# Loss İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "Loss" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

The Preferred Stock Domino Effect: Strive Incurs a 7.08 Million Dollar Loss, Strategic Risk Spreading in a Chain Reaction

"Priority Stock Domino Effect": Strive's $7.08 Million Loss Reveals Chain-Reaction Risk in Bitcoin Reserve Sector Bitcoin reserve company-issued preferred shares are no longer just yield assets but a credit test for balance sheet health. While focus remains on Strategy, Strive, the 7th largest public Bitcoin holder, disclosed a tangible spillover effect: its holding of Strategy's (STRC) preferred shares lost $7.08 million in fair value over eight days, despite no change in share count. This exposes a clear cross-company risk transmission channel within the sector. Strive's filing shows its 505,000 STRC shares fell from ~$88.59 to ~$74.57 per share. While Strive remains solvent with 19,864 BTC and $141.7M cash, the loss signals that preferred stock risks can spread via inter-company holdings, shifting their perception from stable income to credit-like, high-risk assets dependent on issuer liquidity and dividend sustainability. In response, Strategy unveiled a "Digital Credit Capital Framework," raising STRC's annual dividend to 12%, mandating a 12-month cash reserve for dividends, and authorizing up to $1B each for STRC/common stock buybacks and a $1.25B Bitcoin sale plan to bolster reserves. This marks a shift to active credit risk management, formally incorporating potential Bitcoin sales to stabilize its capital structure. Third-party valuation tools, like Farside's calculator estimating STRC's net present value at ~$49.89, highlight that pricing now hinges critically on perpetual dividend sustainability and the issuer's ability to pay amid market volatility. Bitcoin's price (~$62k) remains below Strategy's average cost basis ($75,651), intensifying focus on reserve policies. The market faces two scenarios: 1) Contained risk, where STRC's discount narrows and stress is limited to Strategy; or 2) Systemic risk, where deep STRC discounts persist, dividend hikes fail, Bitcoin sales commence, and pressure spreads to other issuers like Strive's SATA shares. Key indicators to watch are STRC/SATA discount levels, dividend coverage credibility, equity issuance rates, and any actual Bitcoin divestment. Strive's future reports will be crucial in determining if its loss is an isolated event or the first sign of sector-wide credit risk contagion via preferred shares.

marsbit07/09 09:01

The Preferred Stock Domino Effect: Strive Incurs a 7.08 Million Dollar Loss, Strategic Risk Spreading in a Chain Reaction

marsbit07/09 09:01

How a Listed Company Died: Gambling $1.46 Billion on WLFI, with $540 Million Ending Up in Trump Family's Pockets

The article details the downfall of AI Financial Corporation (formerly Alt5 Sigma), a Nasdaq-listed fintech company. In August 2025, the company, whose board overlapped with the crypto project World Liberty Financial (WLFI), was acquired via a $750 million WLFI token payment. It then raised another $750 million in cash from investors to buy more WLFI tokens, totaling a $1.46 billion bet at ~$0.20 per token. The strategy proved disastrous. WLFI's price plummeted ~70% to ~$0.057, causing over $750 million in unrealized losses on the largely locked-up tokens. With its core payment business being sold, AI Financial now holds illiquid tokens, ~$10.5 million in depleting cash, and a going-concern warning from the SEC. Its stock fell over 90%. Crucially, of the $750 million cash used to buy WLFI tokens, an estimated $540 million flowed to Trump-affiliated entities due to WLFI's revenue-sharing structure, contributing to Trump's reported $1.4+ billion in 2025 crypto-related income. The case highlights the extreme risks for public companies making large, illiquid bets on single crypto assets.

Foresight News07/09 08:07

How a Listed Company Died: Gambling $1.46 Billion on WLFI, with $540 Million Ending Up in Trump Family's Pockets

Foresight News07/09 08:07

Strive's Paper Loss Warning: Pressure from Strategy Preferred Shares Has Spread Across the Entire Bitcoin Treasury Track

Strive's disclosure that its holdings of Strategy's (STRC) preferred shares lost $7.08 million in value over eight days signals that credit risks are spreading across the Bitcoin reserve industry through cross-holdings. While not proof of insolvency, it shows how valuation pressure on one firm's securities can directly impact another's balance sheet. Strategy responded with a comprehensive credit management framework, including raising STRC dividends to 12%, authorizing share buybacks, and formalizing a plan to potentially sell Bitcoin to bolster its $2.55 billion cash reserve. However, third-party models value STRC at around $49.89 per share, far below its $100 face value, highlighting that its price depends critically on the sustainability of dividends and Strategy's financial health. The market now watches for two scenarios: either the risk is contained to Strategy, or it spreads industry-wide if STRC's discount deepens, dividends become unsustainable, and pressure spills over to securities like Strive's SATA. Key indicators to monitor are the discount rates of STRC and SATA, cash coverage for dividends, share issuance activity, and whether Bitcoin sales move from authorization to execution.

Foresight News07/09 07:10

Strive's Paper Loss Warning: Pressure from Strategy Preferred Shares Has Spread Across the Entire Bitcoin Treasury Track

Foresight News07/09 07:10

Blood Loss of $55 Million Selling 3,588 BTC, Strategy Becomes a Literal Scumbag

On July 6th, Strategy (formerly MicroStrategy) disclosed in an SEC filing that it sold 3,588 Bitcoin (BTC) between June 29th and July 5th for approximately $216 million, at an average price of ~$60,200. This marked the company's largest net sale since initiating its Bitcoin strategy in 2020 and its first institutionalized reduction of its core holding. The sale resulted in a realized loss of about $54.8 million, as the selling price was below its average cost basis of ~$75,476 per BTC. The proceeds were used to pay preferred stock dividends and replenish USD reserves. This move follows a new "Digital Credit Capital Framework" approved on June 29th, authorizing the sale of up to $1.25 billion in Bitcoin. The sale consumes roughly 17% of this authorized amount in its first week. Strategy's foundational narrative, built by founder Michael Saylor, was a commitment to "never sell" Bitcoin. The recent institutionalized selling framework and these substantial sales represent a significant shift from that original promise. While the amount sold is only 0.4% of Strategy's total holdings of 843,775 BTC, the action challenges the premium at which its stock (MSTR) trades relative to its Bitcoin holdings. Investors had priced in the "never sell" narrative. The company now faces a contradiction: it sells Bitcoin at a loss to pay dividends on the preferred stock it issued to fund Bitcoin purchases. Saylor has framed selling as a tool for future strategic purchases, but each sale erodes the credibility of the original commitment, potentially threatening the premium valuation of MSTR shares.

Foresight News07/07 06:05

Blood Loss of $55 Million Selling 3,588 BTC, Strategy Becomes a Literal Scumbag

Foresight News07/07 06:05

Losing $55 Million to Sell Bitcoin, MicroStrategy's Faith Reaches Its Interest Payment Day

On July 6th, Michael Saylor's MicroStrategy announced the sale of 3,588 BTC for approximately $216 million, incurring a realized loss of around $55.45 million compared to its average cost basis. This move, contradicting Saylor's long-standing "never sell" Bitcoin philosophy, was executed to pay dividends on its digital credit securities. The article traces this shift from a small "desensitization test" sale of 32 BTC in late May to the board's authorization on June 30th to sell up to $1.25 billion in Bitcoin for corporate purposes like dividends and buybacks. Analysis reveals that MicroStrategy's previous growth "flywheel"—using stock premiums to fund more Bitcoin purchases—has stalled. With its stock trading near a critical threshold (1.22x its Bitcoin NAV), issuing new shares would dilute value. Simultaneously, its financing channels (preferred stock, common stock ATM, convertible notes) are constrained while facing rigid annual dividend/interest obligations of roughly $1.76 billion. Consequently, selling Bitcoin became the calculated "optimal solution" under its own financial model. This transforms MicroStrategy from crypto's most prominent steady buyer into a predictable seller, creating a potential overhead of ~2,400 BTC in monthly selling pressure if obligations are fully covered by sales. This shift challenges the valuation models of the entire Digital Asset Treasury (DAT) sector that emulated MicroStrategy. The company's path forward now hinges on Bitcoin's price recovery, which would allow its preferred stock to trade at par and reopen its financing flywheel, creating a cyclical dependency between the firm's financial model and the asset it holds.

链捕手07/06 14:30

Losing $55 Million to Sell Bitcoin, MicroStrategy's Faith Reaches Its Interest Payment Day

链捕手07/06 14:30

How Hinkal protocol’s smart contract flaw sparked $820K USDC exploit

The Hinkal stablecoin privacy protocol suffered an exploit resulting in the loss of approximately $820,000 worth of USDC. The attack was enabled by a flaw in one of the protocol's smart contracts. The attacker manipulated the `prooflessDeposit()` function and executed a series of `transact()` calls, allowing them to withdraw funds that should not have been accessible. While the exact technical vulnerability remains unclear, it points to a failure in deposit validation or proof verification within Hinkal's privacy architecture. This incident highlights the persistent risk of smart contract bugs in DeFi, even as overall losses in the first half of 2026 are reported to be less than half of those from the same period in 2025.

ambcrypto07/04 13:02

How Hinkal protocol’s smart contract flaw sparked $820K USDC exploit

ambcrypto07/04 13:02

To Buy Discounted ETH, How to Choose Between Bitmine and SharpLink?

"Buying Discounted ETH: SharpLink vs. Bitmine" analyzes two major treasury companies during a period of low ETH prices. Both hold significant ETH positions at a loss: SharpLink (with ~886.7K ETH at an average cost of ~$3,609, unrealized loss >$1.7B) and Bitmine (with 5.7M ETH, ~4.7% of supply, cost ~$3,400, loss >$11B). Despite similar ETH price declines and inclusion in Russell indices, their market valuations differ markedly. SharpLink trades at a ~21% discount to its ETH net asset value (NAV), while Bitmine's discount is only ~6%. The article compares them across key dimensions: financing ability (Bitmine raised $19.2B aggressively vs. SharpLink's smaller, steady raises), stock liquidity (Bitmine is significantly more liquid), and narrative execution (both support Ethlabs; SharpLink plans RWA tokenization, yet to materialize). For short-term trading on an ETH rebound, Bitmine offers better liquidity and a smaller NAV discount. For long-term holding, SharpLink's deeper discount and simpler capital structure (vs. Bitmine's perpetual preferred shares) may offer more upside if ETH recovers, though it carries higher liquidity risk. The choice depends on the investor's risk preference between SharpLink's visible price/ liquidity weakness and Bitmine's hidden risks in its capital structure and past valuation premiums.

marsbit07/03 06:48

To Buy Discounted ETH, How to Choose Between Bitmine and SharpLink?

marsbit07/03 06:48

‘Sale of…’ – Inside Grayscale’s plan to erase Strategy’s $14B unrealized loss

Grayscale's Head of Research, Zach Pandl, suggests that MicroStrategy (Strategy) could sell at least $3 billion worth of its Bitcoin holdings to cover its near-term cash obligations. This move, while reducing its BTC reserves, is presented as a way to restore market confidence by improving liquidity and reducing refinancing risk, as opposed to raising dividends on its preferred shares. This discussion arises amid significant challenges for the company: its stock (MSTR) has fallen sharply, it holds an approximately $14 billion unrealized loss on its massive Bitcoin treasury (847,363 BTC valued at $50.9 billion), and a key valuation metric—the MicroStrategy Price-to-BTC Reserve Ratio—has declined, indicating waning investor confidence in its Bitcoin-focused strategy.

ambcrypto06/29 00:01

‘Sale of…’ – Inside Grayscale’s plan to erase Strategy’s $14B unrealized loss

ambcrypto06/29 00:01

Hackers Steal Nearly $17 Million in 40 Days as 'Zombie Contracts' Become Their ATMs

According to an analysis published by ZeroDrift on June 22, 2026, attackers have stolen approximately $16.9 million over 40 days from five deprecated but still operational smart contracts across various blockchains. The primary issue is not a specific vulnerability but the incomplete decommissioning of legacy contracts. These "zombie contracts" often retain economic value, operational permissions, and callable functions, making them prime targets long after teams cease active development. The most significant loss occurred at DxSale, where an old locker contract lost about $7.3 million due to a forgotten control path becoming accessible again. Other affected projects include TrustedVolumes (~$5.87M), Raydium's legacy AMM pool (~$1.34M), Aztec Connect (~$2.28M), and Huma Finance V1 pool (~$101k). These incidents involved diverse systems—RFQ settlement, credit pools, liquidity lockers, AMMs—demonstrating the widespread nature of the risk. The analysis highlights that automated tools are lowering the cost for attackers to systematically scan for these long-tail targets, which have public code and weaker monitoring. In contrast, defensive practices for contract retirement remain underdeveloped. While the DeFi industry has mature audit processes for new deployments, it lacks strict protocols for securely sunsetting old contracts, which only become truly "retired" after all funds, permissions, authorizations, and trust assumptions are removed.

marsbit06/26 09:13

Hackers Steal Nearly $17 Million in 40 Days as 'Zombie Contracts' Become Their ATMs

marsbit06/26 09:13

Who is Paying for the $64 Billion Paper Profit Party?

Bitcoin fell below the crucial $60k support, hitting lows not seen since October 2024. The real concern isn't the price drop, but the corporate Bitcoin holders whose financial models are faltering. Companies like MicroStrategy (Strategy), with 847k BTC at an average cost of ~$75.6k, now face significant unrealized losses. Their stock prices trade at a steep discount to their Bitcoin holdings' net asset value. Others like Japan's Metaplanet and Solmate (formerly Brera Holdings) face even deeper losses. While immediate, price-triggered liquidations are unlikely due to unsecured debt structures, the core financial "flywheel" is stalling. The new ASU 2023-08 accounting rule, which books Bitcoin's quarterly price swings directly into profits/losses, amplified gains in the bull market but now creates massive paper losses, potentially triggering index fund exclusions and forced selling. MicroStrategy’s CEO even hinted at possibly selling Bitcoin to pay dividends, contradicting his "never sell" stance. The true liquidity test is scheduled for Fall 2027, when convertible bond holders may demand cash repayment. If Bitcoin stays below key cost bases, these companies could be forced to sell hundreds of thousands of Bitcoin into the market, creating a severe liquidity crisis. The risk has shifted from instant margin calls to a slow-burning countdown to a debt reckoning.

链捕手06/26 06:52

Who is Paying for the $64 Billion Paper Profit Party?

链捕手06/26 06:52

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