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Welcome to the US Cryptocurrency News Morning Briefing – your essential summary of the most important developments in the cryptocurrency world for the day ahead.
Grab a coffee, settle down, and think beyond the daily Bitcoin price fluctuations. What if the story wasn’t about market timing, but rather about how the corporate structure quietly accumulates value over the years? This is the argument that Jeff Walton, CIO in Stryve, makes on Micro Strategy (MSTR), a stock that apparently moves with cryptocurrencies, but inside, he says, it works like a machine that gradually increases the exposure of Bitcoin per stock.
Today’s Cryptocurrency News: Jeff Walton, CIO at Strive, Why MSTR Is Still Buying at 2.5x mNAV on Bitcoin Spot
Most investors, says Jeff Walton, head of risk at Strive and founder and CEO of its subsidiary True North. They misunderstand micro strategy (MSTR) bottom.
Reflecting on his 2021 purchases, Walton argues that the stock should not be considered a proxy for Bitcoin leveraged (Bitcoin leveraged). Rather, investors should consider MSTR a capital markets engine designed to increase exposure to Bitcoin per stock over time.
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Walton revealed that he started buying MSTR in June 2021 at a price of about 2.5 million net worth, believing that the stock had already fallen by 50%.
“Little did I know that the stock would fall another 80% below my cost basis “, where The MSTR has collapsed nearly 90% from its February 2021 peak.
At the end of 2022, the company was trading at close to 1.3 times its net worth, holding 129,999 BTC while its virtual debt briefly exceeded the value of assets. Although it was “pretty frustrating on paper,” Walton said the basic math never broke.
“The company had real hard cash, the debt covenants were not terrible, and structurally everything that came for crypto was bullish,” he said, pointing to the halving cycle, ETFs, elections and changes in interest rates.
By mid-2023, Walton said he was “all in,” convinced that capital structure, not price action, was the real thesis.
He argues that this belief is what allowed long-term holders to survive one of the hardest declines in the history of cryptocurrency stocks.
How time and structure have changed the risk equation at MicroStrategy
Fast forward to the end of 2025, Walton points out MicroStrategy now owns 672,497 BTC. It is worth noting that this is equivalent to more than 12 times the size of the second largest joint stock company.
More importantly, he says, the risk profile of his original stocks has changed dramatically.
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“The price of 1x net cash value per share is 160% higher than the 2.5x mNAV shares I bought in June 2021,” Walton wrote, adding that the high floor price per share is now above the original cost basis.
In its purpose, capital market activity gradually reduces the risk in common stocks while increasing the exposure of Bitcoin per stock.
From this point forward, Walton argues that his stock could structurally outperform Bitcoin by 2021 even if the company cannot generate any additional Bitcoin.
“There is more exposure to Bitcoin in every stock you buy in 2021 than when you bought it,” he said, emphasizing that the excess exposure to Bitcoin was accumulated through dilution, preferred stock and long-term debt rather than just price appreciation.
This framework was supported by market commentators, who argued that investors are buying a system, not leverage.
“Bitcoin is a bearer asset. MicroStrategy is an operating system for the purchase of Bitcoin with public market incentives.” One of the analysts.
In Walton’s view, volatility itself has become an input, serving as fuel for accumulation rather than a threat to the thesis.
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But is it a structural advantage or a cyclical affair?
And he repeated Matt Cole, CEO of StriveWalton’s view, recently stating that MSTR has surpassed Bitcoin and gold in five years. According to Cole, this can be true even at $75,000 BTC or 1x mNAV.
However, not everyone agrees that the structural advantage is guaranteed in the future. to argue The opposite narratives are that, while the five-year outperformance was real in the middle of 2025, MSTR fundamentally undercut Bitcoin during the decline in the second half. In addition, It was trading near or below 1x mNAV In the last few weeks.
elsewhere, indicate Barchart noted that MicroStrategy was the worst-performing Nasdaq-100 stock in 2025, falling about 65% from its peak amid the broader cryptocurrency boom.
Critics like Peter Schiff rejected it Totally strategicArguing that the average cost of the Bitcoin strategy suggests modest annual returns.
Others have warned that persistent 201x conditions could theoretically drive a selloff in Bitcoin, a scenario Recognized by CEO Fong Li It’s “mathematically logical,” though the administration has stressed it’s unlikely.
However, signs of institutional interest remain. According to industry commentators, major US banks have explored partnerships with Strategy, with Michael Saylor portraying the adoption of banks and not the price as the narrative of Bitcoin set for 2026.
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Will the MSTR structure prove to be loop resistant? Walton argues that time and capital structure do the real work, not timing.
Today’s map
Alpha is a byte size
Here’s a roundup of more US cryptocurrency news to follow today:
Overview of Pre-Market Cryptocurrency Stocks
| Company | Closed until December 29th | Early market overview |
| Strategy (MSTR) | $155.39 | $155.99 (+0.39%) |
| Coinbase (COIN) | $233.77 | $234.39 (+0.27%) |
| Galaxy Digital Holdings (GLXY) | $23.16 | $23.47 (+1,345) |
| Mara Holdings (MARA) | $9.49 | $9.50 (+0.12%) |
| RIOT Platforms | $13.21 | $13.30 (+0.76%) |
| Basic Sciences (CORZ) | $15.08 | $15.09 (+0.066%) |
