Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/strategy-inc" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener"><strong>Strategy (MSTR US)</strong></a>'s market cap has for near-on five years, traded at a premium to its bitcoin holdings. </li>
<li>The backbone of Strategy's levered strategy is issue new shares or debt, acquire more bitcoins, which in turn, boost the share price. Rinse and repeat. Until the music stops.</li>
<li>That market cap is now at its widest discount in five years. And chairman Michael Saylor scandalously mooted the company <em>may</em> sell some bitcoins IF the discount persists.</li>
</ul>



Strategy (MSTR US)'s market cap has for near-on five years, traded at a premium to its bitcoin holdings. 
The backbone of Strategy's levered strategy is issue new shares or debt, acquire more bitcoins, which in turn, boost the share price. Rinse and repeat. Until the music stops.
That market cap is now at its widest discount in five years. And chairman Michael Saylor scandalously mooted the company may sell some bitcoins IF the discount persists.


Strategy (MSTR US)'s Bitcoin Premium Evaporates. And Then Some

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>MicroStrategy Incorporated has presented its Q3 2025 earnings, offering insights into its operations, financial status, and ongoing Bitcoin strategy.</li><li>The company has continued to solidify its position as a leading corporate Bitcoin treasury, enabling its shareholders to participate in the value creation associated with its Bitcoin holdings and innovative financial instruments.</li><li>From the earnings results, MicroStrategy reported remarkable financial performance with $3.9 billion in operating income, $2.8 billion in net income, and $8.43 in earnings per share (EPS) for Q3 2025.</li></ul>

MicroStrategy Incorporated has presented its Q3 2025 earnings, offering insights into its operations, financial status, and ongoing Bitcoin strategy.The company has continued to solidify its position as a leading corporate Bitcoin treasury, enabling its shareholders to participate in the value creation associated with its Bitcoin holdings and innovative financial instruments.From the earnings results, MicroStrategy reported remarkable financial performance with $3.9 billion in operating income, $2.8 billion in net income, and $8.43 in earnings per share (EPS) for Q3 2025.

MicroStrategy Inc.: How Its Bitcoin Hoarding Strategy & Growing Yields Are Grabbing Eyeballs!

Travis Lundy

<ul>
<li>In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it <a href="https://www.smartkarma.com/insights/quiddity-index-index-consultation-on-digital-asset-treasury-cos-the-tutes-are-leaving" target="_blank" rel="noopener">here</a>.</li>
<li>My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. </li>
<li>The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.</li>
</ul>


In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it here.
My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. 
The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.


Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

<ul><li>MicroStrategy's Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company's operations, financial outcomes, and the inherent risks and opportunities.</li><li>MicroStrategy's commitment to Bitcoin as a foundational component of its strategy is evident.</li><li>By Q2 2025, the company held 628,791 Bitcoins, comprising about 3% of the world's Bitcoin supply, which underscores its dominant position in the Bitcoin Treasury space.</li></ul>

MicroStrategy's Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company's operations, financial outcomes, and the inherent risks and opportunities.MicroStrategy's commitment to Bitcoin as a foundational component of its strategy is evident.By Q2 2025, the company held 628,791 Bitcoins, comprising about 3% of the world's Bitcoin supply, which underscores its dominant position in the Bitcoin Treasury space.

MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.</li>
<li>
<a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a>, <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a>, and <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> are the main candidates for addition from TMI at the September 2025 review.</li>
<li>
<a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers Group, Inc (IBKR US)</a> and <a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">Emcor Group Inc (EME US)</a> are the main candidates for addition from MidCap at the September 2025 review.</li>
</ul>



Microstrategy Inc Cl A (MSTR US) became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.

Robinhood Markets (HOOD US), Microstrategy Inc Cl A (MSTR US), and AppLovin (APP US) are the main candidates for addition from TMI at the September 2025 review.

Interactive Brokers Group, Inc (IBKR US) and Emcor Group Inc (EME US) are the main candidates for addition from MidCap at the September 2025 review.


S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

United States

Strategy Inc operates a bitcoin treasury company. The Company offers an equity and fixed income instruments to provide investors varying degrees of economic exposure to bitcoin, as well as develops enterprise analytics software to explore improvement in bitcoin applications. Strategy serves customers worldwide.

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Strategy (MSTR US)

Strategy (MSTR US)'s Bitcoin Premium Evaporates. And Then Some

At a wide premium, Strategy was arguably a short. That was my prior (tentative) call. I've got no ax right here. If you're a bitcoin fan, buy ETFs...

David Blennerhassett

MicroStrategy Inc.: How Its Bitcoin Hoarding Strategy & Growing Yields Are Grabbing Eyeballs!

MicroStrategy Incorporated has presented its Q3 2025 earnings, offering insights into its operations, financial status, and ongoing Bitcoin...

Baptista Research

Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

Global Index Provider M updated its list of Digital Asset Treasury Cos at the end of October. Index constituents on that list are down. They could...

Travis Lundy

MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?

MicroStrategy's Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company's operations, financial...

Baptista Research

S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

MSTR is now eligible for S&P500 inclusion after reporting $10bn in Q2 earnings on July 31, joining HOOD, IBKR, EME and APP among the top candidates...

Dimitris Ioannidis

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