7 entries tagged strategy inc. All writing.
OCTOBER 1, 2026 The Vault Rule Got Rewritten the Day Before She Left Today the SEC proposed the rule that decides whether your financial advisor can actually hold crypto for you, and it does something the custody rule hasn't done since it was written in response to Bernie Madoff: let the advisor be the vault. It also quietly blesses something the industry has been doing in a legal gray zone for years. The vote landed on commissioner Hester Peirce's second-to-last day on the job, and her own statement reads like a closing argument. SEPTEMBER 30, 2026 The Committee That Won't Say Its Own Name A policy paper published today calls index providers "Wall Street's invisible committee." I went and found the actual committees — six unnamed people at MSCI who can decide whether Bitcoin counts as an operating asset, a board at FTSE Russell that is contractually forbidden from naming its own members, and the one index manager anyone actually knows by name, only because the SEC caught him trading on what he knew. Feedback on the live MSCI proposal closes today. The decision lands October 16. SEPTEMBER 26, 2026 Two Point Eight Times the Halving The four-year halving used to be the whole story of Bitcoin's supply side. It isn't anymore. Treasury companies are now absorbing BTC at roughly 2.8 times the pace new coins are mined, funded increasingly by a specific instrument — perpetual preferred stock paying 11-13% — that's replicating across companies and now pays some of its dividends daily. I went looking for the moment that mechanism actually kicked into gear. I didn't find a clean one, and that's worth saying honestly. SEPTEMBER 25, 2026 Bought the Dip, After Selling It Somebody at Starbucks this morning asked whether I'd heard that Trump bought MicroStrategy. So I read the filing. Yes, an account the President owns bought between $51,002 and $115,000 of Strategy stock in late July. It had sold some in June, days before the year's low, and the purchases came in 11 to 20 percent above that low, not at it. The same filing shows a single Amazon sale that could be two hundred times the size of all the MSTR buys put together. SEPTEMBER 25, 2026 Three Cents a Day, Sundays Included Strategy wants to pay dividends on all four of its U.S. preferred stocks every single day, weekends included, starting with STRC on November 1. My first reaction was that this could change everything. Then I did the arithmetic. The amount of money doesn't change at all; the shape of it does. The part that could actually matter is sitting in reason number five of the proxy. SEPTEMBER 22, 2026 Seventeen Billion Reasons They're Still Not In Strategy bought bitcoin again last week, bought back its own preferred stock, and got snubbed by the S&P 500 for the fourth time running — this time for a very specific, very quotable reason: a $17.44 billion unrealized loss that the same accounting rule which handed the company a $10 billion GAAP profit last year just as easily handed it a $8.2 billion GAAP loss this year. I went and checked all four numbers. SEPTEMBER 15, 2026 Eleven Votes Short of Clarity The Senate held a cloture vote today on the CLARITY Act, the bill meant to finally tell crypto exchanges which regulator they answer to. Forty-nine senators voted yes, fifty voted no, and the rule requires sixty. Bitcoin slid through the session as the vote failed. Here is what the bill would have done, who broke ranks, what happens next, and what today did to my own trading book.