MSCI adopted rules that bar non-operating companies from its global indexes, putting Strategy and Metaplanet at risk after the Nov. 30 close. The final list is due Nov. 11, and any selling by index-tracking funds depends on who is on it.
Perspective Coverage
12 publishers
- Builder
- Builder 5%
- Operator
- Operator 24%
- Investor
- Investor 71%
Reality
- Evidence72
- Adoption40
- Hype gap+25
- Incentives55
- Confidence74
Strategy has conditionally declared daily STRC dividends at a 12% rate for November, if common stockholders approve an amendment on October 28. Either way the November total is $1.00 a share, so the vote moves the payment calendar and nothing else.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 28%
- Investor
- Investor 67%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+12
- Incentives68
- Confidence74
Onchain trackers trace nearly a fifth of Hut 8's bitcoin stack to trading venues in a week
A Hut 8-linked wallet sent 1,966 BTC, about $161 million, to exchanges and OTC desks in seven days, Bitcoin News reported. Hut 8 has not explained the moves, and onchain data cannot show whether the coins were sold.
Reality
- Evidence50
- Adoption
- Not scored
- Hype gap+25
- Incentives
- Not scored
- Confidence45
Capital B's 69.5 million euro first-half loss is 97% a non-cash Bitcoin impairment of 67.5 million euros. The Paris-listed company raised $30 million in the half and holds 3,538 BTC, up 25% since January. The loss line says little about cash.
Perspective Coverage
3 publishers
- Builder
- Builder 8%
- Operator
- Operator 32%
- Investor
- Investor 60%
Reality
- Evidence74
- Adoption
- Not scored
- Hype gap+12
- Incentives55
- Confidence72
Strive priced 7 million shares of 15% SATS preferred at $90 against a $100 stated amount, raising about $630 million at a 16.7% effective yield. Strive has described Bitcoin as its hurdle rate, so the coin has to beat that yield for the raise to pay.
Reality
- Evidence66
- Adoption
- Not scored
- Hype gap+20
- Incentives70
- Confidence75
Strive is offering five million SATS preferred shares at $100 each, a $500 million raise with a fixed 15% dividend. CryptoSlate reported the model buys about 4,700 bitcoin while total preferred dividends could reach $257.4 million a year.
Reality
- Evidence62
- Adoption35
- Hype gap+30
- Incentives70
- Confidence66
Metaplanet's 52 billion yen convertible could issue about twice the shares it just bought back
Metaplanet spent about 19.31 billion yen on 73,981,400 of its own shares on October 14 while arranging a 52 billion yen convertible. Full conversion would issue about 153 million shares, roughly twice the count retired.
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap−10
- Incentives
- Not scored
- Confidence65
Metaplanet will send up to 28.3 billion yen of a 52 billion yen zero-coupon convertible to share buybacks and 23.6 billion yen to Bitcoin-backed loans. Its borrowing stood at 17.7% of Bitcoin net asset value in September, against a 10% policy ceiling.
Perspective Coverage
6 publishers
- Builder
- Builder 7%
- Operator
- Operator 35%
- Investor
- Investor 58%
Reality
- Evidence68
- Adoption
- Not scored
- Hype gap+10
- Incentives55
- Confidence72
Strive added 3,311 BTC in a week to reach 32,773 BTC, CEO Matt Cole said on October 13. He also reported about $208 million of warrant exercises, or roughly 7.7 million shares at the $27 strike if that is cash.
Perspective Coverage
6 publishers
- Builder
- Builder 5%
- Operator
- Operator 23%
- Investor
- Investor 72%
Reality
- Evidence72
- Adoption34
- Hype gap+22
- Incentives58
- Confidence74
Saylor ties Strategy's next credit issuance to a bull market he says has begun
Strategy's Michael Saylor told Bloomberg on October 13 that the crypto bear market is over and bitcoin will return above $100,000. Bitcoin was near $83,000, and he expects Strategy to buy more and issue more credit to pay for it.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 23%
- Investor
- Investor 70%
Reality
- Evidence52
- Adoption
- Not scored
- Hype gap+35
- Incentives78
- Confidence66
Smarter Web's Bitcoin-backed preferred shares start trading in London at a 13.33% running yield
Smarter Web began trading its MORE perpetual preferred shares in London on October 14 with an initial 12% annual dividend paid weekly. At the £90 issue price the running yield is 13.33%, a rate that rests on a treasury concentrated in Bitcoin.
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+15
- Incentives55
- Confidence45
Strategy bought 250 bitcoin for $21.5 million to reach 848,250 BTC and spent $192.4 million repurchasing STRC preferred stock. The buyback is 3.5% of the $5.52 billion it held in dollar reserves and cash on October 11.
Perspective Coverage
8 publishers
- Builder
- Builder 7%
- Operator
- Operator 36%
- Investor
- Investor 57%
Reality
- Evidence84
- Adoption
- Not scored
- Hype gap+8
- Incentives60
- Confidence82
Proving it would sell its Bitcoin cost Metaplanet about ¥11.57 billion
Metaplanet sold 10,000 Bitcoin and bought back 11,000 at a 9.3% higher price, paying about ¥11.57 billion extra on the coins it replaced. The sale was meant to show prospective lenders, as the company pursues a credit rating, that it will turn coins into cash.
Reality
- Evidence62
- Adoption
- Not scored
- Hype gap+12
- Incentives68
- Confidence58
Strive's SATA preferred raised an estimated $55M for bitcoin, almost all in two sessions above par
Strive's SATA preferred stock raised an estimated $55 million this week through its at-the-market program, enough for about 638 bitcoin. Nearly all of it came on the two days the shares held their $100 par, because issuance stops below that price.
Reality
- Evidence55
- Adoption40
- Hype gap+20
- Incentives45
- Confidence50
Strategy shares fall 1.7 times as far as Bitcoin after the 848,000 BTC filing
Strategy shares closed at $151.47 on October 8, about 11% below their weekly high, as Bitcoin fell 6.3% from its peak. The stock moved about 1.7 times as much as Bitcoin both that week and across September, short of the more-than-double swing The Crypto Times calls typical.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+20
- Incentives
- Not scored
- Confidence55
CleanSpark and MARA shares fell much further than bitcoin in the first days of October. Strategy and the iShares Bitcoin Trust each lost 1% on October 8 as CleanSpark lost 7%, 24/7 Wall St. reported, so the weak stand-ins for the coin are the miners.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+20
- Incentives35
- Confidence50
JPMorgan's $66 billion crypto inflow pace now leans on ETFs and CME futures
JPMorgan analysts count about $50 billion of crypto inflows so far this year, an annualized pace of roughly $66 billion. Third-quarter buying moved away from corporate treasuries toward ETF holders and futures traders who can exit in a day, at about half of last year's pace.
Reality
- Evidence55
- Adoption45
- Hype gap+15
- Incentives
- Not scored
- Confidence50
Bitcoin's return above cost gives Strategy an unaudited $4.1 billion tax benefit
Strategy estimated a $4.1 billion income-tax benefit after its Bitcoin climbed back above cost at Sept. 30. The estimate came from a quarter-end price test that KPMG has not reviewed, so it belongs apart from operating income and cash.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+15
- Incentives
- Not scored
- Confidence50
Strategy will let only common shareholders vote on October 28 on moving STRC preferred to daily dividends from November 1. The rate and total payout stay the same, though STRC holders voted when Strategy last changed their payment schedule in May.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 20%
- Investor
- Investor 75%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+30
- Incentives75
- Confidence68
Strive bought 2,000 bitcoin for $169 million last week, its biggest buy in four months, while its $90,170 average cost sat above a price near $86,000. Its $284.7 million in cash also has to pay a roughly 13% preferred dividend, so further buying depends on selling more SATA.
Reality
- Evidence78
- Adoption
- Not scored
- Hype gap+15
- Incentives60
- Confidence72
Earlier coverage
- Strategy puts six times as much cash into STRC buybacks as into bitcoin
Invest · October 5, 2026 · Confirmed6 publishers
- Metaplanet spends $73 million proving to creditors it will sell its bitcoin
Invest · October 5, 2026 · Confirmed6 publishers
- Metaplanet hands its bitcoin buying to preferred stock under a 10% borrowing cap
Invest · October 5, 2026 · Confirmed2 publishers
- Bitcoin's two-week range pits $3 billion of ETF buying against the highest Treasury yields since 2007
Invest · September 30, 2026 · Confirmed2 publishers
- Strive's $81.5M Bitcoin buy grew the pile 5.5% and each share by 1.4%
Invest · August 24, 2026 · Confirmed4 publishers
- Capital B bought 376 coins a quarter below its own average cost
Invest · September 7, 2026 · Confirmed2 publishers
- Strategy's $6.69B in dollars came from selling stock, not selling bitcoin
Invest · August 24, 2026 · Confirmed4 publishers
- A $12m Shanghai insurer sold most of itself for 2,380 Bitcoin
Invest · August 19, 2026 · Confirmed2 publishers
- Metaplanet buys a Nasdaq listing with 2,100 of its own bitcoin, and writes a template
Invest · August 18, 2026 · Confirmed4 publishers
- Metaplanet's 200 million yen bond debut is a plumbing test, not a raise
Invest · August 14, 2026 · Confirmed3 publishers