Senior Research Analyst
Articles
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”
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A new bridge between global equities and Bitcoin capital markets, in Roxom. Introduction The dollar era is losing its shine. Inflation erodes purchasing power, central banks distort interest rates, and investors everywhere are re-evaluating how they measure wealth. Meanwhile, Bitcoin continues to rise as the neutral, borderless reserve asset of
Context & Strategic Significance Metaplanet has rapidly emerged as Japan’s leading Bitcoin treasury company, vaulting from zero holdings in 2024 to over 30823 BTC by Oct 2025. This aggressive accumulation reaching 10,000 BTC by mid-2025 and surpassing even Coinbase’s corporate stash makes Metaplanet the country’s largest
-> LINK TO PART 1 Stakeholder Benefits The Metaplanet Prefs are ingeniously structured to deliver benefits to all key stakeholders the issuing company, the preferred investors, and the common equity shareholders aligning their interests around Bitcoin’s growth. Benefits for Metaplanet (Issuer) * Diversified Funding & Lower Cost of Capital:
Introduction The Shift in Corporate Finance When inflation melts corporate cash faster than boards can replenish it, treasurers have two choices: chase yield or change the unit of account. In 2020, MicroStrategy made the second choice transforming $500 million of idle dollars into Bitcoin. That single act re-defined corporate finance
Executive Summary: The Pioneering of Bitcoin-Backed Corporate Finance The company's strategic pivot from conventional convertible debt to a tiered family of perpetual preferred stocks represents a fundamental innovation in corporate finance. By intelligently leveraging its substantial Bitcoin treasury as a form of pristine collateral, the company has not
The State of Bitcoin Markets