DeFi Development Corp. added about 22,070 SOL last week, lifting its treasury to roughly 2.59 million tokens. Its common stock fell about 21% over the week, Cryptopolitan reported, while its CHAD preferred closed in on its $10 stated amount.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 23%
- Investor
- Investor 70%
Reality
- Evidence62
- Adoption
- Not scored
- Hype gap+20
- Incentives72
- Confidence60
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
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
Strategy spent $176 million buying back its STRC preferred last week, about six times the $28.7 million it paid for 334 bitcoin. At $85,838.80 a coin, even that small purchase lifted the company's $75,440.70 average cost.
Perspective Coverage
6 publishers
- Builder
- Builder 5%
- Operator
- Operator 16%
- Investor
- Investor 79%
Reality
- Evidence85
- Adoption55
- Hype gap+15
- Incentives60
- Confidence80
Metaplanet will fund most bitcoin buying with equity, chiefly perpetual preferred, and hold credit-line borrowing under about 10% of its BTC value. Its new room for income businesses also means the 1.0x mNAV test it applies before selling common shares no longer isolates a premium on the coins.
Reality
- Evidence62
- Adoption30
- Hype gap+20
- Incentives68
- Confidence60
Strategy spent $151.7 million buying back STRC preferred stock and $142.7 million on 1,665 Bitcoin in the week covered by its Sept. 28 filing. Its $18.84 billion of unsold common stock can fund more of both, though Michael Saylor's Oct. 4 post confirms no new purchase.
Reality
- Evidence78
- Adoption45
- Hype gap+20
- Incentives55
- Confidence72
Strategy holds its bitcoin-funding preferred at 12% for a fourth straight month
Strategy kept the annualized dividend on its STRC preferred stock at 12% for October, a fourth straight month at that rate after a 9% launch in July 2025. Each dollar it raises this way to buy bitcoin now costs 12 cents a year, a third more than at launch.
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+10
- Incentives60
- Confidence50
Strategy's common shareholders are paying to lift STRC back toward par
Strategy sold $246.2 million of new common stock last week and put $103.5 million of it into buying back STRC preferred below its $100 par. Those same common holders decide on October 28 whether the four preferreds move to daily dividends.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+15
- Incentives60
- Confidence50
The asset manager paid for the coins with fresh common and preferred stock. Back out the two disclosed percentages and the fully diluted share count grew about 4% in a single week.
Perspective Coverage
4 publishers
- Builder
- Builder 5%
- Operator
- Operator 18%
- Investor
- Investor 77%
Reality
- Evidence72
- Adoption45
- Hype gap+30
- Incentives60
- Confidence68
A ten-week gap in purchases produced a $1.59bn dollar reserve, and the roughly 3,588 coins sold in July to meet dividend obligations show where cash has to come from when the asset on the balance sheet pays none.
Perspective Coverage
6 publishers
- Builder
- Builder 6%
- Operator
- Operator 22%
- Investor
- Investor 72%
Reality
- Evidence55
- Adoption50
- Hype gap+15
- Incentives55
- Confidence60
Strive paid for last week's 469 bitcoin entirely with preferred stock. The coupon on its $1.04 billion of SATA is 13%, charged every business day, against a treasury of 25,000 coins. Warrants struck at $27 expire in mid-October.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 22%
- Investor
- Investor 71%
Reality
- Evidence72
- Adoption55
- Hype gap+12
- Incentives65
- Confidence70