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first_img Strategy net leverage ratio has dropped to nearly zero, and cash reserves are close to the scale of convertible bonds

The dollar assets of Bitcoin Treasury Company Strategy have reached $6.69 billion, nearly equivalent to its $6.75 billion outstanding convertible bonds, with the net leverage ratio dropping to nearly zero. Driven by ongoing buybacks and the rebound of Bitcoin prices to around $80,000, its preferred stock STRC has rebounded over 35% since the low in June, currently reported at $97.23, still below the $100 par value.Executive Chairman Michael Saylor stated that USD Cash has enhanced the company's digital credit capital framework, specifically for the general purposes of Bitcoin Treasury Company, including increasing BTC holdings, paying preferred stock dividends and interest, repurchasing MSTR/preferred stock, repaying convertible bonds, and increasing dollar reserves. In May, Strategy repurchased $1.5 billion of convertible bonds maturing in 2029 to alleviate its debt burden.Competitor Strive Asset Management eliminated all debt earlier this year, and its preferred stock SATA has rebounded to the $100 par value, with shares issued last week through an ATM program. Analysts pointed out that eliminating debt will strengthen STRC's position in the capital structure, but ongoing buybacks, ample dollar liquidity, and the rebound in Bitcoin prices may provide more direct support for the preferred stock to return to par value.

first_img Fluid Q2 TVL dropped to 3.4 billion USD, with revenue decreasing by 29% quarter-on-quarter

According to a report by Token Terminal, the DeFi protocol Fluid, developed by the Instadapp team, released data for the second quarter of 2026. The average TVL for the quarter was $3.4 billion, a decrease of 21.1% quarter-on-quarter, but an increase of 84.9% year-on-year; active loans were $1.5 billion, down 15.1% quarter-on-quarter, but up 92.9% year-on-year; trading volume was $18.1 billion, down 37.3% quarter-on-quarter; fees were $9.5 million, down 21.5% quarter-on-quarter; protocol revenue was $1.8 million, down 29.3% quarter-on-quarter, but up 9.8% year-on-year; monthly active users were 70.7 thousand, down 43.8% quarter-on-quarter.The capital structure continues to lean towards Jupiter Lend, which collaborates with Solana, with an average TVL of about $1.7 billion, accounting for nearly half and achieving quarter-on-quarter growth, becoming the largest lending deployment. At the beginning of the quarter, there was an outflow influenced by third-party events such as Resolv, but the Fluid contract was not attacked, and related bad debts were covered by the treasury and others, with no loss of user funds. During this period, Bitwise began managing the USDe market on Jupiter Lend, Liquidity-as-a-Service was launched with approximately $100 million in sUSDai liquidity facilities, and RWA-related assets such as Huma PST were also integrated into Fluid.The team stated that they will continue to promote institutional-level deployments, Jupiter DEX, and Sui expansion, introducing incremental capital and improving revenue efficiency through vertical products and institutional collaborations.
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