MSTR Takes Some Heat

On July 31, in a bid to reassure investors facing wave after wave of share dilution, Strategy (MSTR) published forward guidance stating that the company would not sell new stock if its shares were trading for less than 2.5x mNAV (Saylor’s made up term for valuing its BTC holdings). Fast forward to yesterday morning, and the company has modified that guidance, allowing dilution of Strategy shareholders “when otherwise deemed advantageous to the company.” With the company’s mNAV currently sitting at 1.56, some investors (such as Jim Chanos) are calling out the company. Read more →

Donald Trump Jr. backed social media firm turned crypto treasury company that literally made $15 in Q1, Thumzup (TZUP), announced today that it will acquire crypto miner Dogehash Technologies in an all-stock deal. Under the terms of the agreement, Dogehash shareholders will exchange 100% of their holdings for 30.7 million shares of Thumzup stock. The company will be renamed "Dogehash Technologies Holdings, Inc." and trade on the Nasdaq under the new symbol XDOG. The company has been spending hundreds of thousands of dollars on stock promotion campaigns. For example, here is Mr. Wonderful doing a laughable ad for the company in 2023. the stock dropped more than 40% on the news. Read more →

Well, that didn’t take long. Bo Hines – just weeks after stepping down as the former Executive Director of the White House Crypto Council – has found a new gig as a strategic advisor for the stablecoin giant Tether, where he’ll steer policy and the company’s U.S. market entry. Tether has been long criticized over its transparency but now looks to be playing by the rules. The company is planning a U.S.-specific, GENIUS-compliant stablecoin separate from USDT, signaling a deeper push into the domestic market. Read more →

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