#1️⃣ OVERVIEW

A Virginia-based firm now holds 845,050 coins after a $20.9B equity raise. Value sits close to $65B at current prices. This move shows a clear shift from a cash hoard to a hard-coded scarce asset.

2️⃣ HOW FUNDS WERE RAISED

The firm sold new shares across 2026. Total reached $20.9B, making it the fourth-largest issuer in the US equity market this year.

The model uses three tools:

• Share sales • Convertible debt • Preferred stock

Proceeds go directly to buy more coins. Software income was not used.

3️⃣ WHY 845,050 MATTERS

Last week the firm added 4,603 coins for $369.7M at an average price of $80,318. With this, total rose to 845,050.

This makes the firm the largest corporate holder on the globe. Its treasury size now rivals top tech firms in cash and short-term holdings. Holdings have grown by around 30% this year.

CEO says the firm remains a net buyer. A tiny sale of less than 1% took place near the $60k - $65k range to cover dividend costs. The firm later resumed buying above $80k.

4️⃣ AIM TO PASS GIANTS

The CEO hint says with current growth, the firm could outgrow Nvidia, Meta and Google in overall market value.

Logic behind this claim:

• Supply of the coin is fixed, while fiat supply grows • Yearly stack growth is close to 30% • Institutional adoption is still early

5️⃣ TAKEAWAY

This model shows a new path for corporate finance. Instead of holding cash that loses real value, hold a scarce digital asset with fixed supply. 845,050 is proof of long-term conviction.