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Galaxy Research Head: Strategy Capital's strategy buys time, but structural pressures remain.
PANews reported on July 5th that Alex Thorn, Head of Research at Galaxy, stated that Strategy (MSTR)'s recent capital management reforms have effectively alleviated market concerns about liquidity and preferred stock system pressures in the short term, but are more about "buying time" than fundamentally solving structural problems. Thorn emphasized that the core issue is not whether Strategy has enough BTC (approximately 847,000 coins), but rather that insufficient dollar liquidity is needed to cover preferred stock and capital structure obligations without harming the interests of any party, leading to a squeeze on the interests of various shareholder groups.
The predictive behavior AI network THEA has raised $8 million in funding, led by Maven 11 Capital and others.
PANews reported on July 3rd that THEA, a predictive behavior AI network focused on the risk markets, has completed an $8 million funding round to build its Solana-based coordination layer and expand its AI infrastructure. The round was led by Maven11 Capital, Spartan Group, ManifoldTrading, HackVC, and Fisher8 Capital. Founded in 2024 and headquartered in the Cayman Islands, THEA's AI models are trained on over 35 billion real-world decision-making data points. Its core product is providing predictive behavior AI for the risk markets. The company plans to launch THEA Network—a coordination layer that routes inference requests and settles transactions on Solana, while keeping large amounts of data processing off-chain.
SK Hynix's roadshow presentation slides revealed: The motivation for listing stems from a dual pursuit of valuation reassessment and capital expansion.
According to Odaily Odaily, SK Hynix's US IPO roadshow presentation slides have been leaked. It is reported that Baillie Gifford Overseas Limited, Coatue Management, and Situational Awareness Partners have individually (but not jointly) expressed their intention to subscribe for American Depositary Shares (ADSs) in this offering, with a total value of up to US$7 billion, at the initial public offering price. According to disclosed information, SK Hynix's IPO is driven by a dual motivation: valuation reassessment and capital expansion. It has long faced a valuation discount, currently trading at a forward 12-month price-to-earnings ratio of 6.2, lower than Micron Technology's 7. Measured by forward price-to-sales ratio, its 3.6 is also lower than Micron's 4.6. The fundamental reason for this valuation gap lies in the obstacles faced by US investors in directly investing in Korean stocks. Furthermore, the funds raised will be invested in expanding domestic production capacity in South Korea, including 45.5 trillion won in capital expenditure and 11.9 trillion won in EUV lithography machine procurement. (leinews)
US stocks saw the Nasdaq under pressure in overnight trading, but the semiconductor and memory sectors rebounded strongly, with memory chains leading the gains among tech stocks.
According to Mars Finance, on July 6th, based on BIT (bit.com) market data, the three major US stock indices diverged in overnight trading. The Dow Jones Industrial Average rose 1.14%, the S&P 500 was essentially flat, and the Nasdaq Composite fell 0.8%. Market structure indicates that funds continued to rebalance within growth stocks, with traditional heavyweights and value sectors showing relative strength. Within the technology sector, however, divergence and volatility were observed, although the semiconductor and memory sectors clearly exhibited independent rebounds, driven by the need for valuation repair after previous corrections. NVIDIA (NVDA) rose 0.17%, TSMC (TSM) rose 2.11%, Marvell Technology (MRVL) rose 1.94%, Seagate Technology (STX) rose 3.39%, Western Digital (WDC) rose 4.91%, SanDisk (SNDK) rose 5.85%, and Micron Technology (MU) rose 4.36%.
Stablecoin market under pressure: Stablecoin market capitalization decreased by approximately $10 billion, with US stocks becoming the main target of support.
According to Odaily Odaily, based on monitoring by on-chain analyst Yu Jin, amidst the continued correction in the crypto market, the overall market capitalization of USD stablecoins has decreased by approximately $10 billion from its previous high, currently hovering around $300 billion. Meanwhile, some funds are believed to have flowed into the US stock market, which has seen a stronger wealth effect this year. The latest quarterly data shows that leading stablecoins have experienced varying degrees of capital outflows: Tether (USDT): Total supply decreased from approximately $189.8 billion to $184.1 billion, a net outflow of approximately $5.7 billion. USD Coin (USDC): Total supply decreased from approximately $79.6 billion to $73 billion, with a net outflow of approximately $6.6 billion, making it the stablecoin with the largest outflow in this round. The performance of tokens related to Circle, the issuer of USDC, has been under pressure, and its stock price has also fallen from about $136 to around $64, as market expectations for its growth have cooled. In contrast, the stablecoin USD1 recorded a net inflow of approximately $500 million during the same period, increasing its total inflow from approximately $4.1 billion to $4.6 billion, making it one of the few assets to buck the trend and grow. However, this growth is believed to have relied on interest rate subsidy incentive mechanisms from trading platforms, such as some exchanges using promotional activities to encourage user holdings and trading behavior.
Analysis: Strategy's capital restructuring alleviated short-term liquidity pressures, but structural risks remain.
According to Odaily Odaily, Alex Thorn, head of Galaxy Research, said that the capital management reforms recently launched by Michael Saylor's Strategy (MSTR) have effectively alleviated market concerns about its liquidity and preferred stock system in the short term, but they are more about "buying time" than fundamentally solving structural problems. Strategy has faced pressure on its preferred stock "digital credit" system in recent weeks, with its STRC ("Stretch" preferred stock) briefly falling below par value, hitting a low of approximately $71.25. This has raised concerns about the company's ability to pay preferred stock dividends, given its declining BTC price and shrinking dollar reserves. The market subsequently focused on three stress scenarios: selling Bitcoin, issuing new MSTR shares to dilute shareholders, or reducing/suspending preferred stock dividends. In response, Strategy announced a comprehensive capital management restructuring on Monday, launching a "Digital Credit Capital Framework" that includes five tools: a board-approved dollar reserve policy, adjustments to the STRC dividend mechanism, a $1 billion preferred stock buyback mandate, a $1 billion MSTR common stock buyback mandate, and a Bitcoin monetization mechanism. Simultaneously, the company increased its annualized STRC dividend yield from 11.5% to 12%. The market reacted positively, with both MSTR and STRC rising sharply that day, and Bitcoin also rebounding in tandem. Alex Thorn points out that this adjustment improved market sentiment in the short term, allowing Strategy to extend its cash coverage period to approximately 17 months and enhance its funding buffer through new financing. However, the company still faces approximately $6.7 billion in convertible bonds maturing in 2027-2028, and long-term structural risks remain. The core issue is not whether Strategy has enough BTC (approximately 847,000 coins), but rather that its dollar liquidity is insufficient to cover preferred stock and capital structure obligations without harming the interests of any party, leading to a squeeze on the interests of various shareholder groups. However, the key significance of this adjustment lies in enhancing the "optionality" of the company's capital instruments, shifting it from a one-way BTC accumulation strategy to a more proactive asset and liability management model, thereby preventing short-term liquidity problems from escalating into a systemic crisis. Although the current Bitcoin market environment is weak and may not have bottomed out yet, Strategy's new framework has, to some extent, bought the company a window of opportunity, allowing it to wait for more favorable market conditions.