As of May 10, 2026, Strategy holds a total of 818,869 BTC, with a total purchase cost of approximately 6.186 billion dollars and an average holding cost of about 75,540 dollars.

French listed company Capital B (ALCPB) announced the completion of a €15.2 million financing, with investors including global institutional investors and strategic investors Adam Back and TOBAM, to accelerate its Bitcoin treasury company strategy.

According to The Block, Strategy's Executive Chairman Michael Saylor stated in an interview that even if the company occasionally sells a small amount of Bitcoin, it will quickly replenish it at a ratio of buying back 10 to 20 coins for every 1 sold, emphasizing that it should become a net accumulator of Bitcoin, holding more Bitcoin at the end of each year than at the beginning.Last week, Strategy mentioned in its earnings call that it would consider using its Bitcoin holdings to fund dividends for the STRC perpetual preferred stock plan, no longer viewing it as completely untouchable reserves.

Strategy CEO Phong Le posted on platform X that the company's software business achieved its strongest quarterly performance in nearly a decade in Q1 2026, with revenue growth of 12%, including a 59% increase in cloud business revenue and a 27% increase in controllable profits. The company has 1,500 employees, serving over 3,000 clients and more than 500,000 active users, including nearly half of the Fortune 500 companies.Le stated that the combination of the Bitcoin treasury business and the software business has a unique synergy: the world-class engineering, security, enterprise sales, and compliance experience of the software business provides institutional-level expertise for the Bitcoin business; conversely, the Bitcoin mission inspires employees, attracts talent, and accelerates innovation in the software business. The company recently built the AI data platform Mosaic, integrating large language models, massive-scale computing, and data warehousing. Le expects to leverage multiple AI models in the coming year to restructure internal processes and systems, achieving workflow automation and system autonomy.

Strategy CEO Phong Le confirmed that the company only sells Bitcoin under specific conditions. Previously, Executive Chairman Michael Saylor hinted at the possibility of selling Bitcoin to pay dividends, which led to a 4% drop in MSTR's stock price. Le stated that the decision to sell is primarily related to the Series A perpetual preferred stock Stretch (STRC, dividend yield 11.5%). The company will execute sales when it is more beneficial for shareholders to sell Bitcoin than to issue stock for dividend payments, with specific trigger conditions being the stock price falling below book value or mNAV falling below approximately 1.22. The second condition involves tax management, including realizing deferred gains or capturing tax losses. Le emphasized that the company's leverage is about 10%-15%, with a magnification rate of about 35%, and the financial situation is manageable.Strategy currently holds 818,334 BTC, with an average price of approximately $75,537, making it the largest publicly traded holder of Bitcoin in the world. Le pointed out that the daily trading volume of Bitcoin exceeds $60 billion, while the company's annual dividends are only about $1.5 billion, indicating that liquidity is not an issue, and stated, "I believe in math rather than ideology."

Strategy founder Michael Saylor has once again released information related to the Bitcoin Tracker.According to previous patterns, Strategy always discloses information about increasing Bitcoin holdings on the day after relevant news is released.