MicroStrategy Inc.

“As far as other kind of structured products, I assume you're alluding to the things that like what a strategy has done. That's not something that we've looked too closely at yet.”

Asked about MicroStrategy-style structured Bitcoin financing products, management says Riot hasn't pursued that route closely yet, implicitly benchmarking against MicroStrategy's approach.

“Its now accessible on Robinhood and Square Cash App and pretty much anywhere else that you can buy a security”

Strategy's Stretch (STRC) is now accessible on Block's Square Cash App, extending retail distribution through Cash App.

“the announcement of the BlackRock, Bitcoin volatility Income Fund that came like about a week ago where they said they were going to sell volatility or generate income”

BlackRock launched a Bitcoin volatility income fund, framed as a bullish, volatility-dampening development among BlackRock's Bitcoin (IBIT) products.

“Robinhood, in fact, launched the first-ever preferreds on their platform because of the demand and the liquidity that they saw in Stretch”

Robinhood launched its first-ever preferred securities on its platform, driven by demand for Strategy's Stretch (STRC); a new product line for Robinhood.

“we got an S&P rating, a B- issuer credit rating, which is a starting point”

S&P Global Ratings assigned Strategy a B- issuer credit rating, the first-ever credit rating for a Bitcoin treasury company.

“MSCI confirmed that digital asset treasury companies will remain eligible for inclusion in its global market indices”

MSCI decided not to exclude digital-asset-treasury companies from its global indices, preserving index inclusion for Strategy.

“The Japanese Bitcoin treasury company, Metaplanet, has recently announced a share buyback program with the intention of being able to strategically deploy buybacks at times that would increase Bitcoin per share for the equity holders.”

Analyst notes rival Bitcoin treasury company Metaplanet announced a share buyback program to increase Bitcoin per share, prompting a question on whether Strategy would do the same.

“Societe Generale, which is a large bank in France, which became the first major bank to launch dollar peg stablecoins”

Societe Generale became the first major bank to launch dollar-pegged stablecoins, cited as evidence of banks embracing digital assets.

“even banks like JPMorgan now are allowing Bitcoin and Ether as collateral with their banks”

JPMorgan is now allowing Bitcoin and Ether as collateral, a sign of major banks further embracing crypto.

“Robinhood listed each of our four preferreds in the last month, and we've seen significant volume and liquidity through Robinhood.”

Robinhood listed all four of Strategy's preferred securities (its first-ever preferreds on the platform), driving significant volume and liquidity.

“Citibank recently launched coverage, the first, I'll call it, bulge bracket bank that's launched coverage on our equity, and they also provide now a price target. And they've announced that they're going to launch crypto custody services next year”

Citi initiated equity coverage on Strategy with a price target and plans to launch crypto custody services next year, a read-through on Citi entering digital-asset custody.

“Morgan Stanley has dropped their restrictions in which wealth clients can now own crypto funds.”

Morgan Stanley loosened crypto restrictions for wealth clients and underwrote Strategy's Stretch offering, opening its wealth-management channel to Bitcoin-linked products.

“S&P has assigned us a B- issuer credit rating to strategy.”

S&P assigned Strategy a B- issuer credit rating, the first published rating of a Bitcoin treasury company by a major credit agency.