Windtree Therapeutics announces plan for cryptocurrency treasury policy
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- Yahoo
Strategy Could Buy as Much as 7% of Bitcoin Supply, Says Michael Saylor
Bitcoin treasury company Strategy's co-founder Michael Saylor said on Friday that the Nasdaq-listed firm could end up holding upwards of 7% of the leading cryptocurrency's total supply of 21 million coins. But Saylor, who pioneered the Strategy's Bitcoin treasury plan, said that the company wouldn't aim to buy all of the digital asset because he wants "everyone else to have their piece," in an interview with CNBC. "I don't think we'll get all of [the Bitcoin]," said Saylor. "I don't think in the range of 3-5% or 3-7% is too much." "We wouldn't want to own all of it—we want everyone else to have their piece," he added. Strategy—formerly MicroStrategy—currently owns a little over 3% of the current 19,900,346 supply of Bitcoin. Only 21 million BTC will ever be minted, with the last coin expected to be created in the year 2140. The Tysons Corner, Virginia-based firm is the world's biggest corporate holder of Bitcoin, with 628,791 digital coins worth $72 billion at today's BTC price of $114,692. The company first started buying Bitcoin in 2020. Acquiring 7% of the total-ever Bitcoin supply would give the company 1.47 million BTC, currently valued at about $169 billion. Strategy struggled during the COVID-19 pandemic as inflation depleted its cash pile, so the firm went into survival mode in August 2020, pivoting from software development to accumulating Bitcoin. Saylor, who was Strategy's CEO at the time, has since called Bitcoin the supreme asset because it is scarce, and urged other companies to buy it to preserve capital. Strategy's share price was down more than 6% in Friday trading to trade below $380, the first time it has fallen below that threshold since early July. But the stock is up over 2,488% since the company's first Bitcoin purchase in August 2020. Strategy Reports $10 Billion Q2 Profit, Plans to Raise $4.2 Billion to Buy More Bitcoin Strategy now buys and holds Bitcoin, and investors buy its stock—MSTR—to get exposure to the cryptocurrency without having to hold it themselves. The company issues debt to fund its purchases. Saylor said in a second-quarter Thursday earnings call that the price of Bitcoin could still drop by 80% to 90% and the company would be able to handle the drawdown without selling its BTC. Myriad users broadly believe that Strategy will not dump any Bitcoin in the coming months, giving the firm a less than 8% chance of selling any BTC before the end of 2025. (Disclosure: Myriad is a product of Decrypt's parent company, DASTAN.) Strategy Stock Price Could Nearly Double as Bitcoin Treasury Aims to Dominate Market: Benchmark Benchmark analyst Mark Palmer on Friday raised the firm's price target for MSTR to $705, an 85% increase from its current share price. A number of smaller Nasdaq-listed companies have adopted the Bitcoin treasury plan. But some experts have warned that the crypto play can't help every company, and is inherently risky. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Strategy Stock Price Could Nearly Double as Bitcoin Treasury Aims to Dominate Market: Benchmark
Benchmark analyst Mark Palmer reiterated his buy rating for Bitcoin giant Strategy, raising the firm's price target for MSTR to $705, an 85% increase from its current share price. The new target hinges on a projection that Bitcoin will reach $225,000 by the end of 2026. After reporting $10 billion in net income in Q2—almost entirely unrealized gains on its $71 billion Bitcoin holdings—the company's stock is trading around $379.71, according to Yahoo Finance. That marks a 4% drop since the opening bell. Palmer said MSTR may be remembered less for its "eye-popping" earnings and more for its ambitions "to become not just the dominant Bitcoin treasury company, but the world's largest corporate treasury, full stop." CEO Phong Le said during yesterday's earnings call that the company aims for its treasury to top that of Microsoft, Google, and Amazon in the next three to five years. And he added that eventually he wants to exceed that of the largest corporate treasury: Berkshire Hathaway's $410 billion in cash and cash equivalents. Palmer also noted a big shift in how the company plans to fund its Bitcoin treasury growth, by retiring its convertible debt and replacing it with a preferred-stock-focused funding model. Saylor said during last night's earnings call that convertible notes, which it was using as recently as November 2024, was an appropriate instrument for MSTR's earlier stages of Bitcoin acquisition. But in January, the company redeemed $1 billion in convertible notes in an effort to reduce its leverage. The Benchmark note also called attention to Strategy's new approach to issuing common equity, only selling shares when its stock trades at a premium to the calculated per-share value of its Bitcoin and operating assets. Strategy Reports $10 Billion Q2 Profit, Plans to Raise $4.2 Billion to Buy More Bitcoin "The upshot is that MSTR is not just buying Bitcoin anymore, but instead engineering a corporate treasury machine designed to generate Bitcoin-denominated returns, manage its capital raises with precision, and scale faster," Palmer wrote. At the time of writing, though, Bitcoin has been battered with the rest of the crypto market and equities. BTC is currently changing hands for $114,950 after having dropped 3.1% in the past day. And spot trading volume in the past day has shot up to $57 billion, according to price aggregator CoinGecko. Meanwhile, the broader crypto global market capitalization has sunk 8% since Thursday, sitting now at $3.8 trillion. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Public Keys: Strategy Eyes Domination, Metaplanet Bitcoin Barrage, and Coinbase XRP Boost
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. This week: Strategy aims to go even bigger, Metaplanet get more ambitious with Bitcoin buying plans, and Coinbase highlights shifting altcoin drivers amid an earnings miss. Strategy Double Up Strategy wants its Bitcoin treasury to be the largest corporate treasury ever. And yes, that means the company is looking to overtake Warren Buffet's Berkshire Hathaway, which currently had a Scrooge McDuck-worthy $328 billion in cash and cash equivalents sitting in the bank as of Q1. We'll get a better idea of how much cash the Omaha Oracle is sitting on tomorrow, when his company publishes its Q2 results 'on the internet.' For Strategy to catch up, the company would need to see the value of its BTC holdings more than double. And if Bitcoin manages to hit the $225,000 target that Benchmark is forecasting for the end of 2026, paper gains could do the bulk of the work. Strategy Stock Price Could Nearly Double as Bitcoin Treasury Aims to Dominate Market: Benchmark Even if MSTR stopped buying Bitcoin—it won't, I know—its current 628,791 BTC would be worth $141 billion if the asset sees those kinds of gains in the next year. But we know Michael Saylor isn't done buying Bitcoin. In fact, he said during an interview with CNBC on Friday morning that the company is looking to own up to 7% of the total Bitcoin supply. "I don't think we'll get all of [the Bitcoin]. I don't think in the range of 3-5% or 3-7% is too much," he said. "We wouldn't want to own all of it—we want everyone else to have their piece," he said. To that end, the company said during its earnings call it plans to raise another $4.2 billion to buy Bitcoin this year with preferred stock offerings. Metaplanet's Bitcoin orbit Metaplanet, a company about 5% the size of its Bitcoin treasury idol Strategy, is raising almost as much money to buy Bitcoin. The company announced its $3.7 billion raise through a preferred stock offering on Friday. The perpetual preferred shares would pay up to 6% dividends, the company said. Metaplanet is giving itself two years to complete the raise. Keep in mind that the Japanese firm has previously said it wants to hold at least 210,000 BTC by the end of 2027. To do that, it will need to multiply its current holdings by twelvefold. If Metaplanet were able to magically pull that off now, it would easily be second only to MSTR as the largest corporate Bitcoin holder. Year-to-date, Metaplanet's share price has climbed a staggering 207% and an even more impressive 313% in the past year. But today, news of its monster raise didn't have investors feeling particularly bullish. Metaplanet, which trades as MTPLF on OTC and 3350 on the Tokyo Stock Exchange, dropped 7.65% during Friday's session, closing at $7.18, or 1,063 Yen. Coinbase runs out of alt gas Coinbase's earnings miss revealed that XRP has edged out Ethereum as a transaction revenue driver. The San Francisco-based crypto exchange reported $1.5 billion in revenue, a 25% dip from the previous quarter and 6% lower than analysts' forecasts of $1.59 billion, according to FactSet data. But XRP made a strong showing among traders, according to the company's Q2 shareholder letter. XRP accounted for 13% of consumer transaction revenue, beating out Ethereum's 12%. Alt season fervor aside, is it time to worry about Coinbase? Bernstein analysts don't think so. XRP Edges Out Ethereum in Coinbase Transaction Revenue as Token Shifts Persist The firm's analysts called Q2 the "quarter that doesn't matter" in their latest note, which reiterated their outperform rating and $510 price target. Coinbase is currently priced at $316. 'Improving crypto market structure and width with trading focus going beyond Bitcoin into Ethereum, Solana and other blockchains driven by stablecoins and asset tokenization,' the Bernstein analysts wrote in a note shared with Decrypt. 'This should drive improved trading volumes in H2, already reflected in guided July transaction revenues (~44% up vs. Q2 average).' They added that they're optimistic about the exchange's partnerships with leading banks, like its new deal with JP Morgan, helps to position the company as the 'leading AWS of crypto financial infra.' Other Keys Tokenization, tokenization: Unfortunately for Robinhood CEO Vlad Tenev, saying 'tokenization' 11 times during his company's earnings call won't make controversy over private company stock tokens disappear. But HOOD did see its revenue climb 45% in Q2, so there's that. Skipping AI: Bitcoin miner MARA Holdings caught some flak this week from for not making more of an effort to diversify its revenue beyond mining BTC. 'Everyone else is focused on HPC, and MARA is kind of in its own world,' Compass analyst Ed Engel told Decrypt. 'It's different from what others are doing.'
