Treasury watchlist, NASDAQ

Strategy MSTR

The largest corporate Bitcoin treasury; equity and convertibles financing an accumulation strategy.

Reads on Strategy

2026-09-11
Strategy's 'buy high, sell low': the tax logic behind selling Bitcoin at $64,262
Strategy sold Bitcoin near $64,000 in August and bought more near $80,000. On a balance sheet that is buy high, sell low; under US tax law it also creates a loss, if gains ever come to absorb it.
2026-08-09
Strategy is selling Bitcoin: the arithmetic against the narrative
Strategy's authority to sell Bitcoin was disclosed in SEC filings long before it was news. The sales so far are small, tax-aware and covered by an arithmetic the market rarely does.
2026-08-08
Strategy's new framework: from stacking Bitcoin to managing the balance sheet
Strategy's Digital Credit Capital Framework ends the never-sell era: a ring-fenced USD reserve, a 12% STRC rate, up to $1.25 billion in Bitcoin sales, a formal shift from stacking to managing.
2026-07-29
Strategy's quarter is a mark, not a verdict
Strategy reports Thursday after the close. The headline will be a fair-value mark set by where Bitcoin ended June, but the machine is graded on cadence, Bitcoin per share and the reserve runway.
2026-07-26
What would break Strategy, and what would restart the machine
Strategy's failure conditions are specific: a deep, multi-year Bitcoin depression that exhausts reserves faster than they can be rebuilt. Its restart conditions are equally specific, and nearer.
2026-07-24
STRC at 12%: the preferred layer now steering Strategy's balance sheet
Strategy raised its STRC preferred dividend to 12%, targets a price near $100, and is retiring convertible debt with perpetual capital. The preferred layer has become the fulcrum of the whole model.
2026-07-23
Why Strategy stopped buying Bitcoin: the accretion math behind the pause
Strategy raised $263.5 million from share sales in mid-July and bought no Bitcoin. The pause follows directly from accretion math, and it is the core of Signal21's medium-term Bearish Bias.
2026-07-22
Strategy sold Bitcoin for the first time: the numbers say discipline, not distress
Strategy sold 3,588 BTC for $216 million in its first sales under the new monetization program, about 0.4% of its holdings, used to fund preferred dividends and rebuild its cash reserve.
2026-07-21
Strategy enters coverage: the Digital Credit Capital Framework marks a new operating model
Signal21 begins covering Strategy (MSTR) as its June 29 capital framework formalizes cash reserves, preferred dividends, buybacks and sanctioned Bitcoin sales: an active balance-sheet model.

Strategy MSTR

Reads on Strategy

Strategy's 'buy high, sell low': the tax logic behind selling Bitcoin at $64,262

Strategy is selling Bitcoin: the arithmetic against the narrative

Strategy's new framework: from stacking Bitcoin to managing the balance sheet

Strategy's quarter is a mark, not a verdict

What would break Strategy, and what would restart the machine

STRC at 12%: the preferred layer now steering Strategy's balance sheet

Why Strategy stopped buying Bitcoin: the accretion math behind the pause

Strategy sold Bitcoin for the first time: the numbers say discipline, not distress

Strategy enters coverage: the Digital Credit Capital Framework marks a new operating model