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How Saylor Is Building Intelligent Leverage with Bitcoin-Backed Perpetual Preferred Stocks
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
How does the future of BTCTC look like - With Brian Brookshire from H100
The State of Bitcoin Markets
How BTCTC Maximize BTC Returns - With Alexandre Laizet from Capital B
Strive–Semler: Decoding the “210% Premium” and the Real Bitcoin Economics
Before the market opened Monday, Strive, Inc. (NASDAQ: ASST) announced it will acquire Semler Scientific, Inc. (NASDAQ: SMLR) in an all-stock transaction that, at Friday’s prices, appeared to deliver a 210 % premium to SMLR holders. But with ASST stock already down to $2.89 (from $4.30 Friday) and
Why NAKA Collapsed 90% From Its Peak: The Anatomy of a PIPE Unwind
NAKA was pitched as the “first Bitcoin-native holding company,” born out of KindlyMD’s reverse merger with Nakamoto Holdings. Within months of its debut, the stock soared on hype around its Bitcoin treasury strategy. But today, it trades nearly 90% below its peak. This isn’t just a story about
Dilution vs. Dominance: Inside Metaplanet’s $1.4B Bitcoin Bet
Tokyo Metaplanet Inc., the Tokyo-listed company reinventing itself as Japan’s Bitcoin proxy, has completed one of the largest crypto-treasury financings in Asia. In mid-September, the firm raised ¥205.4 billion ($1.4 billion) via an overseas offering of 385 million shares—capital it will use primarily to buy Bitcoin.
Research Reports
H100 Group AB – Pioneering Sweden’s Bitcoin Treasury Strategy: Part 3
-> Read Part 1 -> Read Part 2 Governance, Risk Management & Controls H100’s novel strategy brings unique risks. The company has moved swiftly, but management appears mindful of building robust governance around its treasury. Key elements: Board & Oversight: The Board of Directors (Chairman Jonatan Raknes,
Research Reports
H100 Group AB – Pioneering Sweden’s Bitcoin Treasury Strategy- Part 2
-> Read Part 1 Valuation & mNAV Analytics At its core, valuing H100 Group comes down to valuing its Bitcoin holdings – and then assessing the premium/discount the market assigns relative to those holdings (the market-to-NAV multiple, mNAV). Traditional metrics like P/E are not meaningful yet (H100 has
Research Reports
H100 Group AB – Pioneering Sweden’s Bitcoin Treasury Strategy: Part 1
Executive Summary Thesis: H100 Group AB is leveraging its dual identity as a health-tech operator and Bitcoin treasury to maximize BTC per share growth – effectively becoming Sweden’s “MicroStrategy-equivalent” with a Nordic twist. In just 104 days since pivoting to a Bitcoin reserve strategy, H100’s holdings surged above 1,
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Smarter Web Company’s Institutional Playbook: Following the Path of Strategy & Metaplanet
Over the past week, The Smarter Web Company (SWC | TSWCF | 3M8) has announced three major governance and capital markets changes: 1. 27 Aug 2025 → Auditor upgrade (Adler Shine → PKF Littlejohn LLP) 2. 01 Sep 2025, 07:00 → Corporate adviser upgrade (Peterhouse Capital → Strand Hanson) 3. 01 Sep 2025, 07:01
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Michael Saylor’s “iPhone Moment”: Preferred Stock vs Convertible Bond
Convertible Bonds vs Preferred Stock Roxom Research – Capital Structure Feature Convertible Bonds Preferred Stock Structure Debt with fixed term, convertible into equity. Perpetual equity; may or may not be convertible. Access Limited to institutions; typically low secondary liquidity. Publicly traded and retail accessible on major venues. Maturity Fixed maturity; principal