Insights
Research, analysis, and perspectives on Bitcoin markets, treasury companies, and the future of digital capital markets.
Strategy’s Preferred Stock Complex: Institutional Credit Analysis of STRF, STRC, STRE, STRK and STRD
Executive thesis Strategy’s preferred instruments should be analyzed less like ordinary corporate preferred shares and more like structured claims on a Bitcoin…
Q1 2026 Institutional Review of Bitcoin Treasury Companies
1. Strategy (MSTR): Q1 2026 Analytical Report Strategy’s Q1 2026 report reinforces a thesis that is now less about proving the viability of a Bitcoin treasury m…
SWC’s Smart Warrant Cleanup: How 39 Million Cancelled Warrants Strengthened the Bitcoin-per-Share Story
The Smarter Web Company used modest short-term debt to remove a major dilution overhang, simplify its capital structure, and increase Satoshis per share from 68…
STRC vs SATA: How the Market Is Pricing Bitcoin Credit Risk
Why two Bitcoin-linked preferred securities with similar durations can trade at meaningfully different yields When investors look at Bitcoin-linked income produ…
Metaplanet Is Buying Through the Bear Market
The strongest Bitcoin treasury stories are not written in bull markets. Anyone can look smart buying Bitcoin when price action is rising, capital is easy, and s…
H100’s Bitcoin-For-Bitcoin Bet Could Be a Defining Step in Europe’s Public Bitcoin Treasury Race
On 23 March 2026, H100 announced a contemplated acquisition that, if completed, would transform it from a listed company holding roughly 1,051 bitcoin into one…
SATA: Engineering Near-Par Stability in a Bitcoin-Linked Preferred
Why Strive’s preferred stock may be evolving into one of the most compelling income instruments in digital finance In traditional markets, income investors are…
What Is a Bitcoin Treasury Company? Structure, Strategy, and Why It Matters
Corporate treasuries have a problem. Cash loses purchasing power. Short-term bonds yield next to nothing in real terms. The fiat…
Nakamoto’s $107 Million Roll-Up: Strategic Logic Meets Structural Reality
When Nakamoto Inc. (NASDAQ: NAKA) announced its agreement to acquire BTC Inc. and UTXO Management GP, LLC, the market reaction…
Metaplanet FY2025: From Small-Cap Operator to ¥500 Billion Bitcoin Financial Vehicle
In 2025, Metaplanet Inc. (TSE: 3350) executed one of the most dramatic balance sheet transformations ever seen in Japanese public…
Why STRC Trades Near $100 While Bitcoin Draws Down
Executive Summary Early 2026 delivered a violent stress test for every instrument indirectly linked to Bitcoin. Spot BTC fell roughly…
BTC Earn: Roxom Enables Daily Bitcoin Earnings
Introducing Auto-Earn for a Bitcoin-Denominated Capital Market Roxom is expanding beyond trading infrastructure into Bitcoin-native wealth functionality. With t…