Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
Today’s top news:
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Crypto majors very red and down 3-6% on day; BTC at $88,200
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Saylor’s Strategy bought 9-month high $2.13B in BTC last week
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Delaware Life added BTC to its insurane product via IBIT
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Solana Mobile’s SKR token debuted at $120M FDV
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Infinex announced its TGE plans aiming for Jan 30
Strategy is leaning on their newest instrument to keep stacking BTC.
Michael Saylor’s firm Strategy executed its largest Bitcoin purchase in nine months last week, spending roughly $2.1B to add to its already record BTC treasury.
They added 22,035 Bitcoin at a $95,280 average (unfortunately, nearly 7% above the price today).
Notably, Strategy financed a portion of the buy using STRC, a newly introduced structured credit instrument, rather than issuing common equity.
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STRC is Strategy’s Series A Perpetual “Stretch” Preferred Stock, a variable-rate preferred equity instrument designed to trade near its $100 par value while paying monthly cash dividends
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The dividend currently equates to roughly an 11% annualized yield, with the rate adjusting regularly to limit price volatility and keep the instrument functioning like a cash-style income product
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Strategy uses STRC to raise capital for Bitcoin accumulation without issuing common equity or relying on traditional high-risk debt
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STRC is not directly collateralized by Bitcoin, but is supported by a balance sheet dominated by BTC, linking investor returns to Strategy’s long-term Bitcoin strategy
Saylor’s newest financial instrument is starting to pay off.
“3% of all btc owned by microstrategy was acquired last week” – Udi Wertheimer on X
This purchase offers a clearer look at how Strategy’s ecosystem is evolving.
Bitcoin is now becoming the anchor for a growing credit framework that allows Strategy to raise capital without selling BTC or repeatedly diluting equity holders.
This is conceptually bullish MSTR, as he won’t have to continue to dilute shareholders to raise capital for Bitcoin. And bullish Bitcoin as Saylor now has a new income stream from which to fund purchases.
What Is Strategy (MSTR)? The Bitcoin Treasury Company
All without touching his Bitcoin stack.
Over time, this approach pushes Strategy closer to a Bitcoin-backed financial platform than a single corporate treasury strategy.