Senior Research Analyst
Wall Street’s benchmark machinery is undergoing a rare ideological stress test and Bitcoin is at its core.On October 10, global index provider MSCI launched a consultation proposing to remove companies whose primary business is digital-asset treasury activity and whose crypto holdings exceed 50% of their total assets. The
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Executive Summary Bitcoin Treasury Companies (BTCTCs) operate with a financial objective distinct from traditional corporations long-term maximisation of Bitcoin per Share (BPS). Their balance sheets function primarily as Bitcoin reserve portfolios, and the integrity of these reserves determines their strategic position across market cycles. When BTCTC equity trades below monetary
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Metaplanet Inc. has entered a new chapter of corporate finance in Japan. With the launch of its Class B Preferred Share issuance raising ¥21.249 billion in long-dated, equity-classified capital the company has constructed one of the most sophisticated Bitcoin-backed funding instruments ever seen in Asia. Metaplanet’s Class B
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Strive Asset Management — SATA Perpetual Preferred Equity I. Executive Summary The emergence of perpetual preferred equity within Bitcoin Treasury Companies (BTCTCs) marks a structural transition in digital-asset corporate finance. Following Strategy Inc.’s pioneering issuance earlier this year, Strive’s SATA (Variable Rate Series A Perpetual Preferred Stock) becomes the
Strategy has lost ~50% in BTC terms since May — and this pullback is exactly the opportunity long-horizon investors wait for. The chart tells a simple but powerful story: MSTR has underperformed Bitcoin by nearly 50% in six months. For most companies, this would signal a deterioration in fundamentals. For Strategy
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Bitcoin Treasury Companies (BTCTCs) are quietly rewriting corporate finance. While the mainstream financial world remains anchored to fiat debt and equity systems, these firms have begun to construct a parallel capital architecture one that channels global liquidity into Bitcoin, converts fiat liabilities into Bitcoin reserves, and measures success not by
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Introduction: A Bitcoin-Backed Euro Yield Play Strategy Inc.'s new euro-denominated perpetual preferred security, STRE (Stream), offers a unique solution. With a fixed 10% annual dividend and deep overcollateralization via Bitcoin (BTC), the Stream instrument is more than just another yield product it's the European debut of
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S&P’s First Rating of a Bitcoin Treasury Company Redefines Corporate Credit for the Post-Fiat Era Executive Summary S&P Global Ratings has assigned a B- / Stable issuer credit rating to Strategy Inc, the world’s largest Bitcoin Treasury Company (BTCTC).At first glance, the rating appears
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An Institutional Framework for Evaluating BTC Per Share Compounding Bitcoin Treasury Companies (BTCTCs) represent a financial architecture built on a fundamentally different mandate than traditional corporations. Conventional companies optimize for earnings per share in fiat currency. Bitcoin Treasury Companies optimize for a higher-order treasury objective: To increase Bitcoin per share
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A new standard for hard-money markets, where gold meets Bitcoin. Introduction For centuries, gold has defined monetary stability. It was the anchor behind the dollar, the measure of trust between nations, and the refuge when fiat lost credibility. But in the digital era, Bitcoin has inherited that role, borderless, programmable,
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Executive Summary The world's oldest store of value is quietly dissolving in real time. Gold, the anchor of wealth for more than five years, has lost almost 75% of its value against Bitcoin since 2021. This chart isn’t merely a trade signal; it’s a monetary migration
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For decades, the S&P 500 served as the unquestioned barometer of U.S. wealth. Pension funds, 401(k) allocators, sovereign wealth desks, and retail households alike treated it as a conservative, diversified claim on long-term prosperity. “Buy the index, hold for 30 years, and you’ll be fine”