Corporate Finance

DDC

2026-07-09 00:50:14

DDC Raises Up to $528 Million for Bitcoin After Four Straight Years of Losses

DDC, the publicly listed DayDayCook, is raising up to $528 million to buy bitcoin after years of losses, a trading halt, and a reverse stock split aimed at keeping its shares listed.

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Strategy

2026-07-06 09:39:05

WSJ Says Strategy’s mNAV Overstates Valuation, Raising Risk of Bitcoin Sales

The Wall Street Journal reported that Strategy’s self-defined mNAV metric, which is meant to measure the premium of its valuation relative to its Bitcoin holdings, contains a structural flaw. According to the report, the company uses the face value of debt and preferred stock rather than their market value when calculating enterprise value, which artificially inflates the numerator and overstates the premium. On June 26, Strategy reported an mNAV of 0.99, but the adjusted figure would have been 0.89 using market-value inputs. As of last Thursday, the company showed 1.09, while the corrected reading was estimated at about 1.04. The report also noted that Strategy’s stock has fallen 75% over the past year and that mNAV briefly dropped below 1 last month, signaling stress in its model of issuing premium-valued equity to buy more Bitcoin. The company’s board has already authorized the sale of up to $1.25 billion in Bitcoin for share repurchases and to cover interest and preferred dividends. With $2.55 billion in cash estimated to fund those obligations for roughly 17 months, WSJ argued that if mNAV remains below 1, Strategy may eventually have to tap its Bitcoin reserves.

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Strategy

2026-07-04 05:00:14

Strategy Shocks Wall Street With 46,671% EPS Beat Fueled By Bitcoin Treasury Strategy

Strategy’s Q2 2025 earnings call highlighted how the company is using Bitcoin as the center of shareholder value creation. With 628,791 BTC in reserves, a 25% year-to-date Bitcoin yield, and EPS of $32.60, the company outlined a treasury model built on Bitcoin per share growth, preferred stock issuance, mNAV-based ATM guidance, and large-scale capital market fundraising.

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Bitcoin treas

2026-07-04 01:00:14

Strive Acquires Semler as Corporate Bitcoin Treasury Strategies Enter a New Era of Consolidation

On September 22, 2025, Strive, Inc. (Nasdaq: ASST) and Semler Scientific, Inc. (Nasdaq: SMLR), both members of the Bitcoin For Corporations (BFC) network, announced a landmark all-stock transaction that may reshape how public companies build and scale Bitcoin treasury strategies. Under the deal, Semler shareholders receive a 210% premium, exchanging each Semler share for 21.05 Strive Class A shares. At the same time, Strive disclosed the purchase of 5,816 BTC for $675 million at an average price of $116,047 per Bitcoin, lifting its standalone treasury to 5,886 BTC and setting up the combined company to control more than 10,900 BTC after closing. Beyond size, the deal stands out for Strive’s capital model: unlike Strategy’s debt-heavy playbook, Strive says it plans to fund Bitcoin accumulation exclusively through perpetual preferred equity, aiming to reduce refinancing risk and improve balance-sheet durability. The merger also brings in Semler’s profitable diagnostics business, anchored by its FDA-cleared QuantaFlo system, highlighting that a Bitcoin treasury strategy does not require abandoning productive operating businesses. For CFOs, boards, and investors, the transaction signals a broader shift: Bitcoin is moving from a peripheral treasury asset to the foundation of corporate capital formation, M&A strategy, and shareholder value creation.

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Bitcoin Treas

2026-07-04 00:00:14

Semler Scientific Expands Its Bitcoin Treasury Strategy With Joe Burnett and a 105,000 BTC Goal by 2027

Semler Scientific, the second U.S. public company to adopt Bitcoin as its primary treasury reserve asset, has deepened its long-term Bitcoin strategy by appointing Joe Burnett as Director of Bitcoin Strategy and outlining an aggressive multi-year accumulation plan. The company aims to hold 10,000 BTC by the end of 2025, 42,000 BTC by 2026, and 105,000 BTC by 2027. The announcement came as Semler continued expanding its position, including a recent purchase of 185 BTC for $20 million between May 23 and June 3, bringing total holdings to 4,449 BTC valued at about $446.2 million at current prices. Semler said it has acquired these holdings for $410.0 million at an average price of $92,158 per Bitcoin. Since adopting its Bitcoin Standard in May 2024, the company reported approximately 287% BTC Yield and a $177 million BTC $ Gain through June 3, 2025, with year-to-date BTC Yield standing at 26.7%. Burnett brings experience from Unchained, where he served as director of market research and supported institutional Bitcoin adoption through collaborative custody solutions, as well as from Blockware Solutions, where he worked as head analyst and helped launch one of the largest Bitcoin mining platforms in the United States. Semler said it plans to fund continued Bitcoin accumulation through equity financing, debt financing, and operating cash flow, and noted that since launching its market offering program in April 2025, it has raised approximately $136.2 million through stock sales.

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Bitcoin

2026-07-03 22:30:14

Why Strategy Bought More Bitcoin and What Saylor’s Comments on Selling Really Mean

Strategy (NASDAQ: MSTR) disclosed a new purchase of 535 BTC for about $43.0 million at an average price of $80,340 per coin, lifting its total holdings to 818,869 BTC acquired for roughly $61.86 billion. The move came just days after executive chairman Michael Saylor said the company could sell some bitcoin if doing so improved bitcoin-per-share economics, triggering debate over whether Strategy’s long-standing accumulation model had changed. This article explains why the latest purchase suggests the core strategy remains intact, how FASB fair value accounting created a $12.54 billion unrealized loss in Q1 2026, why deferred tax assets matter, and how a similar tax-loss harvesting transaction occurred in December 2022. It also examines CEO Phong Le’s “math over ideology” framework, Strategy’s $8.2 billion in convertible debt and $1.5 billion in annual preferred dividend obligations, JPMorgan’s estimate that 2026 bitcoin purchases could approach $30 billion, and the renewed market attention on the company’s software and AI business, including its internal infrastructure layer called Mosaic.

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Strategy

2026-07-03 00:45:14

Strategy (MSTR) Secures $44.1B ATM Capacity to Fuel Bitcoin Treasury Expansion

Michael Saylor's Strategy (formerly MicroStrategy) has dramatically expanded its at-the-market (ATM) equity and preferred offering capacity, adding Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial as new sales agents. The March 23 Form 8-K reveals three new ATM programs: up to $21 billion in Class A common stock, $21 billion in STRC floating-rate perpetual preferred stock, and $2.1 billion in STRK 8% perpetual preferred stock, totaling $44.1 billion. The company also restructured its preferred stock authorization, raising STRC shares from ~70 million to ~283 million and slashing STRK shares from ~270 million to ~40 million, signaling a clear pivot toward floating-rate instruments. No sales have occurred yet; actual issuances depend on market conditions. The moves provide flexible financing for ongoing Bitcoin acquisitions, reducing reliance on traditional debt and allowing opportunistic capital raises when MSTR trades at a premium.

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Bitcoin

2026-07-02 23:45:14

Bitcoin for Corporations Livestream at Strategy World 2025: Full Viewing Guide and Agenda

The Bitcoin for Corporations Livestream, hosted by Strategy (formerly MicroStrategy), took place on May 6-7, 2025, featuring Michael Saylor, Jack Mallers, Simon Gerovich, and other industry leaders discussing Bitcoin adoption in corporate finance. This article provides official viewing channels (X, YouTube, Facebook, Rumble, LinkedIn), the complete agenda, and how to access replays. Ideal for readers interested in institutional Bitcoin strategies.

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