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MicroStrategy CEO Phong Lee defended selling seven thousand Bitcoin at sixty thousand to sixty-five thousand dollars before buying more at eighty thousand dollars. Lee states the transactions managed capital costs to eliminate net debt and fund dividends.
Bitfinex Securities listed five tokenized notes tracking public Bitcoin treasuries like MicroStrategy and MetaPlanet, excluding US investors. The notes represent fractional debt exposure backed by underlying shares held in regulated financial institutions.
Matthew Di Salvo outlines MicroStrategy's opposition to an MSCI proposal that would exclude non-operating digital treasury firms from its global indices. Michael Saylor and Fong Lee sent a letter warning that the exclusion unfairly discriminates against digital asset balance sheets.
David Bennett criticizes MicroStrategy for operating essentially as a hedge fund on life support rather than a productive software business. Bennett warns that Michael Saylor's hostile response to MSCI could prompt the index provider to finalize the corporate exclusion.
During the last cycle peak, retail capital bypassed spot Bitcoin to buy highly leveraged MicroStrategy call options and double-leveraged ETFs. Michael Sullivan notes some double-leveraged MSTR ETFs subsequently collapsed by 97 percent.
MicroStrategy purchased 4,603 Bitcoin for $369.7 million after a ten-week pause in acquisitions. CEO Phong Lee states the company is shifting toward active capital management, optimizing balance sheet cash and equity issuance.