Two of the largest crypto treasury companies are diverging in their market strategies.
Strategy (MSTR) disclosed on June 1 that it sold 32 bitcoin at an average of $77,135, its first sale in four years, with the proceeds going to fund the dividend on its STRC perpetual preferred stock.
Days later, Tom Lee’s BitMine (BMNR) priced an upsized 9.50% Series A perpetual preferred offering, 3.5 million shares at $80, raising about $274 million it plans to spend buying more ether.
The shares settle June 10, and the company has applied to list them on the NYSE as BMNP.
Laser Digital shared in a Monday note with CoinDesk that one firm was selling its reserve asset to service a yield obligation. The other is taking on a fresh 9.50% obligation to buy more of an asset that keeps falling.
The firm’s options desk reads the positioning as defensive. Term structure has inverted hard, and a trader bought end-June $50,000 bitcoin puts, funding part of it by selling $75,000 calls, the company said.
Watch Wednesday’s US CPI print. A hot number widens the right tail on rates and hands the put buyers their thesis.