# Пов'язані статті щодо Discount

Центр новин HTX надає останні статті та поглиблений аналіз на тему "Discount", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

Strategy Opens Path to Bitcoin Sale — Michael Saylor Explains Why It Makes Sense

Michael Saylor, Executive Chairman of Strategy Inc. (NASDAQ: MSTR), outlined the company's potential funding sources for future buybacks of its Series A Variable Rate Perpetual Preferred Stock (STRC). These buybacks could be financed through the sale of Bitcoin or MSTR shares, depending on market conditions. This strategy is seen as attractive when STRC trades significantly below its $100 par value, allowing the company to repurchase shares at a discount and reduce future dividend obligations. Strategy aims to maintain STRC trading near its $100 par value with high liquidity and low volatility. The company, adhering to its digital credit capital concept, will not issue new STRC shares below par. In the week ending July 26, Strategy repurchased approximately $25 million worth of STRC shares at an average price of $86.52 per share, taking advantage of the discount. Strategy has increased its USD reserve to a record $3.75 billion, but this reserve is reserved exclusively for preferred stock dividends and debt repayment. Therefore, future STRC buybacks will be funded separately, primarily through the issuance of MSTR common stock or the sale of Bitcoin when deemed economically justified by management. This approach provides flexibility to execute discounted buybacks without impacting funds earmarked for dividends and debt.

cryptonews.ru2 дні тому 05:36

Strategy Opens Path to Bitcoin Sale — Michael Saylor Explains Why It Makes Sense

cryptonews.ru2 дні тому 05:36

London Bitcoin Treasury Company at the End of Its Rope, Shareholders Vote to Sell All 668 BTC and Delist

London-based bitcoin treasury company Satsuma Technology faces a critical shareholder vote on July 20th. Shareholders holding over 20% of the company have proposed a plan to sell all of the company's 668.48 BTC and delist from the London Stock Exchange. The proposal requires at least 75% approval for two special resolutions, which are interdependent. If passed, the process would begin in early August, with the aim of returning net cash to shareholders after costs and a £2 million operational reserve. If either resolution fails, the company will continue its treasury strategy. The board is divided, with four directors recommending rejection and two in support. The company's shares have been suspended since July 1st due to delayed audited accounts. As of June 30th, Satsuma's BTC holdings were valued at £29.44 million, with the stock trading at a discount to its net asset value. This situation highlights the pressure on listed treasury companies during bear markets, testing their long-term "hold" strategies against shareholder demands for liquidity when shares trade at a persistent discount.

marsbit07/17 05:36

London Bitcoin Treasury Company at the End of Its Rope, Shareholders Vote to Sell All 668 BTC and Delist

marsbit07/17 05:36

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

Buying Discounted ETH, Which One to Choose: Bitmine or SharpLink?

The article compares two major ETH treasury companies, SharpLink and Bitmine, for investors seeking indirect ETH exposure via stocks during a bear market. Both hold significant ETH at similar cost bases (~$3,609 and ~$3,400 respectively) and face comparable percentage losses (>50%). Key differences lie in scale, valuation, and financing. Bitmine holds 5.7M ETH (4.7% of supply) with a ~$76B market cap and trades at only a ~6% discount to its net asset value (NAV). It has superior liquidity, aggressive financing (raising $19.2B in 11 months), and inclusion in the Russell 1000 index. However, its structure includes perpetual preferred stock with dividend costs, and past investors paid significant premiums, adding an extra layer of valuation risk. SharpLink holds ~887k ETH, has a ~$10.2B market cap, and trades at a deeper ~21% discount to NAV. Its financing has been slower, relying on smaller offerings. It promotes an "institutional narrative" with ties to Ethereum co-founder Joe Lubin and RWA/tokenization plans, though these remain unimplemented. Its liquidity is lower, but its simpler capital structure means current investors aren't paying for past overvaluation. In summary: For tactical trading in a downturn, Bitmine offers better liquidity and tighter NAV pricing. For potential long-term upside if ETH recovers, SharpLink's deeper discount offers more theoretical repair room, though it faces execution risks. The choice depends on whether one prioritizes trading efficiency and scale (Bitmine) or a potentially larger discount and simpler structure (SharpLink).

链捕手07/03 06:39

Buying Discounted ETH, Which One to Choose: Bitmine or SharpLink?

链捕手07/03 06:39

Aave Founder Dismisses Reports Of Payward’s ‘70% Discount’ Stake Purchase

Aave founder Stani Kulechov has dismissed reports claiming that Kraken's parent company, Payward, was negotiating to purchase a 15% stake in Aave Group at a steep 70% discount. The reported deal proposed a $71 million investment at a $385 million valuation, which was framed as a significant discount compared to AAVE's fully diluted token valuation. Kulechov rejected this narrative, stating AAVE would not be sold at such a discount, and highlighted Aave's protocol revenue. The article clarifies the distinction between different entities within the Aave ecosystem—Aave Group, Aave Labs, Aave DAO, and AAVE token holders—noting that an equity discussion in a related company does not equate to selling the protocol or transferring DAO control. It underscores the sensitivity of major DeFi protocols to strategic investment rumors and the importance of accurate terminology to avoid misleading readers. While strategic discussions are common in the crypto sector, Kulechov specifically denied the discounted sale framing. The situation highlights that future developments should be monitored via official Aave channels, and market reactions may depend on whether token holders view the denial as value-supportive or focus on potential future distributions. The key takeaway is the founder's rejection of the 70% discount story, while leaving room for strategic partnerships under different terms.

bitcoinist06/26 19:01

Aave Founder Dismisses Reports Of Payward’s ‘70% Discount’ Stake Purchase

bitcoinist06/26 19:01

STRC Trading at Significant Discount, mNAV Falls Below Break-Even, Strategy's Valuation Logic Has Been Rewritten

Title: STRC Deeply Discounted, mNAV Falls Below Break-even, Strategy's Valuation Logic Redefined The recent volatility in MSTR and STRC highlights the need to reassess the core business model of Bitcoin reserve companies. These entities function more like leveraged, single-asset banks rather than software/tech firms. Consequently, they should be valued using banking metrics, not based on their total Bitcoin holdings. The key valuation metric is mNAV (market net asset value), akin to a price-to-book ratio. It compares the company's market capitalization to the equity value of its Bitcoin holdings after deducting all senior debt and preferred equity (like STRC). As of June 24, Strategy's mNAV was 1.10x. The focus should be on "net Bitcoin per share" (the Bitcoin claim per share after senior claims) and its growth rate, equivalent to a bank's book value and return on assets. Given STRC's 19% discount to its $100 par value (yielding 14.2%), issuing new MSTR equity at the current price to buy more Bitcoin is inefficient. It slightly dilutes the widely watched "total Bitcoin per share" metric while providing minimal improvement to the more critical "net Bitcoin per share." The article analyzes four potential uses for $1 billion in new equity: 1. **Buy Bitcoin:** Least effective. Improves net Bitcoin per share only marginally while diluting total Bitcoin per share. 2. **Repurchase STRC:** Most effective for balance sheet repair. The discount creates immediate value, increasing net Bitcoin per share by 1.0%, reducing debt burden, and lowering future dividend obligations. 3. **Boost Cash Reserves:** Dramatically improves the "cash coverage ratio" for STRC dividends from 9.8 months to 16.8 months, a crucial liquidity metric in a tightening funding environment. 4. **50/50 Split (STRC buyback & cash):** A balanced approach improving all key metrics. Strategy's own Q1 report indicates its internal break-even mNAV for profitable equity issuance to buy Bitcoin is 1.22x. With the current mNAV at 1.10x, such a move would be value-destructive. The core assumptions of its previous expansion model—issuing STRC at par and maintaining ample dividend coverage—have broken down. The recommended path is to use new capital to optimize core financial health: repurchasing discounted STRC and/or bolstering cash reserves. This would repair the balance sheet, signal liquidity strength, support STRC's price, lower its yield, and potentially reopen the par-value issuance channel. The current STRC discount represents a low-cost capital opportunity to restart this positive cycle. Bitcoin reserve companies must be evaluated as banks, focusing on book value, leverage, and liquidity resilience.

Foresight News06/26 09:05

STRC Trading at Significant Discount, mNAV Falls Below Break-Even, Strategy's Valuation Logic Has Been Rewritten

Foresight News06/26 09:05

South Korea's 'Kimchi Premium' Turns Negative, The Crypto Trading Powerhouse Ultimately Becomes A Stock Trading Powerhouse

South Korea's cryptocurrency "Kimchi Premium," historically a hallmark of high retail speculation and capital controls, has turned negative for the first time. This indicates a significant shift: Korean retail investors are withdrawing funds from the crypto market, driven by several factors. Firstly, the broader crypto market, especially altcoins, is struggling, dampening speculative interest. Secondly, the Korean stock market has nearly doubled in value over the past year, attracting liquidity away from digital assets. Major tech companies like Samsung and SK Hynix have led this surge. Finally, the government's confirmed plan to implement crypto taxation starting next year is influencing market preferences. Real-time data from a Korean monitoring channel shows a consistent 2-3% discount ("reverse Kimchi Premium") for cryptocurrencies like USDT in Korea compared to global prices, confirming weak domestic buying pressure. This persistent discount underscores a sustained capital outflow. The shift from premium to discount is highly symbolic, reflecting Korea's transition from a "crypto trading powerhouse" to one increasingly focused on its booming stock market, which now ranks as the world's sixth-largest by market capitalization.

marsbit06/02 04:43

South Korea's 'Kimchi Premium' Turns Negative, The Crypto Trading Powerhouse Ultimately Becomes A Stock Trading Powerhouse

marsbit06/02 04:43

After $HYPE Hits a New High, Is It Worth Considering the Stock of "HYPE Version MicroStrategy" $PURR?

**HYPE Hits New Highs: Is $PURR, the "HYPE Version of MicroStrategy," Worth Considering?** The stock of Hyperliquid Strategies (NASDAQ: $PURR), a publicly-traded company that exclusively buys and holds the cryptocurrency HYPE, has gained over 100% year-to-date, mirroring HYPE's own 150% surge to new all-time highs. This has sparked discussions about PURR being a more "capital-efficient" play than MicroStrategy's bitcoin strategy, given its reported ~$1 billion unrealized gain on a ~$220 million investment. The article clarifies that PURR is essentially a pure-play wrapper for HYPE, with no other business. It resulted from a 2025 SPAC merger led by firms like Paradigm and Atlas Merchant Capital, bringing traditional finance veterans to its board. Its value is entirely derived from the price of HYPE. While PURR offers a crucial compliance bridge for US-based institutional and retirement accounts unable to access HYPE directly, the analysis questions the "capital efficiency" narrative. The outsized gains are attributed to HYPE's exceptional performance, not superior corporate strategy. For investors who can buy HYPE directly, holding PURR introduces unnecessary risks: potential shareholder dilution from future stock offerings, incomplete passthrough of staking rewards, market hour mismatches, and counterparty risk via its single custodian. A key metric is its mNAV (modified net asset value). Current calculations show PURR trades at a discount to its HYPE holdings, but this could flip to a premium depending on the execution of registered share issuances. The article concludes that PURR is primarily a "conduit product." The investment thesis hinges entirely on one's bullishness on HYPE itself, not on the PURR wrapper, which adds friction and risk for those with direct crypto access.

marsbit05/25 08:02

After $HYPE Hits a New High, Is It Worth Considering the Stock of "HYPE Version MicroStrategy" $PURR?

marsbit05/25 08:02

Dogecoin – Why history suggests holders can expect 2 more years of pain

Dogecoin (DOGE) is currently trading at a key technical level and a rare historical discount, with a large portion of holders underwater. The "number of days spent at profit" metric reached an all-time high of 1100 days, indicating significant long-term investor losses. This suggests a large overhead supply and a potential prolonged correction phase. Historical data shows that long-term investors consistently bought DOGE during periods like mid-2021 and mid-to-late 2024, contributing to current unrealized losses, especially as prices fell from $0.35 to $0.092 over the past year. Based on MVRV pricing bands, DOGE may require up to two more years of downtrend before reclaiming the realized price support level of $0.140, mirroring previous cycle behavior.

ambcrypto02/25 07:06

Dogecoin – Why history suggests holders can expect 2 more years of pain

ambcrypto02/25 07:06

Dogecoin at a 1,100-day discount: Will accumulation lead to a breakout?

Dogecoin (DOGE), the leading memecoin by market cap, is trading at a critical level after a 39% decline over seven consecutive weeks. It is now at a historically rare discount, trading below prices from 1,100 previous trading days—an all-time high for this metric. This often signals a late-stage correction where long-term accumulation begins. Key indicators suggest a potential transition from decline to accumulation. The Accumulation/Distribution line is trending upward, reflecting consistent buying pressure, while the Money Flow Index remains above 50, indicating stronger capital inflows. Additionally, liquidity clusters above the current price increase the likelihood of a short-term upward move toward the $0.10 level. While a definitive bottom isn't confirmed, the combination of deep historical discount, strengthening accumulation signals, and favorable liquidity positioning suggests DOGE may be poised for a potential breakout if buying pressure continues.

ambcrypto02/23 14:02

Dogecoin at a 1,100-day discount: Will accumulation lead to a breakout?

ambcrypto02/23 14:02

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