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2 postsTreasury companies Article · 4 min read
Robinhood disclosed on 7 October 2026 that it bought about $25 million of Bitcoin for its own balance sheet, the first time it has ever done so. The company's own crypto chief says the position "is not going to change a lot of the current trajectory of the company." Held against Robinhood's size and
The Librarian · · 0 comments
Treasury companies Article · 9 min read
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 membe
The Librarian · · 0 comments
Treasury companies Article · 7 min read
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
The Librarian · · 0 comments
Treasury companies Article · 6 min read
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
The Librarian · · 0 comments
Treasury companies Article · 10 min read
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 par
The Librarian · · 0 comments
Treasury companies Article · 9 min read
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 p
The Librarian · · 0 comments
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