Senior Research Analyst
Articles
A UK Tech Business, a Bitcoin Treasury Vision, and the Next Phase of Institutional Legitimacy The approval and publication of the prospectus for The Smarter Web Company PLC marks a defining moment in the firm’s corporate journey. What began as a UK-born web design and digital marketing business is
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A balance-sheet case study in Bitcoin-native capital structuring When Strive, Inc. released two back-to-back announcements on January 21 and January 22, 2026, many investors were left asking a simple question: Did Strive raise $150 million or $118 million? The correct answer critically is $118 million in cash, with the remainder
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The shareholder approval of Strive, Inc.’s acquisition of Semler Scientific marks a watershed moment in the evolution of Bitcoin-native corporate finance. With this transaction, Strive, Inc. is not merely growing its balance sheet it is institutionalizing a new playbook for how Bitcoin treasury companies can scale, deleverage, and amplify
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Introduction: Why the World Still Lacks “Good Money” For over a decade, Bitcoin has proven itself as digital capital, a scarce, global, censorship-resistant store of value. It has absorbed volatility, rewarded long-term holders, and increasingly sits on corporate and institutional balance sheets. Yet despite Bitcoin’s success, one core problem
Strategy Inc. 2025 Annual Review: Executive Summary In 2025, Strategy Inc. (NASDAQ: MSTR) (formerly MicroStrategy) completed its evolution from a software firm with a Bitcoin balance sheet into the world's first purpose-built Bitcoin Treasury Company. The fiscal year was defined by the aggressive operationalization of the company’s
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To: Henry A. Fernandez Chairman and Chief Executive Officer MSCI Inc. Re: Comments on Proposed Exclusion of Bitcoin Treasury Companies from MSCI Indices Dear Mr. Fernandez, Roxom appreciates the opportunity to comment on MSCI’s proposed exclusion of companies whose digital asset holdings exceed 50% of total assets from the
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