Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Earnings results often indicate what direction a company will take in the months ahead. With Q1 behind us, let's have a look at Strategy (NASDAQ:MSTR) and its peers.

Organizations generate a lot of data that is stored in silos, often in incompatible formats, making it slow and costly to extract actionable insights, which in turn drives demand for modern cloud-based data analysis platforms that can efficiently analyze the siloed data.

The 6 data analytics stocks we track reported a strong Q1. As a group, revenues beat analysts' consensus estimates by 3.3% while next quarter's revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9.6% since the latest earnings results.

Weakest Q1: Strategy (NASDAQ:MSTR)

Once a traditional business intelligence software provider, Strategy (NASDAQ:MSTR) develops AI-powered enterprise analytics software while also functioning as a major corporate holder of Bitcoin cryptocurrency.

Strategy reported revenues of $124.3 million, up 11.9% year on year. This print exceeded analysts' expectations by 2%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts' EBITDA and billings estimates.

"Adoption of Bitcoin continues to grow in 2026. Digital Credit, highlighted by STRC, has been a big success. STRC has shown strong demand, high liquidity, and low volatility. We raised $5.6 billion year-to-date of STRC gross proceeds, increased daily trading volume to $375 million, while bringing volatility down to 3%, all done during a bitcoin bear market. We also continue to see traditional finance and major banks including Morgan Stanley, Goldman Sachs, and Citi announcing bitcoin ETFs, trading, custody, and lending services," said Phong Le, President and Chief Executive Officer.Strategy Total Revenue

The market seems disappointed with the results as the stock is down 35.6% since reporting and currently trades at $120.40.

Read our full report on Strategy here, it's free.

Best Q1: Palantir Technologies (NASDAQ:PLTR)

Named after the all-seeing stones in "Lord of the Rings," Palantir Technologies (NASDAQ:PLTR) develops software platforms that help government agencies and enterprises integrate, analyze, and operationalize their data for decision-making.

Palantir Technologies reported revenues of $1.63 billion, up 84.7% year on year, outperforming analysts' expectations by 6.1%. The business had a stunning quarter with an impressive beat of analysts' billings and EBITDA estimates.

Story Continues

Palantir Technologies Total Revenue

Palantir Technologies delivered the biggest analyst estimate beat and fastest revenue growth among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 10% since reporting. It currently trades at $131.44.

Is now the time to buy Palantir Technologies? Access our full analysis of the earnings results here, it's free.

Health Catalyst (NASDAQ:HCAT)

Built on its "Health Catalyst Flywheel" methodology that emphasizes measurable outcomes, Health Catalyst (NASDAQ:HCAT) provides data and analytics technology and services that help healthcare organizations manage their data and drive measurable clinical, financial, and operational improvements.

Health Catalyst reported revenues of $70.76 million, down 10.9% year on year, exceeding analysts' expectations by 2.3%. Still, it was a slower quarter as it posted full-year revenue and EBITDA guidance missing analysts' expectations.

Health Catalyst delivered the slowest revenue growth in the group. Interestingly, the stock is up 16.3% since the results and currently trades at $1.61.

Read our full analysis of Health Catalyst's results here.

Samsara (NYSE:IOT)

From sensors on vehicles to AI-powered cameras that help prevent accidents, Samsara (NYSE:IOT) is a cloud-based Internet of Things platform that helps businesses improve the safety, efficiency, and sustainability of their physical operations.

Samsara reported revenues of $478.8 million, up 30.5% year on year. This print topped analysts' expectations by 5.2%. It was a very strong quarter as it also logged EPS guidance for next quarter exceeding analysts' expectations and a solid beat of analysts' EBITDA estimates.

Samsara achieved the highest full-year guidance raise among its peers. The stock is down 7.7% since reporting and currently trades at $32.50.

Read our full, actionable report on Samsara here, it's free.

CLEAR Secure (NYSE:YOU)

Recognized by its signature blue lanes and biometric pods at airport checkpoints across America, CLEAR Secure (NYSE:YOU) provides biometric identity verification technology that allows subscribers to bypass regular security lines at airports and access secure experiences at various venues.

CLEAR Secure reported revenues of $253 million, up 19.7% year on year. This number surpassed analysts' expectations by 3.5%. Overall, it was an exceptional quarter as it also produced a solid beat of analysts' EBITDA estimates and revenue guidance for next quarter exceeding analysts' expectations.

The stock is down 12.8% since reporting and currently trades at $51.25.

Read our full, actionable report on CLEAR Secure here, it's free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today's crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US' conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

StockStory's analyst team — all seasoned professional investors — uses quantitative analysis and automation to deliver market-beating insights faster and with higher quality.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

[A figurine of a little man riding a metal bull.] Stas-Bejsov/iStock via Getty Images

SpaceX (SPCX [https://seekingalpha.com/symbol/SPCX]) IPO boosts Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) price momentum as Elon Musk-led company joins top Bitcoin treasury holders.

Following the IPO debut, the Bitcoin price climbed back into the ~$64K range from its recent ~$59K bottom. The cryptocurrency has gained nearly ~5% over the past week, while daily trading volume stands at ~$28.59B.

The strong move in cryptocurrency came as SpaceX went public on Friday [https://seekingalpha.com/news/4602910-spacex-jumps-11-in-historic-ipo-as-elon-musk-becomes-worlds-first-trillionaire], pricing shares at ~$135 and raising nearly ~$75B. The company debuted with a market value of around ~$1.75T, but what's interesting to watch is its Bitcoin holdings.

Reportedly, SpaceX holds ~18.7K Bitcoin worth [https://seekingalpha.com/news/4602931-has-bitcoin-bottomed-standard-chartered-says-yes-galaxy-says-no] nearly ~$1.2B. An SEC filing [https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm] showed the company carried the holdings at a cost basis of ~$661M, with fair values of ~$1.29B as of March 31, 2026, compared with ~$1.64B at the end of 2025.

The public listing gives millions of traditional investors indirect exposure to the world's largest cryptocurrency. It also highlights growing institutional confidence in the coin as a treasury asset. [Top 8 Bitcoin treasury public companies list] Bitcoin Treasury companies list (Bitcoin Treasuries)

Data shows Strategy (MSTR [https://seekingalpha.com/symbol/MSTR]) remains the largest corporate Bitcoin holder with 845.3K coins, followed by Twenty One Capital (XXI [https://seekingalpha.com/symbol/XXI]) with 43.5K, Metaplanet (MPJPY [https://seekingalpha.com/symbol/MPJPY]) with 40.2K, MARA Holdings (MARA [https://seekingalpha.com/symbol/MARA]) with 35.3K, Bitcoin Standard Treasury with 30K, Bullish (BLSH [https://seekingalpha.com/symbol/BLSH]) with 24.3K, Strive (ASST [https://seekingalpha.com/symbol/ASST]) with 19K BTC, and SpaceX (SPCX [https://seekingalpha.com/symbol/SPCX]) ranks eighth with 18.7K BTC.

MORE ON SPACEX, BITCOIN USD, ETC.

* Sell SpaceX: The Valuation Has Reached Mars, But Retail Buyers May Embrace A Crash Landing [https://seekingalpha.com/article/4914639-spacex-the-valuation-has-reached-mars-but-retail-traders-may-face-a-crash-landing]
* Wall Street Roundup: Trillion Dollar Baby [https://seekingalpha.com/article/4914646-wall-street-roundup-trillion-dollar-baby]
* SpaceX: The Most Misunderstood IPO In Decades [https://seekingalpha.com/article/4914628-spacex-the-most-misunderstood-ipo-in-decades]
* Sen. Warren calls for wealth, AI tax, as Musk becomes world's first trillionaire [https://seekingalpha.com/news/4603031-sen-warren-calls-for-wealth-ai-tax-as-musk-becomes-worlds-first-trillionaire]
* SpaceX jumps 25% in historic IPO as Elon Musk becomes world's first trillionaire [https://seekingalpha.com/news/4602910-spacex-jumps-11-in-historic-ipo-as-elon-musk-becomes-worlds-first-trillionaire]

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Scott Melker is joined by Phong LeStrategy CEO discusses all things bitcoin.

"The Daily Wolf with Scott Melker" airs every day at 12:00 p.m. Tune in for your daily dose of all things crypto.

Video Transcript

00:00 Scott Melker

There may be no more hotly debated company on Wall Street right now than strategy. They hold 845,000 Bitcoin, about 4% of all that will exist and have an entire capital stack around it. To Bulls, it's genius, but the skeptics are out in droves. We're going to get the truth straight from the horse's mouth from Fong Lee, the president and CEO. Let's go.

00:27 Scott Melker

What is up everybody? Welcome to the Daily Wolf on Yahoo Finance. I'm your host Scott Melker, also known as the Wolf of All streets and we've only got 15 minutes, so I'm going to go ahead and bring on Fong Lee right now. Fong, how are you doing? Welcome to the show.

00:43 Fong Lee

I'm doing great Scott, thanks for having me.

00:46 Scott Melker

So I'm glad that we got this rare opportunity to speak. We obviously don't often do interviews and guests here, but I figured this was the best opportunity to get the truth straight from the horse's mouth. So I want to start with the 845,000 Bitcoin you hold, which is, you know, roughly 4% of all the Bitcoin that will ever exist.

01:06 Scott Melker

I mean, to put that in perspective for people, where does that rank against other companies, funds, even countries?

01:13 Fong Lee

Well, there was a point in time when we and Ibit were pretty close, and Ibit seen quite a bit of outflows, uh, in the last 30 days or so. So we are now by far and large, the largest corporate and now the largest holder, identified holder of Bitcoin in the world, and we plan to stay that way.

01:31 Scott Melker

You've obviously created an entire preferred stack. You know, STRC, STRF, STRK, STRD. seems that this is the new focus of the company to some degree and I spoke very candidly about that with Michael uh at Vegas Money 2020.

01:50 Scott Melker

What is digital credit to you and why are traditional fixed come investors and other retail investors buying it?

01:57 Fong Lee

Oh, there's the advantages of digital credit to us, uh the company, strategy. There's advantages of digital credit to the purchasers and there's advantages of digital credit to Bitcoin. Uh to us the company, uh we want to be able to raise capital that is non-dilutive, uh that also uh does not have maturity and duration risk and preferred capital is actually perfect for that. right? I'll give you an example. There's more recently, uh Google last week raised 80 billion dollars of capital and a large portion of that used uh preferred uh capital uh in that case convertible. And when you have you want to invest into something that has a long duration that is uncertain what the return profiles are, is it one year, two years, three years, four years, IAI, prefer capital is actually perfect for that.

02:47 Fong Lee

So, if you now take that analogy of what does AI look like? high capital investment, right, the underlying is something everybody believes in, but the return profile is uncertain, that's what Bitcoin is. All right? So for us, strategy, preferred capital in this case perpetual preferred is perfect for a Bitcoin investment, unlike convertible bonds that have a maturity of anywhere between three and eight years. Uh, and even better than capital, uh, as equity, which is immediately deluted to to us. So that's why it's good for us.

03:12 Fong Lee

Uh why is it good for for somebody who an investor, right? Where else can you get something that is an 11 half percent tax deferred cash pay dividend yield, used to be monthly, now it's twice a month. Okay? And on top of that have something that's significantly overcollateralized in our particular case four to five times X over stretch. Um, it doesn't exist out there. Too good to be true. In this particular case, no, I don't think it's too good to be true. The only challenge with the product maybe is it's 10 years old or 10 months old, needs a maturity and to prove itself over time. and it's a fairly low volatility product. So that's the second piece. A third, why is it good for Bitcoin? There's a lot of debate for this.

03:52 Fong Lee

Ultimately, as much as I like to believe everybody fully understands the bull case for Bitcoin, right? and everybody wants a non-sovereign decentralized store value asset. When I go to a cocktail party in Washington DC, 9 out of 10 people look at me when I say I'm a Bitcoin person as if I'm having either a political conversation or it's too complicated for them, right? And those 9 out of 10 people should have access to Bitcoin.

04:22 Fong Lee

They have a right to have access to Bitcoin. And they're not going to do it by, you know, opening up a coinbase account, they're certainly not going to do it with a self-custody solution. They're not going to do it even through Ibit. They're definitely not going to do it through MSTR. Those people should be on board to Bitcoin and everybody should be happy with that as an outcome if you're a Bitcoiner.

04:40 Scott Melker

I totally agree. So, on the Q1 earnings call, you alluded to using the full range of capital tools and that included the discipline sale of Bitcoin and I think uh, you know, Saylor famously said that he would use a small sale of Bitcoin to inoculate the market, right? You said you were going to do it, weeks before you did it. You sold a simply 32 Bitcoin, a very small amount, which obviously was bought back in much greater size immediately.

05:01 Scott Melker

You planned it, but the I guess naysayers are saying that it was a forced sale that indicates that you will continue to be a forced seller. So how do you dispel that myth?

05:13 Fong Lee

We said we were going to do it, right? We have $52 billion dollars worth of Bitcoin on our balance sheet. At some point in time we have to put it to work. Uh and to put it to work one option is is to sell it, right? And so we sold less than 1% of 1% of our Bitcoin. Uh and we thought two and a half billion dollars or two and a half million dollars, 32 Bitcoin was a reasonable amount. Um, why did we do it? One, to inoculate the market.

05:32 Fong Lee

What does that mean is is to indicate to all classes of shareholders and stakeholders of strategy that we're willing to sell our Bitcoin, right? Two, uh to test our processes and three, to to give ourselves the opportunity for future tax loss harvesting. It's really that simple. Uh, we did not sell it because we needed to sell it to meet our cash dividend obligations of $100.5 million dollars. If we did, we would have sold a lot more than two and a half million, right? and and so there there's there's talk out there they did it to satisfy the dividend. No, we didn't do it to satisfy our dividend. We did it to to one, inoculate the market, two, test our processs and three, be able to capture future tax loss.

06:03 Scott Melker

I mean, isn't satisfying the dividend like $1.6 billion dollars a year or something? you sold 32 Bitcoin.

06:08 Fong Lee

It's $1.7 billion a year we sold 32 Bitcoin. By the way, $1.7 billion a year sounds big to most people, right? Our equity, which is primarily how we satisfy our dividends, trades about $2.7 billion a day. Right? So it would take about four hours of full selling into the market of our equity, right? Obviously we didn't wouldn't do it in a four-hour window, but that's four hours of a day of trading volume to satisfy our $1.7 billion cash dividends.

06:40 Fong Lee

So it's really not, you know, I I don't I don't lose sleep at night wondering how are we going to pay our dividends. So that's that's like so really low on the list of risk to the company.

06:51 Scott Melker

Right. and you've still built a USD reserve up that at one point gave years of dividend coverage. And I think the same critics are screaming loudly because you closed one of those convertible notes and that uh cash reserve went down, even though you raised another 100 million this week. So is this something you're doing to batten down the hatches? Is it a signal to the market? Do you need a cash reserve or is it just something the market's demanding? I mean, why the cash reserve?

07:16 Fong Lee

Yeah, so so first, why the cash reserve? Mathematically, I do not believe I need a cash reserve for the reasons you mentioned. Now, from a risk perspective and to satisfy those sort of four different stakeholders, our common, our preferred, our Bitcoin and our debt holders, especially our debt holders, right? and our stretch holders. They feel that it's less risky to have a cash reserve, right? Like what if Bitcoin was to crash by 90%? We would have two and a half years or whatever it is, right? So we took the two point two five billion down to north of 700 million. Why did we do it? Because at that point in time, that was the best way to buy back our converts of one and a half billion dollars.

07:49 Fong Lee

Look, we've also said we're going to bring it right back up, right? And we've done it 100 million dollars at a at a time so far last week, right? And by the way, we also bought 100 million dollars of Bitcoin last week right after we sold two and a half million. No nobody talks about the purchase of a million hundred million, they talk about the sale of two and a half. But it's uh we'll bring the cash dividend, well sorry, we'll we'll bring the cash reserve back up and refresh it over time because it satisfies our debt holders and our stretch holders.

08:16 Scott Melker

The criticism there has been that this one week's action has been dilutive to strategy shareholders, but if you obviously zoom out over any meaningful period of time, you know, that that number has only gone up. So how do you address that?

08:30 Fong Lee

Every year since the and and and look I we we take week to week actions, but we think strategically year to year and really long-term we think in four or five year time horizons, right? And and so are we increasing Bitcoin per share every single year, the answer is yes. The best year was 2024, we increased it 77%. Last year we increased it 30, 23%. This year year to date we've increased 12%, right?

08:58 Fong Lee

And we went from 13% down to 12%, right? And and so there will be weeks that we're going to be taking actions that reduce Bitcoin per share and weeks that we increase. Big question is, you know, every single year are you increasing, right? Like if you look at the capital outlays of a company, right? Like that that's why you have capital investments and operating expenses, right? Like if you were to if you if you look at a cash flow of a highly capital intensive company, you'll have weeks and months where the cash flow dips, weeks and months where it increases. But the question is over the course of the year are you cash flow positive and really for them, maybe you're making a capital investment that's 500 million dollars in one year, right? And you see returns of one and a half billion dollars over three years. That would be accretive.

09:42 Fong Lee

Now we're talk about a week to week, you know, and and we choose to disclose this week to week. We don't have to. Right. That is a voluntary disclosure. What we have to do is disclose quarter to quarter. Uh and with the weekly disclosure and the greater transparency, we get more scrutiny and and I think over time hopefully more maturity from all of our constituents.

10:07 Scott Melker

The list of things I keep hearing, obviously STRC is trading below par, which prefs do. Uh and that's they're designed to be able to. So for people who don't, I guess live in this space, what does that signal and what does it not? What does it mean when something is trading below par and you know, what happens if it's not immediately back to 100?

10:24 Fong Lee

So so it's an equity first of all, right? It is a preferred equity, right? It's not debt and it's definitely not a money market even though some people are using it in place of a money market. It's definitely not that, right? And so although it's designed to trade within a tight window of par, 99 to 101, there will be times when it doesn't. And here I'll I'll give you an interesting stat, right? Total shareholder holder return. Bitcoin from October when it started decreasing to now is down 50%. That's the TSR of Bitcoin.

10:46 Fong Lee

The TSR of stretch during that time up 4%, right? So even though stretch is now trading whatever today at 96 cents on the dollar, right? That means it's down 4% during that period, but when you take the 11 and a half percent dividend that's paid over the last 10 months, that's up 8%. So if you're a shareholder of stretch over that period of time, you're up 4%, right? It is designed to have Bitcoin as the underlying

11:08 Fong Lee

and to have stable, fairly stable price and to give you a return of 11 and a half percent over the course of the year. Uh I would argue it's it's done basically that. Uh and you know, if I told you in October, I'm going to I'm going to design an instrument with Bitcoin as the underlying. Bitcoin's going to go down 50%, I'm going to give you a 4% TSR. Would you believe me?

11:26 Scott Melker

No.

11:27 Fong Lee

Yeah, well we've done it, right? And so uh now, last couple weeks it's gone down because Bitcoin's gone down, but it'll come back up, right? We we have the mechanisms to do so. We could increase the dividend, right? uh as an example, we could shore up the US dollar reserve if that's what's important to people. But you know, I I I have a strong belief one, we'll continue to pay the dividends and two, it'll trade back at par.

11:45 Scott Melker

I wish we had more than two minutes left, so I'm going to ask you the good one for the sound bite. What would it take for you to actually be a forced seller of Bitcoin, which is what the critics keep screaming about? And then I guess as a Cory, what are people just completely getting wrong that you're seeing in the narrative?

11:58 Fong Lee

The the the the the most realistic scenario of us being a four seller of Bitcoin is we have about three and a half billion dollars of prefers that come due in 2028, right? with a high strike price over $400. If at that point in time but Bitcoin has lost uh a significant amount of its value, our share price is depressed, we would sell the Bitcoin potentially to satisfy the convert. Now, that's a I'll call it an edge case because we could also just refinance those converts. We could equitize them, right? That that's, you know, we're talking 2028, we're talking two years out.

12:33 Fong Lee

I don't see any scenario until then that we become a forced seller of Bitcoin. And even then we have other opportunities and options. And and if you're a believer in Bitcoin, which I am, right? Bitcoin's not going to go down significantly between now and then, we're about to enter another bull cycle.

12:49 Scott Melker

I agree. So I we got about 45 seconds. What's the one thing people are just totally getting wrong in the narrative?

12:54 Fong Lee

Uh, I I think big picture zoom out. We've been doing this for six years. We've outperformed Bitcoin by 50% in the last six years. Right? And so so if you believe in Bitcoin, we are amplified Bitcoin. Bitcoin's been up 37%, we've been up north of 40, closer to 50% during that period of time. We've outperformed every company in the Mag 7 except for Nvidia out of all of them, right?

13:19 Scott Melker

Incredible. Well, Fong, thank you so much for coming on and giving us the information straight. We deeply appreciate it and uh we'll all be watching closely. Everybody else will see you back on Monday.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

On the last ever episode of REKT Vision, Mando makes a return to speak with Bijan Maleki about the SpaceX IPO, the AI race, Bitcoin bounce, Strategy's BTC controversy, Hyperliquid, and, of course, the World Cup!

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Themes ETF Trust

GREENWICH, Conn., June 12, 2026 (GLOBE NEWSWIRE) -- Due to their inability to attract sufficient investment assets, the Board of Trustees of the Themes ETF Trust (the “Board”) has decided to liquidate and close five ETFs (each, a “Fund” and collectively, the “Funds”). The Board concluded that liquidating and closing the Funds would be in the best interest of the Funds and their shareholders. The Funds closing are as follows:

Leverage Shares 2X Long TSLA Daily ETF Ticker: TSLO CUSIP: 88340C602 Leverage Shares 2X Long PLTR Daily ETF Ticker: PLOO CUSIP: 88340C503 Leverage Shares 2X Long NVDA Daily ETF Ticker: NVDO CUSIP: 88340C404 Leverage Shares 2X Long MSTR Daily ETF Ticker: MSOO CUSIP: 88340C305 Leverage Shares 2X Long COIN Daily ETF Ticker: COIO CUSIP: 88340C206

The Funds will cease trading on Cboe and will be closed to purchase by investors as of the close of regular trading on Cboe on June 16, 2026 (the “Closing Date”). The Funds will not accept creation orders after the Closing Date.

Shareholders may sell their holdings in either Fund prior to the Closing Date and customary brokerage charges may apply to these transactions. However, from June 16, 2026 through June 25, 2026 (the “Liquidation Date”) shareholders may only be able to sell their shares to certain broker-dealers and there is no assurance that there will be a market for a Fund’s shares during this time period. This process will result in each Fund increasing its cash holdings and reducing its exposure to the underlying stock and related financial instruments. Consequently, each Fund will no longer be pursuing its investment objective of providing leveraged exposure to the daily performance of its underlying stock, which is inconsistent with the Fund’s principal investment strategy.

On or about the Liquidation Date, each Fund will liquidate its assets and distribute cash pro rata to all shareholders who have not previously redeemed or sold their shares. These distributions are taxable events. In addition, these payments to shareholders may include accrued capital gains and dividends. As calculated on the Liquidation Date, each Fund’s net asset value will reflect the costs of closing the Fund. Once the distributions are complete, the Funds will terminate.

For more information about these ETFs and other products offered by Leverage Shares by Themes, please visit www.leverageshares.com/us

For media inquiries, please contact:

Arielle Shternfeld, Director, Communications and Advisor Relations ashternfeld@themesetfs.com +1 (860) 716-3686

About Themes ETFs:

Themes ETFs was established by the Co-Founders of Leverage Shares in 2023 to offer thematic and sector-based products in the US. Themes Management Company LLC serves as an adviser to the Themes ETFs Trust. Themes ETFs seeks to provide investors with targeted exposure to specific segments of the market via its low-cost ETFs. For more information, visit www.themesetfs.com.

Story Continues

About Leverage Shares:

The company was launched in 2017 by CEO Jose Gonzalez-Navarro, COO Dobromir Kamburov and General Counsel Tracy Grant (the “Co-Founders”) and has 160+ ETPs offering both leveraged and unleveraged exposure to single stocks, ETFs and commodities across various exchanges in Europe. For more information, please visit www.leverageshares.com

ALPS Distributors, Inc. (1290 Broadway, Suite 1000, Denver, Colorado 80203) is the distributor for the Themes ETFs Trust.

The Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. The Outcomes sought by the Funds’ strategies are not guaranteed. For more information regarding whether an investment in the Fund is right for you, please see the prospectus for more information.

An investor should carefully consider a Fund’s investment objective, risks, charges, and expenses before investing. A Fund’s prospectus and summary prospectus contain this and other information about Themes ETFs. To obtain a Fund’s prospectus and summary prospectus call 886-584-3637 or visit themesetfs.com. A Fund’s prospectus and summary prospectus should be read carefully before investing.

Newly launched funds have risks associated with having a limited operation history.

The Funds face numerous market trading risks, including active markets risk, authorized participation concentration risk, buffered loss risk, cap change risk, capped upside return risk, correlation risk, liquidity risk, management risk, market maker risk, market risk, non-diversification risk, operation risk, options risk, trading issues risk, upside participation risk and valuation risk. For a detailed list of fund risks see the prospectus.

Bitcoin Risk: While the Funds will not directly invest in digital assets, they will be subject to the risks associated with Bitcoin by virtue of its investments in options contracts that reference MSTR, COIN, PLTR, NVDA, or TSLA. Investing in Bitcoin exposes investors significant risks that are not typically present in other investments. Please see prospectus for full information.

The prospectus relates to the Funds listed above (each, a “Fund” and collectively, the “Funds”). Each Fund seeks to provide the following predetermined outcomes (the “Outcomes”) for an investment that is held for an entire Outcome Period:

(1) the Accelerated Return, which is based on the upside share price return of an underlying security (the “Underlying Stock”) and is subject to the Approximate Cap, and (2) approximately the same downside performance of the Underlying Stock. Please see below for the definitions of key terms.

Outcome Period: A full calendar month (e.g., January 1 - January 31) –

Accelerated Return: Approximately twice the share price increase experienced by the Underlying Stock over the Outcome Period

Approximate Cap: The approximate upside limit on the Accelerated Return during the Outcome Period, which will reset at the start of each Outcome Period

The Fund seeks to provide certain pre-determined outcomes (the “Outcomes”) based on the performance of the share price of the Underlying Stock for investors who hold Fund shares over a full calendar month (the “Outcome Period”). The Outcomes sought by the Fund are:

Approximately twice the share price return of the Underlying Stock (the “Accelerated Return”), up to an approximate upside limit (the “Approximate Cap”), and;

Downside performance that approximately tracks the negative share price return of the Underlying Stock

The Accelerated Return and the Approximate Cap may not operate as anticipated, and investors may lose some or all of their money.

The Outcomes apply only to shares that are held for an entire Outcome Period.

An investor who buys Fund shares after the start of an Outcome Period or who sells shares before the end of an Outcome Period may not fully realize the Accelerated Return and may be exposed to greater losses than that of the Underlying Stock. An investment in the Fund is appropriate only for investors willing to bear those losses.

The Fund does not provide a buffer against losses experienced by the Underlying Stock. An investment in the Fund is appropriate only for investors willing to bear those losses.

The Approximate Cap is provided prior to taking into account any fees or expenses charged to the Fund or shareholder transaction fees. Fees and any expenses will reduce the Approximate Cap amount for Fund shareholders for an Outcome Period.

The Approximate Cap will likely change for each Outcome Period and will be announced at the start of each Outcome Period.

Visit the Funds’ pages on leverageshares.com/us/ for information about the start date and end date of the current Outcome Period, the Approximate Cap for the current Outcome Period and the potential outcomes of an investment in the Funds, including the remaining Approximate Cap. This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

[Glowing dark background with bitcoin symbol.] peshkov/iStock via Getty Images

Bitcoin's (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) latest selloff divided crypto analysts, with Standard Chartered arguing the cycle low was already in while Galaxy Digital said further downside remained likely.

Standard Chartered's Head of Digital Assets Research, Geoffrey Kendrick, said Bitcoin likely bottomed at around $59K, down 53% from its October 2025 peak, citing easing geopolitical tensions and resilient institutional demand.

He said prospects of a U.S.-Iran peace deal could ease pressure on oil prices and Treasury yields, while the upcoming SpaceX (SPCX [https://seekingalpha.com/symbol/SPCX]) IPO could mark the end of recent spot Bitcoin ETF selling as investors freed up cash for the offering.

The bullish call marked a reversal from Kendrick's February outlook, when he forecast Bitcoin could fall to $50K before recovering to $100K by the end of 2026. He added that renewed buying by MicroStrategy (MSTR [https://seekingalpha.com/symbol/MSTR]) and a return to ETF inflows would reinforce the view that the market had already bottomed.

Galaxy Digital disagreed. In a report, the firm said only four of 13 historical bottoming indicators had been triggered and estimated a base-case bottom of $40K-$46K, while a deeper capitulation could push Bitcoin to $30K-$37K.

Galaxy argued that the current drawdown remained younger and shallower than previous bear markets and that key signs of capitulation had yet to emerge.

The differing outlooks left investors weighing whether Bitcoin's recent slide marked the cycle bottom or whether another leg lower still lay ahead.

MORE ON BITCOIN

* AI Isn't The Only Thing Killing Bitcoin... Reality Is [https://seekingalpha.com/article/4913219-ai-isnt-the-only-thing-killing-bitcoin-reality-is]
* Bitcoin Cut In Half [https://seekingalpha.com/article/4913104-bitcoin-cut-in-half]
* Whale's Insight: Bitcoin's Liquidity Trap: Will ETF Outflows And SpaceX IPO Push BTC Lower? [https://seekingalpha.com/article/4912865-whale-insight-bitcoin-liquidity-trap-etf-outflows-spacex-ipo-push-btc-lower]
* Japan gives crypto stock-like status: New rules, ETFs, tax cuts, and more inside [https://seekingalpha.com/news/4602635-japan-gives-crypto-stock-like-status-new-law-etfs-tax-cut-and-more-inside]
* CPI data lifts Bitcoin price off lows, but Fed's 96% rate stance caps upside [https://seekingalpha.com/news/4602281-cpi-data-lifts-bitcoin-price-off-lows-but-feds-96-rate-stance-caps-upside]

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Bitcoin edged marginally lower, remaining in a tight range following a tepid recovery from last week's sharp selloff. Last week's falls appear fueled by a shift in sentiment, underscored by bitcoin-hoarding firm Strategy selling bitcoin holdings for the first time since 2022, ActivTrades analyst Carolane de Palmas said in a note.

Continue Reading

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Strategy executive chairman Michael Saylor and Twenty One Capital CEO Jack Mallers debated Strategy's capital structure at BTC Prague. Mallers challenged Saylor on dilution and how out-of-the-money convertible debt factors into mNAV calculations. CoinDesk's Jennifer Sanasie hosts "CoinDesk Daily."

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Strategy MSTR shares have lost 24.6% year to date (YTD), sharply underperforming the broader Zacks Finance sector's growth of 1.2% and the Zacks Financial-Miscellaneous Services industry's decline of 9.9%.

Strategy shares have also lagged behind key peers, such as Hut 8 Corp. HUT, Riot Platforms RIOT and CleanSpark CLSK. Year to date, Hut 8 Corp., Riot Platforms and CleanSpark have surged 128.7%, 88.8% and 45%, respectively.

The sharp decline in MSTR shares reflects growing investor concerns over the company's massive unrealized Bitcoin-related losses, rising balance-sheet risk and increasing dependence on external financing to sustain growth. Investor sentiment has weakened as Strategy relies heavily on equity offerings and preferred stock issuances to fund additional Bitcoin purchases rather than internally generated operating cash flows.

MSTR's YTD Share Price PerformanceZacks Investment Research

Image Source: Zacks Investment Research

This raises an important question for investors: Should they continue holding MSTR, or is it time to exit before risks intensify further? Let's assess the situation more thoroughly.

Strategy's Rich Valuation Raises Concerns

From a valuation standpoint, Strategy remains highly expensive, trading at a forward 12-month price-to-sales ratio of 80.64X — far above the sector's average of 8.82X. Its Value Score of F reinforces concerns that the stock is significantly overvalued.

Even key peers trade at substantially lower multiples. Hut 8 trades at 25.52X forward sales, Riot Platforms at 12.77X and CleanSpark at 5.22X. This suggests that Strategy continues to command a steep premium despite growing operational and financial risks.

Price/Sales Ratio (F12M)Zacks Investment Research

Image Source: Zacks Investment Research

Bitcoin Price Volatility Remains a Major Risk for MSTR

Strategy's business remains heavily exposed to Bitcoin price volatility, making its financial performance highly unpredictable. In the first quarter of 2026, the company reported a massive $14.5 billion unrealized fair-value loss on digital assets as Bitcoin prices declined sharply. Despite purchasing nearly 89,600 additional bitcoins, the value of digital assets still dropped by $7.2 billion due to a 23% decline in Bitcoin prices. The company also posted a net loss of $12.8 billion, highlighting how closely earnings are tied to crypto market fluctuations rather than stable operating fundamentals.

MSTR acknowledged that quarterly results were primarily affected by the decline in Bitcoin's fair value, a trend also noticed in the fourth quarter of 2025. Growing concerns about earnings volatility and the company's increasing reliance on Bitcoin price movements have weakened investor confidence. Strategy's balance sheet is now overwhelmingly concentrated in Bitcoin holdings, with the company owning more than 845,000 BTC. This extreme dependence on Bitcoin market performance remains one of MSTR's biggest long-term business and financial risks.

Story Continues

Heavy Reliance on Financing Pressures Strategy

Beyond Bitcoin volatility, investors are increasingly concerned about how Strategy finances its aggressive Bitcoin accumulation strategy.

Strategy's long-term growth model remains heavily dependent on continuous access to capital markets to fund additional Bitcoin purchases. In the first quarter of 2026 alone, the company raised approximately $7.4 billion through at-the-market equity offerings and preferred stock issuances, followed by another $4.3 billion between April 1 and May 3, 2026. Total capital raised year to date reached nearly $11.7 billion, with funding increasingly shifting toward preferred equity and "digital credit" instruments such as STRC, rather than internally generated operating cash flow.

MSTR's growth strategy now depends heavily on continued investor demand for its equity and Bitcoin-linked preferred securities. A prolonged decline in Bitcoin prices or weaker investor appetite for crypto-linked securities could significantly pressure the company's fundraising ability and long-term growth strategy. Persistent dependence on external financing also raises dilution risk and leaves the company more vulnerable to tightening liquidity conditions and unfavorable capital market environments.

Weak Software Business Continues to Hurt MSTR

Compounding these risks, Strategy's core software operations remain relatively small compared with its massive Bitcoin exposure.

In the first quarter of 2026, the company generated total revenues of only $124.3 million while reporting an operating loss of $14.5 billion, largely due to declines in Bitcoin's fair value. This highlights the widening gap between the scale of Strategy's software business and the size of its Bitcoin-related exposure.

Despite maintaining its enterprise analytics software business, Strategy's valuation and earnings are now overwhelmingly tied to Bitcoin performance rather than software operations. With a Bitcoin reserve valued at roughly $64 billion, the company's investment thesis is increasingly dependent on crypto-market performance instead of stable software-driven cash flows. This model indicates that if Bitcoin prices remain weak for an extended period, core business operations may lack the capacity to cover mounting crypto-related losses and financing obligations.

Strategy's shares are currently trading below both the 50-day and 200-day moving averages, indicating weak momentum and a bearish near-term trend.

MSTR Trades Below 50-Day and 200-Day SMAsZacks Investment Research

Image Source: Zacks Investment Research

Conclusion: Selling MSTR Stock Is the Wise Move

Strategy remains one of the market's most aggressive institutional Bitcoin plays, meaning future stock performance will likely remain closely tied to Bitcoin prices. Investors who are highly optimistic about Bitcoin's long-term potential may still consider MSTR as a form of 'leveraged crypto exposure' with high-risk, high-reward potential.

However, the company's massive unrealized losses, elevated valuation, heavy reliance on external financing and relatively weak underlying software business significantly increase downside risk. Persistent dilution from equity and preferred issuances could also pressure long-term shareholder returns.

Until MSTR shows stronger balance-sheet stability, improved operating performance and a more stable Bitcoin environment, the stock is likely to remain risky.

MSTR stock currently has a Zacks Rank #5 (Strong Sell).

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Strategy Inc (MSTR) : Free Stock Analysis Report

Riot Platforms, Inc. (RIOT) : Free Stock Analysis Report

Cleanspark, Inc. (CLSK) : Free Stock Analysis Report

Hut 8 Corp. (HUT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Key Points

Going to zero would require the developer community, institutional investors, and $1.2 trillion in capital to abandon ship simultaneously. Exchange-traded funds already own roughly 6% of all Bitcoin on the market. Bitcoin won't replace the dollar, but it might deserve a small spot in a diversified portfolio.10 stocks we like better than Bitcoin ›

Every crypto winter brings out the Bitcoin(CRYPTO: BTC) obituary writers. The cryptocurrency has been declared dead roughly 400 times since its launch in 2009, yet here it sits with a $1.24 trillion market cap as of June 9, 2026. For a corpse, it's holding up pretty well.

So let's talk about zero. It's more interesting than you think.

Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »

The case for zero

For Bitcoin to become worthless, something would need to fundamentally break. These are the most plausible threats in my eyes:

Developer missteps: The open-source community maintaining Bitcoin's code could make catastrophic errors or fail to adapt to emerging challenges.Quantum computing: Future quantum computers could theoretically crack Bitcoin's encryption, compromising the entire network. The faster quantum computers become useful, the faster Bitcoin has to change its security model.A better alternative: Another cryptocurrency could emerge as a superior long-term store of value, rendering Bitcoin obsolete in a functional sense.

Why the big bagel remains unlikely

Bitcoin's trillion-dollar market cap is not speculative froth. It represents real capital from individual investors, institutions, and, increasingly, traditional financial firms that are taking crypto seriously. Exchange-traded funds already hold roughly 6% of all Bitcoin. Bankers are moving into digital assets.

The security concerns are also less dire than headlines suggest. The quantum threat remains years away from practical implementation. A 51% attack, in which bad actors seize majority control of the network to create any transactions they want, becomes increasingly impractical as Bitcoin's invested value increases. Since 2009, every successful crypto hack has targeted wallets or exchanges, not the Bitcoin protocol itself.

There's also the inflation angle. Following the April 2024 halving event, Bitcoin's new supply inflation rate fell below gold's mining-based inflation rate. Cathie Wood of Ark Invest highlighted this milestone around the halving event, strengthening the "digital gold" narrative. Bitcoin's famous white paper sketched out this value-building tool right from the start.

"The steady addition of a constant amount of new coins is analogous to gold miners expending resources to add gold to circulation," the technical document stated. "In our case, it is CPU time and electricity that is expended."

Image source: The Motley Fool.

The realistic outlook

Can Bitcoin decline further and longer than in previous crypto winters? Absolutely. Can it stay depressed for extended periods? Yes.

But going to zero would require a cascade of failures: the developer community abandoning ship, quantum-safe encryption upgrades failing, institutional interest evaporating, and $1.2 trillion in value simultaneously deciding to exit.

That's not a prediction. It's a fantasy or a nightmare, depending on who you ask. Either way, it's a nearly inconceivable scenario.

Bitcoin isn't a sure thing. I'd stay away from the maximalist approach of Strategy's (NASDAQ: MSTR) Michael Saylor, who has concentrated his company's balance sheet in Bitcoin. But some Bitcoin exposure in a diversified portfolio? That's just acknowledging that a new asset class exists and has proven surprisingly durable.

Bitcoin may not be "the future of money." It might just be another asset worth owning. But that's enough, and holding some sets you up for a nice surprise if it delivers on its lofty promises in the end.

Should you buy stock in Bitcoin right now?

Before you buy stock in Bitcoin, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitcoin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $439,038! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,277,804!

Now, it’s worth noting Stock Advisor’s total average return is 942% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

See the 10 stocks »

*Stock Advisor returns as of June 11, 2026.

Anders Bylund has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.