MSTR Dips Below Cost-Basis

Only four days before Trump’s inauguration last year, an Abu Dhabi “spy shiekh” signed a secret deal with the Trump family to buy a stake in World Liberty Financial, according to The WSJ. National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan purchased the 49% stake for $500 million. The first installment was $250 million, of which $187 million was directed to Trump family entities and at least $31 million to Steve Witkoff entities. Read more →

Bitcoin took another dive over the weekend, falling ~10% on Saturday to ~$75,000. One sign of the cooling is that Bitcoin’s realized cap has started to flatline, suggesting fewer new entrants are buying at current price levels – which is not the healthiest signal of any quick rebound.

The selloff also temporarily pushed Strategy's (MSTR) bitcoin position underwater below its $76,037 cost basis. While that might sound scary to some, MSTR trading below cost basis is not a crisis (yet) – it just simply slows Saylor’s ability to grow its bitcoin stack. For context, MSTR traded below cost basis for most of the year in 2022 and the company only added about 10k bitcoin. Read more →

Cboe Markets is in discussions with retail brokerages to relaunch “all-or-nothing” options contracts for individual investors to compete with prediction markets. Much like prediction-market contracts, binary call options either pay a set cash settlement or nothing at all. Wall Street has a complicated history with binary options, with the SEC previously placing stern warnings about the risks. But, that was a decade ago, before Gamestop, and memecoins, and legal online gambling. Read More →

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