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Crypto

Bitcoin direct purchase or treasury stocks? Key is per-share holdings and debt structure

Bitcoin treasury companies can generate higher returns than bitcoin itself in rising markets, but the same structure can deepen losses in downturns, the article said. As of September 2026, 179 listed companies had added bitcoin to their balance sheets. Analysts said investors should focus on fully diluted bitcoin per share after accounting for debt and preferred claims. Examples cited included Metaplanet, Strive, Strategy, Nakamoto and Satsuma Technology.

Crypto

STRC price drop spurs TerraUSD comparisons; Benchmark says approach is wrong

Strategy\'s preferred stock STRC has fallen below its $100 par value, prompting some social media comparisons to the TerraUSD-Luna collapse. Benchmark-StoneX analyst Mark Palmer said the comparison is fundamentally misguided because STRC is not a stablecoin and is not supported by algorithmic arbitrage or confidence in a token structure. He said STRC is indirectly based on Strategy\'s bitcoin holdings and its financing model, though weakness could slow fundraising.

Crypto

Wall Street sees low chance of Strategy forced bitcoin sale, keeps buy rating

Major Wall Street brokerages assessed market concerns about a forced bitcoin sale by Strategy as unlikely. Benchmark and TD Cowen said in reports they see a low chance the company would be compelled to sell bitcoin and maintained their existing buy ratings. Analysts pointed to cash-like assets set aside for preferred dividend payments and the lack of near-term redemption pressure for STRC perpetual preferred shares. TD Cowen also said Strategy’s bitcoin treasury strategy requires at least a mild upward price trend over the long term.