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Money is Economic Energy: Michael Saylor's Question in Strategy Magazine on Value Preservation Means

Michael Saylor, Chairman of Strategy (NASDAQ: MSTR), published an essay arguing that money is essentially "economic energy"—a technology for storing the value of labor across time and space. He states that "good money" must preserve value without loss (monetary entropy). While praising gold's scarcity, he notes its physical limitations and custodial risks. Fiat money solves portability but cedes control to governments. Saylor posits Bitcoin as the superior solution: digital monetary energy with no physical mass, no central issuer, and a fixed supply of 21 million coins. The essay counters views, like those from Elon Musk, that AI-led abundance will make money irrelevant. Saylor argues humans will always seek scarce, status-conferring assets. His company, Strategy, holds 840,447 BTC, the largest disclosed corporate portfolio. Despite recent sales to repurchase shares, CEO Phong Le expects Bitcoin purchases to resume by year-end.

cryptonews.ruHace 24 min(s)

Money is Economic Energy: Michael Saylor's Question in Strategy Magazine on Value Preservation Means

cryptonews.ruHace 24 min(s)

Peter Schiff believes Michael Saylor may sell even more Bitcoin

Peter Schiff believes that Michael Saylor may need to sell even more Bitcoin. He argues that if Saylor's company, MicroStrategy, aims to return its STRZ preferred shares to a $100 target (currently trading below $95), it will require further sales of Bitcoin and MSTR stock. To support its share buyback program, MicroStrategy recently sold 1,637 BTC for $102 million and 6.59 million MSTR shares for $653.1 million, boosting its dollar reserves to $4.65 billion. Schiff contends that continued selling of these assets to prop up STRZ shares will add downward pressure on Bitcoin's price, causing it to underperform gold. He links Bitcoin's current weakness—trading around $62,000—to gold's recent strength, with prices surpassing $4,300. Schiff predicts further gold appreciation will intensify pressure on Bitcoin. However, he acknowledges that weak U.S. labor market data has fueled expectations of Federal Reserve policy easing, which could provide a positive boost to risk assets, including cryptocurrencies.

cryptonews.ruHace 21 hora(s)

Peter Schiff believes Michael Saylor may sell even more Bitcoin

cryptonews.ruHace 21 hora(s)

BIT Research: MicroStrategy Shifts from Largest Buyer to Seller – How Could $75 Billion in Potential Selling Pressure Impact Bitcoin?

MicroStrategy, once the most aggressive Bitcoin buyer with a "never sell" stance, has become a net seller. The company is selling Bitcoin to bolster its USD reserves, pay dividends, and repurchase Digital Credit Securities, aiming to reduce this security's balance from ~$10B to ~$5B. This could require selling approximately $4.5B worth of Bitcoin over the next two to four months, marking a significant shift from a structural buyer to a source of selling pressure for the Bitcoin market. The issue extends beyond MicroStrategy. Among 109 tracked Bitcoin reserve companies, 28 now trade at a discount to their Bitcoin holdings (mNAV < 1.0), collectively holding ~$3B in Bitcoin. To narrow this discount and unlock shareholder value, these companies might also sell Bitcoin to fund share buybacks. The total potential selling pressure from this sector could reach up to $7.5B. While this selling pressure is a headwind for short-term market sentiment, it does not negate the view that Bitcoin is forming a cyclical bottom. Key factors to watch include the exhaustion of MicroStrategy's selling, the return of substantial ETF inflows, and whether reserve companies can adopt new strategies (like covered calls or lending) to generate yield and address their NAV discounts.

marsbitAyer 10:10

BIT Research: MicroStrategy Shifts from Largest Buyer to Seller – How Could $75 Billion in Potential Selling Pressure Impact Bitcoin?

marsbitAyer 10:10

Metaplanet's Unrealized Bitcoin Losses Highlight the Risk of Single-Token Concentration

Tokyo-listed Metaplanet reported $1.5 billion in unrealized losses on its 43,000 Bitcoin holdings as of end-June. This mirrors the $8.2 billion in paper losses previously disclosed by the largest public digital asset firm, MicroStrategy (MSTR). Combined, these losses total nearly $10 billion—a sum that, if tokenized, would rank as the 11th largest digital asset by market value. This trend underscores the extreme financial concentration and single-token risk inherent in Bitcoin-focused strategies. The situation is compounded as many firms favor issuing debt to finance Bitcoin purchases, drawing parallels to governments taking on debt for low-yield investments. Bitcoin itself generates no internal yield, profit, or cash flow. Despite this, the Bitcoin market remains relatively calm, continuing to trade within a $62,000 to $66,000 range, predominantly below $64,000. Some analysts remain optimistic, suggesting the bear market may have ended, noting that current levels are near the 2021 bull market peak—a pattern similar to the 2017 cycle's end. Others are now watching the Jackson Hole symposium and upcoming economic data for trading signals.

cryptonews.ruAyer 19:53

Metaplanet's Unrealized Bitcoin Losses Highlight the Risk of Single-Token Concentration

cryptonews.ruAyer 19:53

Saylor Categorizes Digital Assets into Four Categories on the Monetary Spectrum

MicroStrategy Chairman Michael Saylor has categorized digital assets on a monetary spectrum from most volatile to most stable. In an August 13th post, he identified Bitcoin as "digital capital," his company's MicroStrategy equity (STRC) as "digital credit," the token SR-strcUSX as "digital money," and Tether's USDT as "digital currency." He positioned Bitcoin as the ideal store of value and stablecoins like USDT as the ideal medium of exchange, with MicroStrategy's products bridging the gap. Saylor described STRC, variable-rate perpetual preferred shares paying 12% annual cash dividends, as a semi-stable, high-yield store of value or "digital credit." He stated financial engineering transforms this credit into "digital money," exemplified by the SR-strcUSX token on Solana, which offers targeted 7% yields from STRC exposure. Separately, he highlighted the launch of a Brazilian ETF (DIGY11) providing access to STRC with monthly real-denominated payments. Saylor's framework suggests assets on the left (like Bitcoin) are for growth, while those on the right (like stablecoins) are for stability and utility.

cryptonews.ruHace 2 días 19:52

Saylor Categorizes Digital Assets into Four Categories on the Monetary Spectrum

cryptonews.ruHace 2 días 19:52

Crypto Bear Market: Which Crypto Concept Stocks Are Institutional Giants Accumulating?

Despite a bearish crypto market, major institutional investors are increasing their positions in key crypto-related stocks, as revealed in recent 13F filings. European asset management giant Amundi significantly boosted its stake in MicroStrategy (MSTR) by 148%. Other institutions like Vanguard, State Street, and Capital Group also added to their MSTR holdings. While price performance has been weak, banks and public pension funds, including those from Michigan and Louisiana, are also expanding their exposure, signaling growing acceptance. In the mining sector, Bitmine (BMNR) saw inflows from passive index funds following its inclusion in the Russell index, with BlackRock as a major holder. For Circle (CRCL), active buyers included the Norwegian Sovereign Wealth Fund, the Swiss National Bank, and ARK Invest, which has been actively trading the stock. Regarding Coinbase (COIN), large positions from Vanguard and BlackRock are primarily passive, tied to index inclusions. ARK Invest engages in more active, tactical buying. Robinhood (HOOD) shows high institutional ownership (over 93%), with various pension funds making smaller, scattered additions. ARK Invest leads in active trading for stocks like Block (XYZ) and Bullish (BLSH), while traditional asset managers' moves are often passive. The trend indicates institutions are strategically accumulating sector leaders during the downturn, with conservative funds slowly adding crypto equities to their portfolios. However, due to the 45-day reporting lag, 13F data should be used for reference, not for direct copy-trading.

marsbitHace 2 días 10:46

Crypto Bear Market: Which Crypto Concept Stocks Are Institutional Giants Accumulating?

marsbitHace 2 días 10:46

MicroStrategy Sells BTC Without a Price Drop, Is STRC's Rebound Truly Good News?

The cryptocurrency market is currently experiencing extreme quiet, with BTC weekly trading volume at its lowest since 2023 and implied volatility hitting bottom. Liquidity is thin, as evidenced by a muted price reaction to CPI data. The market's primary issue is a lack of active participants, not just news. Options data shows traders are pricing in higher short-term downside risks. Market makers' gamma positioning suggests a critical support zone between $61,000 and $60,000; a break below could accelerate a downturn. Two developments are being interpreted bullishly: MicroStrategy (MSTR) selling a small portion of its BTC without causing a price crash, and the rebound of its preferred shares (STRC) from lows near $73 to over $95. However, an alternative bearish interpretation exists. The low liquidity means large entities cannot exit sizable positions easily. A STRK recovery towards $100 could provide the buying pressure these sellers need to finally offload BTC, making the apparent利好 (positive news) actually improve selling conditions. STRC faces a structural ceiling at $100 because MSTR has signaled it will issue new shares around that price, capping upside and inviting short sellers. While recent buybacks boosted the price, they haven't solved this core problem. If STRK cannot sustainably break $100, concerns will grow about MSTR needing to sell BTC for funding. Finally, the Bitfinex Long positions indicator, which typically moves inversely to BTC price, has become ineffective and flat-lined near multi-year lows, offering no directional signal. Large traders are not accumulating on dips as they once did.

marsbit08/13 10:26

MicroStrategy Sells BTC Without a Price Drop, Is STRC's Rebound Truly Good News?

marsbit08/13 10:26

Metaplanet CEO Denies Selling Bitcoin: $320 Million Transfer Was a False Alarm, the Company's Trust Can't Afford an Ordinary Transaction

A recent large transfer of 3.22 billion USD worth of Bitcoin (5,014 BTC) from Metaplanet's wallet sparked fears of a major sell-off. However, CEO Simon Gerovich clarified it was merely an internal transfer between the company's own custody addresses, with no actual Bitcoin sold. The market's immediate panic reflects a broader loss of trust in the "Bitcoin treasury" model, as other major holders like Strategy and MARA have reversed their "never sell" policies this year to liquidate holdings. Despite quelling sell-off rumors, Metaplanet faces significant challenges: its 43,000 BTC holdings are at an average cost of $96,000, resulting in a paper loss of roughly $1.4 billion at current prices (~$64,000). With its stock down over 43% year-to-date and limited new funding, its goal of holding 100,000 BTC by year-end appears unattainable. The incident serves as a case study for investors: scrutinize transfer destinations (exchange vs. internal wallets), check for transparent disclosures, and monitor subsequent holdings to distinguish routine operations from potential sell-offs.

marsbit08/13 07:21

Metaplanet CEO Denies Selling Bitcoin: $320 Million Transfer Was a False Alarm, the Company's Trust Can't Afford an Ordinary Transaction

marsbit08/13 07:21

The True Cost of Strategy Being Forced to 'Hoard' U.S. Dollars

The article analyzes MicroStrategy's (now Strategy) shift towards holding substantial US dollar reserves (currently $4.65 billion) while selling Bitcoin, contrasting this with its core identity as a Bitcoin-focused company. It argues this move is a strategic necessity specific to Strategy, driven by its unique business model of issuing "digital credit" (preferred securities) with fixed USD dividend obligations. To secure favorable credit ratings (e.g., S&P's B- rating, which penalizes Bitcoin-heavy balance sheets) and sustain this credit issuance, Strategy must demonstrate significant dollar liquidity. However, this cash hoarding imposes a heavy "invisible tax" or opportunity cost: capital allocated to low-yielding cash reserves cannot be deployed into Bitcoin, artificially raising the required return threshold on its actual Bitcoin investments to cover fixed dividend costs. The author concludes that Strategy is an extreme case, and most other Bitcoin-related companies should not blindly emulate this strategy. For them, dollar reserves should be dictated strictly by operational needs and prudent buffers, not arbitrary targets. Holding excess cash typically means forfeiting potential Bitcoin returns for uncertain benefits, making it economically unsound unless a company shares Strategy's specific credit-dependent capital structure. The decision ultimately hinges on a firm's unique business model and genuine cash flow requirements.

marsbit08/13 02:11

The True Cost of Strategy Being Forced to 'Hoard' U.S. Dollars

marsbit08/13 02:11

Strategy CEO Announces Plan to Resume Bitcoin Purchases This Year, With Buying Volume 25 Times Selling Volume

Strategy CEO Announces Resumption of Bitcoin Purchases This Year, Buy-to-Sell Ratio at 25x In a FOX Business interview, Phong Le, CEO of Strategy (formerly MicroStrategy), stated the company plans to resume its Bitcoin acquisition strategy within the current year. This ends a pause in buying that began in May. Le revealed that since the start of the year, Strategy has purchased approximately 175,000 bitcoins while selling around 7,000, making its buy volume about 25 times its sell volume. The company remains the world's largest corporate holder of Bitcoin, with 840,447 BTC, representing roughly 4% of the circulating supply. Le explained that recent sales were used to fulfill capital obligations under a newly approved framework, including paying preferred stock dividends, funding share buybacks, and bolstering the company's US dollar reserves, which now stand at about $4.7 billion. This move marks a shift from the firm's previous "never sell" mantra, which had contributed to its market premium. The change in strategy and the associated financial pressures led to a significant drop in its stock price (MSTR) and a rating downgrade from JPMorgan. The CEO framed the company's role as the "JPMorgan of the crypto economy," emphasizing its long-term goal of increasing the amount of Bitcoin per MSTR share. The announcement signals the return of a major institutional buyer to the Bitcoin market, which could provide price support. It is also viewed as a micro-indicator of recovering institutional confidence, suggesting the company believes the most acute phase of liquidity pressure has passed.

marsbit08/12 03:57

Strategy CEO Announces Plan to Resume Bitcoin Purchases This Year, With Buying Volume 25 Times Selling Volume

marsbit08/12 03:57

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