Metaplanet traded 2,100 BTC for a 93.7% stake in Super League. That’s not accumulating coins—it’s buying a shell. Once it had the shell, it could enter the U.S. capital markets, then raise money through preferred stock to keep buying coins. After one full cycle, it still hadn’t sold any BTC, but it had secured access to the market.
As I was looking through the data, I noticed this wasn’t an isolated case: Strive bought $3.35 million worth of BTC, bringing its holdings to 36,818, while also taking in $369 million from warrant exercises and planning to sell $630 million worth of 15% preferred stock. Strategy went even further: it holds 848,517 BTC at an average price of $75,446, and after repurchasing $193 million worth of STRC, it raised the cap to $3 billion.
The problem is that in this cycle, the coins are assets, the preferred stock is a liability, and the whole thing depends on the share price holding up. If the share price weakens, the wheel that funds more coin purchases grinds to a halt. $BTC
As I was looking through the data, I noticed this wasn’t an isolated case: Strive bought $3.35 million worth of BTC, bringing its holdings to 36,818, while also taking in $369 million from warrant exercises and planning to sell $630 million worth of 15% preferred stock. Strategy went even further: it holds 848,517 BTC at an average price of $75,446, and after repurchasing $193 million worth of STRC, it raised the cap to $3 billion.
The problem is that in this cycle, the coins are assets, the preferred stock is a liability, and the whole thing depends on the share price holding up. If the share price weakens, the wheel that funds more coin purchases grinds to a halt. $BTC