MSCI delivered its verdict on Bitcoin treasury companies this morning: “non-operating companies.” Strategy fails the financial tests and will be dropped from the index in November; JPMorgan estimates selling pressure could start at $2.8 billion.
That evening, Strive announced it was upsizing its SATS preferred stock IPO from 5 million shares to 7 million, selling them at a 10% discount to par with a 15% annual yield, raising $630 million. The first item on the use-of-proceeds list: buying.
One side says holding Bitcoin isn’t a real business, while the other scrambles to raise money overnight to keep buying. Pick a side in the comments: A) MSCI is protecting retail investors / B) Strive is buying the absolute bottom with that $630 million
#Bitcoin
That evening, Strive announced it was upsizing its SATS preferred stock IPO from 5 million shares to 7 million, selling them at a 10% discount to par with a 15% annual yield, raising $630 million. The first item on the use-of-proceeds list: buying.
One side says holding Bitcoin isn’t a real business, while the other scrambles to raise money overnight to keep buying. Pick a side in the comments: A) MSCI is protecting retail investors / B) Strive is buying the absolute bottom with that $630 million
#Bitcoin