MSCI adopted rules that bar non-operating companies from its global indexes, putting Strategy and Metaplanet at risk after the Nov. 30 close. The final list is due Nov. 11, and any selling by index-tracking funds depends on who is on it.
Perspective Coverage
12 publishers
- Builder
- Builder 5%
- Operator
- Operator 24%
- Investor
- Investor 71%
Reality
- Evidence72
- Adoption40
- Hype gap+25
- Incentives55
- Confidence74
Strategy has conditionally declared daily STRC dividends at a 12% rate for November, if common stockholders approve an amendment on October 28. Either way the November total is $1.00 a share, so the vote moves the payment calendar and nothing else.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 28%
- Investor
- Investor 67%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+12
- Incentives68
- Confidence74
Strive added 3,311 BTC in a week to reach 32,773 BTC, CEO Matt Cole said on October 13. He also reported about $208 million of warrant exercises, or roughly 7.7 million shares at the $27 strike if that is cash.
Perspective Coverage
6 publishers
- Builder
- Builder 5%
- Operator
- Operator 23%
- Investor
- Investor 72%
Reality
- Evidence72
- Adoption34
- Hype gap+22
- Incentives58
- Confidence74
Saylor ties Strategy's next credit issuance to a bull market he says has begun
Strategy's Michael Saylor told Bloomberg on October 13 that the crypto bear market is over and bitcoin will return above $100,000. Bitcoin was near $83,000, and he expects Strategy to buy more and issue more credit to pay for it.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 23%
- Investor
- Investor 70%
Reality
- Evidence52
- Adoption
- Not scored
- Hype gap+35
- Incentives78
- Confidence66
Strategy bought 250 bitcoin for $21.5 million to reach 848,250 BTC and spent $192.4 million repurchasing STRC preferred stock. The buyback is 3.5% of the $5.52 billion it held in dollar reserves and cash on October 11.
Perspective Coverage
8 publishers
- Builder
- Builder 7%
- Operator
- Operator 36%
- Investor
- Investor 57%
Reality
- Evidence84
- Adoption
- Not scored
- Hype gap+8
- Incentives60
- Confidence82
Strategy spent $176.3 million repurchasing STRC preferred stock in the week to Oct 4, against $28.7 million for 334 bitcoin. The shares cost about $99.60 each, and retiring them cuts roughly $21 million a year of 12% dividends.
Reality
- Evidence70
- Adoption
- Not scored
- Hype gap+15
- Incentives55
- Confidence68
The company put $75.7 million into 950 coins last week and $174 million into discounted STRC shares, and the two programs are now drawing on cash balances that fell in the same filing.
Perspective Coverage
5 publishers
- Builder
- Builder 0%
- Operator
- Operator 21%
- Investor
- Investor 79%
Reality
- Evidence80
- Adoption
- Not scored
- Hype gap+10
- Incentives55
- Confidence78
Strive's SATA preferred raised an estimated $55M for bitcoin, almost all in two sessions above par
Strive's SATA preferred stock raised an estimated $55 million this week through its at-the-market program, enough for about 638 bitcoin. Nearly all of it came on the two days the shares held their $100 par, because issuance stops below that price.
Reality
- Evidence55
- Adoption40
- Hype gap+20
- Incentives45
- Confidence50
Strategy shares fall 1.7 times as far as Bitcoin after the 848,000 BTC filing
Strategy shares closed at $151.47 on October 8, about 11% below their weekly high, as Bitcoin fell 6.3% from its peak. The stock moved about 1.7 times as much as Bitcoin both that week and across September, short of the more-than-double swing The Crypto Times calls typical.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+20
- Incentives
- Not scored
- Confidence55
STRC's trading depth depends on a $100 price that Strategy's buybacks helped support
Strategy's own buybacks made up over 20% of weekly STRC trading in most of September, Keyrock found. For holders the larger exposure is the price, since Keyrock found STRC four to eight times less liquid once it drifts more than 1% from its $100 par.
Reality
- Evidence50
- Adoption55
- Hype gap+15
- Incentives65
- Confidence55
Viral $197M Fidelity Bitcoin Sale Claim Remains Unconfirmed as Arkham Clarifies Separate Strategy-Linked Transfers Were Internal Custody Moves
Arkham Intelligence says 3,568 bitcoin tied to a viral claim of a $197 million Fidelity sale moved inside Fidelity Custody on Sept. 29 and were not sold. Fidelity holds coins in those wallets for institutional clients, so a large on-chain transfer cannot by itself show who is selling.
Reality
- Evidence35
- Adoption
- Not scored
- Hype gap+35
- Incentives
- Not scored
- Confidence40
Strategy will let only common shareholders vote on October 28 on moving STRC preferred to daily dividends from November 1. The rate and total payout stay the same, though STRC holders voted when Strategy last changed their payment schedule in May.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 20%
- Investor
- Investor 75%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+30
- Incentives75
- Confidence68
Strategy spent $176 million buying back its STRC preferred last week, about six times the $28.7 million it paid for 334 bitcoin. At $85,838.80 a coin, even that small purchase lifted the company's $75,440.70 average cost.
Perspective Coverage
6 publishers
- Builder
- Builder 5%
- Operator
- Operator 16%
- Investor
- Investor 79%
Reality
- Evidence85
- Adoption55
- Hype gap+15
- Incentives60
- Confidence80
Strategy spent $151.7 million buying back STRC preferred stock and $142.7 million on 1,665 Bitcoin in the week covered by its Sept. 28 filing. Its $18.84 billion of unsold common stock can fund more of both, though Michael Saylor's Oct. 4 post confirms no new purchase.
Reality
- Evidence78
- Adoption45
- Hype gap+20
- Incentives55
- Confidence72
Strategy pays STRC holders from a dollar reserve that stock sales refill
Michael Saylor explained on September 29 that Strategy pays preferred dividends from a dedicated USD Reserve because its Bitcoin produces no cash. STRC's yield therefore depends on Strategy's continued ability to sell new shares.
Reality
- Evidence35
- Adoption
- Not scored
- Hype gap+15
- Incentives75
- Confidence40
Strategy holds its bitcoin-funding preferred at 12% for a fourth straight month
Strategy kept the annualized dividend on its STRC preferred stock at 12% for October, a fourth straight month at that rate after a 9% launch in July 2025. Each dollar it raises this way to buy bitcoin now costs 12 cents a year, a third more than at launch.
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+10
- Incentives60
- Confidence50
Saylor Argues Digital Credit Issuers Strengthen Each Other as Smarter Web Advances MORE Preferred Share
Smarter Web Company plans to raise £15 million to £25 million with MORE, the first preferred share from a UK corporate Bitcoin holder, pending FCA approval. How much it raises, and at what dividend, is an early check on Michael Saylor's claim that Bitcoin-backed credit issuers enlarge each other's market.
Reality
- Evidence40
- Adoption15
- Hype gap+45
- Incentives70
- Confidence40
Bitmine is about seven weeks of buying at last week's pace from owning 5% of ether
Bitmine added 17,362 ether last week to hold about 4.9% of supply, while Strategy bought 1,665 bitcoin to reach 847,666. Both kept buying as prices eased, with Bitmine now near a 5% target it set itself and Strategy adding about 0.2% to its holdings.
Reality
- Evidence50
- Adoption55
- Hype gap+20
- Incentives65
- Confidence55
Strategy's common shareholders are paying to lift STRC back toward par
Strategy sold $246.2 million of new common stock last week and put $103.5 million of it into buying back STRC preferred below its $100 par. Those same common holders decide on October 28 whether the four preferreds move to daily dividends.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+15
- Incentives60
- Confidence50
Strategy spent $151.7 million retiring STRC preferred in the week to September 27, more than the $142.7 million it paid for 1,665 bitcoin. MSTR stock sales paid for most of both, so common shareholders are now paying to shrink the company's preferred stock.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 28%
- Investor
- Investor 67%
Reality
- Evidence80
- Adoption
- Not scored
- Hype gap+5
- Incentives60
- Confidence78