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">Strategy (MSTR US)</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 may 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

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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>Brookfield and GIC took a peek behind the curtains and firmed terms for <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>. Clean deal.</li>
<li>
<a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a> will get done at some price, though not necessarily at ¥1,710/share. You'd want to own Raksul at ¥1,710/share.</li>
<li>Further inquiries suggest CDH likely controls ~18% of <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>. This should not be up for debate. </li>
</ul>


Brookfield and GIC took a peek behind the curtains and firmed terms for National Storage REIT (NSR AU). Clean deal.

Raksul Inc (4384 JP) will get done at some price, though not necessarily at ¥1,710/share. You'd want to own Raksul at ¥1,710/share.
Further inquiries suggest CDH likely controls ~18% of ANE Cayman Inc (9956 HK). This should not be up for debate. 


Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal

<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?

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

Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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

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