Stocks

Strategy announced plans to create a cash reserve exceeding $1.44 billion through at-the-market stock issuance. The reserve will operate independently from the company's Bitcoin holdings, transforming Strategy into a dual-reserve entity managing both BTC and USD funds. The cash buffer will fund preferred stock dividends and cover debt obligations without forcing Bitcoin sales during market downturns.

A CoinTab dataset shows 73% of publicly tracked Bitcoin-holding companies carry debt, with 39% owing more than their BTC is worth. When Bitcoin dropped from $122,000 to $107,000 on October 10, 84% of these firms saw share prices decline by an average of 27%. The data exposes structural vulnerabilities tied to leverage and volatile treasury assets among corporate BTC holders.

Bitcoin retreated to $89,605 after nearing $100,000, while major altcoins including Ethereum and Solana also declined. National Bank of Canada disclosed a $273 million position in MicroStrategy, representing 1.47 million shares, according to data from BitcoinTreasuries.NET. The investment provides the institution with indirect Bitcoin exposure through equity markets rather than direct cryptocurrency holdings.

Equity premiums for bitcoin treasury companies have collapsed as BTC fell from $126,000 in October to near $92,000, according to Galaxy Research. On-chain capitulation metrics reached all-time highs during the decline. Strategy, Metaplanet, Semler Scientific, and Nakamoto now trade at or below their bitcoin net asset value, reversing the once-profitable model of issuing shares above NAV to accumulate more BTC.

State Representative Kyle Pierce filed House Bill 1042 on Thursday, requiring cryptocurrency exchange-traded fund options in Indiana's public retirement programs. The legislation also bars local governments from imposing unreasonable restrictions on digital asset activities, including self-custody, payments, and mining operations.

Strive, a Nasdaq-listed structured-finance firm holding over 7,500 BTC, has formally opposed MSCI's proposed rule to exclude companies with Bitcoin holdings exceeding 50% of total assets from global equity benchmarks. The company argues the threshold violates index neutrality principles and unfairly targets Bitcoin-treasury operators. MSCI is scheduled to announce its decision on January 15.

HashKey Group is advancing plans for a Hong Kong public share offering aimed at raising approximately $200 million. The firm recorded $167 billion in spot trading volume as of September. Hong Kong regulators this week cleared the listing to proceed after reviewing the exchange's application.

Cantor Fitzgerald cut its 12-month price target for Strategy (MSTR) to $229 from $560, a 60% reduction, while maintaining its buy rating. The firm rejected liquidation concerns, stating the company holds sufficient cash to cover dividend payments for approximately 21 months and can access equity facilities for additional capital if needed.

Franklin Templeton has launched the Franklin Solana ETF (SOEZ) on NYSE Arca, offering direct exposure to Solana's price movements with integrated staking functionality. The fund, managed by the firm overseeing more than $1.6 trillion in assets, can stake up to 100% of its SOL holdings to generate additional rewards for investors. SOEZ joins five other institutional Solana products currently trading in the market.

MicroStrategy will not be compelled to liquidate its Bitcoin holdings even if removed from MSCI indexes, according to Matt Hougan, Chief Investment Officer at Bitwise. The company holds $60 billion in Bitcoin and $1.4 billion in cash, with no debt conversion scheduled until February 2027. Hougan emphasized that no mechanism exists to force cryptocurrency sales simply because the stock price falls below net asset value.