
Michael Saylor’s $13,400 Bitcoin floor exposes the exact order of losses inside Strategy’s debt stack
The filed ratio moves with cash and claims, while MSTR dilution and legal priority shape real losses.

The filed ratio moves with cash and claims, while MSTR dilution and legal priority shape real losses.

At 60% participation, two random links raised simulated quorum-failure thresholds from 11% to 38% and 12% to 33%.

The 35.75-day backlog represents an annualized opportunity-cost estimate as deposits share a 256 ETH-per-epoch activation gate.

The Aug. 25 CFTC snapshot shows 115.7 million XRP-equivalent net short against rising dealer and asset-manager net longs.

Circle's wrapped Bitcoin was overcollateralized at its Aug. 27 snapshot, yet WBTC and cbBTC remain thousands of times larger as Arc becomes the next distribution test.

GENIUS reserves stop at 93 days while Treasury expands liquidity buybacks across 10- to 30-year debt.

BitGo is paying roughly $42.5 million upfront for institutional trading capabilities as NYDIG prioritizes a claimed 3+ GW power-and-compute footprint, leaving profitability unproven on both sides.

The Aug. 25 unwind was capitalized into principal, while a one-time Sept. 24 test determines whether the $75,000 ceiling applies.

OCEAN still represented 2.45% of trailing-day blocks after buying out its co-founder, while CONVOY disclosed no operational footprint.

Platforms could rely on foreign issuers only after reasonable diligence, while comments on the proposed standard remain open through Oct. 19.

A settled CFTC order adds a $65,000 penalty and three-year ban while crediting KalshiEX’s assistance.

Four Aerodrome pools showed $6.07 million in displayed liquidity while official Aave V3 records listed none of the B20 assets.

The US Treasury expects to borrow $739 billion from July through September while paying investors to hand back some of its older bonds. The pairing looks self-defeating because both transactions involve the same issuer. However, they are on separate ledgers and solve separate problems: auctions finance the government and create liquid benchmarks, while buybacks retire […]

BHWI has published parity tests, but downstream wallets still face packaging, platform and integration work.

Delaware Life Insurance Company's 2025 balance sheet took on a startling new shape when the insurer corrected its annual filing: roughly $17 billion of investments were classified as related-party holdings, about 39% of invested assets, versus roughly $1.4 billion and 3% in the earlier version. Clear Spring Life and Annuity Company made a separate correction […]

Price moves will not trigger margin calls, but 60 days of delinquency can put the pledged Bitcoin at risk of sale.

The Sept. 1 change removes a client Merkle check, leaving VARA reports and audited materials that are less public.

The company’s $4 billion contracted AI run-rate target was four times the $1 billion operating level measured Aug. 26, with recognition still gated by delivery and customer acceptance.

Armstrong’s launch-week chart captured $104 million in turnover, while one later snapshot left persistence to open interest and repeat sessions.

Its first crypto gains table covers 17,600 taxpayers, while CARF data will begin reaching the agency in 2027.