Core Viewpoint - Bitcoin has been trading in a narrow range between $62,000 and $70,000, significantly lower than its all-time high of $126,000 reached on October 6th. Despite this, one company, Strategy, continues to invest heavily in Bitcoin, holding approximately 717,131 Bitcoin, while its stock has declined by about 63% since October [1][2][3]. Company Overview - Strategy has made its 99th Bitcoin purchase, acquiring an additional 2,486 Bitcoin for $168.4 million [3][4]. - The company's average acquisition price for Bitcoin is around $76,000, which is above current market levels, leading to unrealized losses [7][8]. - The company has raised $55 billion in capital, with only $8 billion being debt, allowing it to maintain a strong balance sheet despite Bitcoin's price fluctuations [10][9]. Market Conditions - The current market is described as a "crypto winter," but it is expected to be milder and shorter than previous downturns, with a potential recovery in the future [4][5]. - The banking sector is more supportive of Bitcoin now than in previous years, with significant advancements in digital asset infrastructure [5][6]. Investment Strategy - Strategy plans to continue purchasing Bitcoin regularly, regardless of short-term price movements, indicating a long-term investment approach [11][12]. - The company has sufficient capital to sustain operations for the next 50 to 60 years, allowing it to weather market downturns without immediate pressure [13][15]. Financial Instruments - Strategy has introduced a digital credit instrument, STRC, which offers an 11% dividend yield to shareholders, backed by its Bitcoin holdings [17][19]. - The company expects Bitcoin to appreciate more than 20% annually, enabling it to provide substantial returns to both credit and equity investors [19][20]. Future Outlook - Bitcoin is viewed as a superior asset compared to gold, with its price driven by various factors including scarcity, digital transformation of finance, and global property appeal [25][26]. - The company believes that holding Bitcoin will outperform traditional investments like the S&P 500 over a four-year cycle [16].

Core Insights - Institutional interest in MicroStrategy, now known as Strategy, is increasing despite the downturn in Bitcoin prices [1] - Charles Schwab has expanded its holdings in Strategy, acquiring an additional 91,859 shares, totaling approximately 1.27 million shares valued at around $168 million [1] - Strategy has recently increased its Bitcoin holdings by purchasing 2,486 BTC for $168.4 million, bringing its total to 717,131 BTC, making it the largest corporate Bitcoin holder globally [2] Financial Performance - For the year ending December 31, 2025, Strategy reported $5.40 billion in unrealized losses on digital assets, partially offset by a $1.55 billion deferred tax benefit [3] - In Q4 alone, unrealized losses reached $17.44 billion, with a $5.01 billion deferred tax benefit [3] - As of year-end, Strategy had a deferred tax liability of $2.42 billion [3] Stock Performance - MSTR shares have faced downward pressure, with a current price of $127.91, down 4.46% at press time, and a year-to-date decline of 18.61%, alongside a 64.82% drop over the past six months [4] Market Positioning - Intesa Sanpaolo, an Italian banking giant, has also taken a significant position in Strategy through put options valued at approximately $184.6 million [5] - The structure of Intesa's position suggests a strategic bet on the convergence between Strategy's stock price and the value of its Bitcoin holdings [6] Valuation Metrics - Strategy has historically traded at a premium to the value of its Bitcoin reserves, with a current multiple of net asset value (mNAV) at 1.19, indicating a 19% premium [7] - This premium reflects market expectations regarding leverage, future Bitcoin purchases, capital markets strategy, or equity market demand [8]

Group 1: Market Insights - John D'Agostino, Coinbase's Head of Institutional Strategy, highlighted that the current market decline, while significant in dollar terms, reflects typical volatility for cryptocurrencies on a percentage basis [1] - D'Agostino noted that Bitcoin has historically experienced drawdowns of 70-80% before entering multi-year rallies, suggesting that investors should view current prices as a discount if they believe in the asset [2] Group 2: Strategy Inc's Position - Strategy Inc currently holds 717,131 BTC at an average cost of approximately $76,027 per coin, with Bitcoin trading near $68,000, indicating that the company's holdings are currently underwater [2] - CEO Phong Le stated that liquidation of Bitcoin would only occur if the price crashed by 90% and remained at that level for five years, a scenario he considers highly unlikely [3] Group 3: Market Sentiment and Predictions - Polymarket bettors are pricing in a 12% chance that Strategy Inc will sell any Bitcoin by the end of the year, with over $20 million wagered on this outcome [3] Group 4: Coinbase's Challenges - Coinbase's Q4 earnings report missed key metrics, leading Piper Sandler to reduce its price target for COIN from $270 to $150 [4]

2月17日，美股上市公司Strategy（MSTR）宣布再度增持比特币。根据该公司披露的信息，此次以约 1.684亿美元购入2，486枚比特币，每枚均价约67，710美元。截至2026年2月16日，Strategy累计持有 717，131枚比特币，总投入约545.2亿美元，整体持仓均价约76，027美元。 Strategy是目前全球持有比特币数量最多的上市公司，其比特币财库战略自2020年启动以来从未中断。 按照此次披露的持仓数据计算，该公司所持比特币占比特币总流通量的比例已相当可观。值得注意的 是，此次增持的均价约67，710美元，低于其整体持仓均价76，027美元，意味着本轮买入在一定程度上 摊薄了总体成本。 据链上数据监测账号@EmberCN披露的数据，按当前价格估算，Strategy所持717，131枚比特币的市值 约为487.65亿美元，与545.2亿美元的累计投入相比存在约57.56亿美元的账面浮亏。 Strategy并非近期唯一在持续增持比特币的上市公司。同日，DDC Enterprise Limited（NYSE American：DDC）也宣布再购入80枚比特币，总持仓达2，068枚，为连续 ...

Quick Read The YieldMax MSTR Option Income Strategy ETF (MSTY) could deliver a giant 64.53% annual cash distribution yield, paid out weekly. However, the MSTY ETF’s yield cannot be guaranteed for the future, and the fund’s share price is constantly in jeopardy. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. Straddling the intersection of cryptocurrency and the stock market, Strategy (NASDAQ:MSTR) st ...

（来源：吴说） 据 @EmberCN 监测，比特币财库公司 Strategy（MSTR）上周以约 67,710 美元的价格购买了 2,486 枚 BTC（约 1.68 亿美元）。目前共持有 717,131 枚 BTC（约 487.65 亿美元），成本均价 76,027 美元，浮 亏 57.56 亿美元。以太坊财库公司 Bitmine（BMNR）上周以约 2,001 美元的价格购买了 45,759 枚 ETH （约 9,156 万美元）。目前共持有 4,371,497 枚 ETH（约 86.73 亿美元），成本均价 3,801 美元，浮亏 79.43 亿美元。 ...

Market Overview - The NASDAQ 100 declined by 1%, reflecting investor skepticism about the returns on capital expenditures for artificial intelligence, impacting major tech stocks like Apple, Microsoft, and Nvidia [2][9] - The S&P 500 fell by 12.68 points (0.19%) to 6,823.49, while the Dow Jones Industrial Average gained 79.03 points (0.16%) to reach 49,579.96, indicating a rotation from high-valuation tech stocks to more defensive sectors [3] Cryptocurrency Regulation - The White House supports the Digital Asset Market Clarity Act, aiming to establish a regulatory framework for the digital asset industry and resolve disputes over stablecoin yields [4][9] - MicroStrategy continued its Bitcoin accumulation, purchasing 2,486 BTC for approximately $168.4 million, bringing its total holdings to 717,131 BTC, which is over 3% of the total Bitcoin supply [5][9] Housing Market Sentiment - The NAHB/Wells Fargo Housing Market Index fell to 36 in February, below the expected 38, marking a second consecutive month of declining builder confidence due to affordability issues [6][9] - 36% of builders reported cutting prices to stimulate demand, with an average reduction of 6% [7] Defense Industry Developments - Rheinmetall secured approval to expand munitions production in Italy, aiming to produce up to 1.1 million artillery shells annually by 2027 to support European stockpiles and Ukraine [10][9]

Core Viewpoint - Bitcoin-related stocks experienced a decline in pre-market trading, reflecting a broader downturn in the cryptocurrency market as Bitcoin fell below the $68,000 mark [1] Group 1: Stock Performance - Strategy (MSTR.US) dropped over 2.6% [1] - Coinbase (COIN.US) fell more than 1.2% [1] - Circle (CRCL.US) decreased by 0.85% [1] - Robinhood (HOOD.US) declined over 1.4% [1] - Bitmine Immersion Technologies (BMNR.US) saw a drop of more than 1.3% [1] Group 2: Cryptocurrency Market - Bitcoin price fell over 1%, reaching a low below $68,000 [1] - Ethereum experienced a slight decline, priced at $1,996.2 [1]

Core Viewpoint - Enagas is exploring opportunities to acquire regulated energy assets in Europe that align with its hydrogen-focused strategy while ensuring the maintenance of its dividend policy and credit ratings [1] Group 1: Company Strategy - Enagas is shifting its focus towards hydrogen infrastructure and is open to M&A operations that support this strategy [1] - The company has previously divested assets in the United States, Chile, and Mexico to concentrate on Spain and Europe [1] - Enagas has cut dividends and reduced debt to finance its transition into managing hydrogen infrastructure [1] Group 2: Potential Acquisitions - Enagas is in discussions to acquire a 32% stake in Terega from Singapore's GIC, which is involved in a planned hydrogen pipeline between Spain and France [1] - The CEO highlighted that Terega is a well-known partner in daily operations and major projects, making it a suitable candidate for acquisition if conditions are favorable [1] - The company prioritizes maintaining its dividend policy and credit ratings while pursuing investment opportunities [1]

Strategy has made another weekly Bitcoin purchase — Source: CoinGape Strategy bought 2,486 Bitcoin between February 9 and 15. This marks the eighth consecutive weekly Bitcoin purchase. The MSTR stock is down over 4%. Michael Saylor’s Strategy, previously MicroStrategy, has announced its eighth consecutive weekly Bitcoin purchase, with the company now just one more purchase away from hitting its 100th BTC purchase milestone. This latest purchase comes as investors raise concerns over the threat of ...