Clarity Timeline Becomes More Challenging, Macro Takes Center Stage Ex-Clarity, FIGR Is an Overlooked Crypto-Enabled Fintech

Market Thoughts

Strategy Continues to Execute: Strategy's latest 8-K reinforced the company's revised capital allocation framework. The company raised approximately $540 million through common stock issuance last week, allocating the vast majority of proceeds to its U.S. dollar reserve while opportunistically repurchasing STRC below par. With ~26 months of reserve coverage, management continues to prioritize bala...

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