Cantor builds the target as a sum of the parts: 2x sales on its 2027 estimate for the software business, plus Strategy's 848,000 Bitcoin valued at the firm's forward Bitcoin view. That lifts its enterprise value estimate to $110 billion from $97 billion. A Bitcoin call as much as a stock call.

Thailand's SEC has cleared the rules for spot Bitcoin and Ether ETFs on the Stock Exchange of Thailand, and they kick in tomorrow. Each fund has to stay passive and hold its coin with a custodian regulated by the SEC, and brokers can't lend money to buy them. Each fund manager still has to launch its own fund, and none has launched yet. Thai investors are getting a regulated route into Bitcoin through their own stock exchange. For Bitcoin, that is another country putting spot exposure on a real stock exchange instead of leaving people stuck with grey market options.

France's National Assembly finance committee voted to tax crypto swaps into stablecoins and to apply the exit tax to large crypto holdings when residents leave the country. Then it rejected the whole revenue section of the budget, so both amendments have to be filed again on the floor before the vote. None of it is law yet, but France is now debating taxes on Bitcoin holders who never cash out. For Bitcoin, that debate alone is a signal that large holders are on the radar even when they never sell.

MSCI made its call on companies that mainly hold assets like Bitcoin. They become ineligible for its global indexes, but MSCI hasn't named a single company yet. Strategy and Metaplanet were among three companies its May 2026 simulation flagged for deletion and could be affected when the final list comes out, and current members only get cut if they fail the screens in each of their two most recent annual filing periods. For Bitcoin, any exclusion means forced selling of the stock by index funds, not of the coin. The real test is whether it slows how fast Strategy can raise money to keep buying.

I love when a Form 4 doubles as an options lesson, and this one from a Strategy director does. Jarrod Patten exercised options on 2,750 Class A shares at $18.236 on Oct 8 and 9. Then he sold those same 2,750 shares at prices between $150.54 and $158. That's what a stock option turning into cash looks like in real life. He still held 28,406 shares after the sales. For Bitcoin, nothing changes. This is one director selling his own shares, and Strategy didn't sell a single Bitcoin.

Bitcoin treasury companies are now offering investors up to 15% a year, and somebody has to pay for that. Preferred stock from Bitcoin treasury companies is getting crowded, and the yields keep climbing. When every company is racing to pay a little more, I want to know who can actually keep paying. That's what I'm digging into in Monday's article.

A London High Court judge ruled on October 12 that Chinese law decides whether fraud victims own any of the more than 61,000 BTC seized from Zhimin Qian. That's about $5 billion in Bitcoin. The ruling doesn't settle who keeps the coins, but I think it narrows the victims' path and improves the UK government's odds of holding one of the largest government Bitcoin stacks in the world. For Bitcoin, a government that ends up holding this much has a real stake in what it's worth.

Every Bitcoin treasury preferred on the shelf, in one chart, each one paying a dividend from a company that holds Bitcoin. Strategy has proposed moving STRF, STRC, STRK and STRD to daily payouts, and if shareholders approve it in the October 28 vote, the Strategy schedules in the Paid column would change.

Metaplanet (3350.T and MPJPY) had 243,700 shareholders on June 30, 2026, up from 128,100 a year earlier. A Japanese saver who sells Bitcoin at a gain can owe up to about 55% in tax, while gains on listed Japanese shares are taxed at about 20% and not at all inside a NISA account. Japan still has no spot Bitcoin ETF, so a listed share holding 44,000 Bitcoin is the closest door that saver has, and its shareholder list grew by 115,600 in one year. Tuesday's Special Issue explains how Japan's tax rules and cheap yen give Metaplanet its edge.

Nothing stops them, and that's the tradeoff: the extra 2% on SATS is pay for standing behind SATA, and seniority only matters if Strive can't pay both, which is exactly when you'd want it.