matthew_sigel
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France Eyes Bitcoin Mining to Cut Energy Waste and Boost Grid Stability.
"The proposal, submitted to the French National Assembly on June 12th, urges the government to examine whether Bitcoin’s energy-intensive mining process could be harnessed to absorb excess power, especially from the nuclear plants that generate the bulk of France’s electricity."
"The proposal, submitted to the French National Assembly on June 12th, urges the government to examine whether Bitcoin’s energy-intensive mining process could be harnessed to absorb excess power, especially from the nuclear plants that generate the bulk of France’s electricity."
No public BTC treasury company has traded below its Bitcoin NAV for a sustained period.
But at least one is now approaching parity.
As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near NAV, continued equity issuance can dilute rather than create value.
⚠️ That is not capital formation. It is erosion.
🧭 Companies pursuing a Bitcoin treasury strategy should adopt safeguards now, while premiums still exist. Some ideas:
1️⃣ Announce pause to ATM issuance if the stock trades below 0.95 times NAV for 10 or more trading days.
2️⃣ Prioritize buybacks when BTC appreciates, but the equity fails to reflect that value.
3️⃣ Launch a strategic review if NAV discount persists. That might include a merger, spinoff, or sunset of the BTC strategy.
💼 Executive compensation should be aligned with NAV per share growth, not with the size of the Bitcoin position or total share count. We’ve seen this movie before with the miners: persistent issuance and outsized executive pay. No need for a sequel.
🚫 Once you are trading at NAV, shareholder dilution is no longer strategic. It is extractive.
📣 Boards and shareholders should act with discipline now, while they still have the benefit of optionality.
But at least one is now approaching parity.
As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near NAV, continued equity issuance can dilute rather than create value.
⚠️ That is not capital formation. It is erosion.
🧭 Companies pursuing a Bitcoin treasury strategy should adopt safeguards now, while premiums still exist. Some ideas:
1️⃣ Announce pause to ATM issuance if the stock trades below 0.95 times NAV for 10 or more trading days.
2️⃣ Prioritize buybacks when BTC appreciates, but the equity fails to reflect that value.
3️⃣ Launch a strategic review if NAV discount persists. That might include a merger, spinoff, or sunset of the BTC strategy.
💼 Executive compensation should be aligned with NAV per share growth, not with the size of the Bitcoin position or total share count. We’ve seen this movie before with the miners: persistent issuance and outsized executive pay. No need for a sequel.
🚫 Once you are trading at NAV, shareholder dilution is no longer strategic. It is extractive.
📣 Boards and shareholders should act with discipline now, while they still have the benefit of optionality.
Spoke to a Southern mayor yesterday who wants to be the first in 🇺🇸 to issue BitBonds.
He’s got his summer intern on it.
One potential snag: could a Bitcoin-linked muni threaten federal tax-exempt status under arbitrage rules?
Tax pros, please opine below ⬇️
He’s got his summer intern on it.
One potential snag: could a Bitcoin-linked muni threaten federal tax-exempt status under arbitrage rules?
Tax pros, please opine below ⬇️
$CRWV
🛒 Quietly buys ~5.5% of $APLD
✅ Awards it a massive AI lease
📈 Watches $APLD double
💰 Dumps entire stake
Nice work if you can get it.
🛒 Quietly buys ~5.5% of $APLD
✅ Awards it a massive AI lease
📈 Watches $APLD double
💰 Dumps entire stake
Nice work if you can get it.
first time I've seen $V Visa get hit hard on stablecoin-related margin pressure fears, down 6%
It's honestly impressive that Bloomberg has a full-time position dedicated to daily Bitcoin bear posting.
🚨 Stripe to Buy Crypto Wallet Provider Privy for Undisclosed Amount; Builds on Stripe's Previous $1.1B Acquisition of Stablecoin Platform Bridge
SoftBank is an IPO vending machine: Bitcoin-focused TwentyOne Capital is already out (≈1 % of NAV). Next up: Klarna, PayPay, Chime, Fanatics.
Yet 9984 trades at record 65% discount to NAV. Shares +5% today says someone finally noticed & betting IPO window stays open.
Yet 9984 trades at record 65% discount to NAV. Shares +5% today says someone finally noticed & betting IPO window stays open.
Digital assets-focused hedge fund Parataxis Holdings to Go Public via Merger with SilverBox.
Santander-backed SPAC SilverBox ($SBXD) proposes business combination with Paratixis Holdings, with intention to capitalize on a transaction currently under development in South Korea.
Santander-backed SPAC SilverBox ($SBXD) proposes business combination with Paratixis Holdings, with intention to capitalize on a transaction currently under development in South Korea.
MSTR + CEP + ASST + SMLR + NAKA + DJT = $76B in capital raising ability to buy Bitcoin.
That's 56% of the AUM of the Bitcoin ETFs and 169% of the net inflows the ETF complex has achieved in last 16 months.
Source: Wells Fargo
That's 56% of the AUM of the Bitcoin ETFs and 169% of the net inflows the ETF complex has achieved in last 16 months.
Source: Wells Fargo
TD analyst who flagged MSFT capex slowdown in spring now sees leasing rebounding post-June fiscal year-end.
Checks from Datacloud Congress more bullish on crypto miners with large capacity coming online by YE26 as ORCL and OpenAI drive infra demand.
Checks from Datacloud Congress more bullish on crypto miners with large capacity coming online by YE26 as ORCL and OpenAI drive infra demand.
Japanese financial conglomerate SBI Holdings (8473 JP, mkt cap $10B) touts $50M Investment in $CRCL, "one of the largest allocations" in the IPO
"Among firms in the [Artemis] study, the Singapore-China corridor emerged as the most active for stablecoin flows.
While the US accounted for 18.7% of stablecoin flows, Singapore, HK and Japan together accounted for 36%".
While the US accounted for 18.7% of stablecoin flows, Singapore, HK and Japan together accounted for 36%".
🚨 JPMorgan Plans to Offer Clients Financing Against Crypto ETFs
Hi @Saylor, you're missing VanEck's $PFXF (AUM = $1.7B) in your list of Preferreds ETFs that can own $MSTR issues.
We already have a 3%+ position in STRK & STRF combined, bigger than most peers.
And lower fees.
Fixed it for ya below 👍
We already have a 3%+ position in STRK & STRF combined, bigger than most peers.
And lower fees.
Fixed it for ya below 👍
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