TLDR:

• Strategy purchased 22,337 BTC last week, surpassing seven times the total weekly mined supply of 3,150 coins. 
• STRC recorded $2.2B in weekly trading volume, with a single day hitting $740M — rare for any fixed income product. 
• The 11.5% STRC dividend is backed by over $2B cash and $55B in Bitcoin, giving investors yield with BTC exposure. 
• At its current pace, STRC could raise $16B more in 2025, growing Strategy’s Bitcoin stack by nearly 30% without MSTR dilution.

STRC, Strategy’s preferred stock, has emerged as a powerful Bitcoin accumulation tool in the market. Last week, the instrument raised $1.18 billion for the company in a single week.

Strategy then used those proceeds to purchase 22,337 Bitcoin. That purchase exceeded seven times the weekly mined supply of 3,150 coins.

The scale of this activity is drawing growing attention across both traditional finance and the broader crypto space.

A Fixed Income Product Unlike Any Other

STRC did not exist eight months ago. Yet, it is now generating trading volumes that no other fixed income product can match.

Last week alone, it recorded $2.2 billion in weekly trading volume. On a single day, volume reached $740 million.

Typically, preferred equity products trade quietly in institutional accounts. However, STRC is behaving more like a high-demand growth asset.

Its 11.5% dividend makes it attractive to income-focused investors. At the same time, every dollar flowing into it converts directly into Bitcoin on Strategy’s balance sheet.

The dividend obligation remains fixed and backed by over $2 billion in cash. Strategy also holds over $55 billion worth of Bitcoin as further backing.

This structure gives investors a yield-bearing product with Bitcoin exposure underneath. That combination is rare in traditional financial markets.

As analyst Rob Wallace noted on X, STRC is “becoming the Bitcoin accumulation machine Saylor has always dreamed of.” The product is eliminating thousands of potential future Bitcoin holders by absorbing supply permanently.

Over the last two weeks, STRC raised $1.557 billion in total. That pace, even conservatively projected, could generate another $16 billion before the end of the year.

Strategy’s Supply Absorption and What It Means for Bitcoin

Strategy is currently purchasing Bitcoin at 2.66 times the global daily mining rate. This means the company is absorbing supply far faster than the network can produce new coins.

As that gap widens, available Bitcoin on the open market continues to shrink. The effect on long-term price dynamics is straightforward to trace.

If STRC raises $16 billion more this year as projected, Strategy’s Bitcoin stack would grow by nearly 30%. Notably, this growth would not dilute common MSTR shareholders.

That structure separates STRC from typical equity raises. It also makes the model more sustainable than critics suggest.

Some market observers have called Strategy’s model a Ponzi scheme. However, similar criticism followed Bitcoin at $1, $100, and again at $10,000.

The company’s approach depends on continued belief in Bitcoin’s long-term appreciation. The historical track record of Bitcoin’s price has so far supported that thesis.

The full scale of this machine has not yet been tested in a bull market. That moment, should it arrive, could reshape the pace of institutional Bitcoin accumulation further.

The U.S. Securities and Exchange Commission (SEC) ended its civil enforcement action against BitClout founder Nader Al-Naji and several related defendants, saying the decision was “based on the particular facts and circumstances of this case.”

In a joint stipulation filed March 12, the U.S. District Court for the Southern District of New York, the SEC and Al-Naji agreed to close the case, ending the litigation permanently and preventing the agency from refiling the same claims.

The SEC filed the lawsuit in July 2024, accusing Al-Naji of violating securities laws through the crypto-based social network project BitClout, later associated with the decentralized social blockchain DeSo. The SEC and Department of Justice charged Al-Naji with wire fraud and the sale of unregistered securities.

The charges claimed Al-Naji raised approximately $257 million from the sale of BitClout’s native token, BTCLT. They alleged he led investors to believe the money would be used to pay him and other BitClout employees, but instead spent “more than $7 million of investor funds on personal expenditures,” renting a mansion in Beverly Hills and “extravagant cash gifts.”

The case also named several “relief defendants,” including Buse Desticioğlu Al-Naji, Joumana Bahouth Al-Naji, Intangible Holdings LLC, Firestorm Media LLC, Viridian City LLC and the DeSo Foundation.

BitClout, which debuted in early 2021, was promoted as a proof-of-work blockchain designed to run and monetize social media, but quickly drew controversy. The platform automatically created profiles for prominent figures by scraping their accounts on X, then still known as Twitter, without consent, prompting a cease-and-desist letter from law firm Anderson Kill alleging violations of California’s right-of-publicity law, CoinDesk reported at the time.

Critics also argued the project’s “creator coin” model could incentivize reputational attacks, because users could profit from shorting someone’s token while damaging their reputation. Others raised concerns that users had to convert bitcoin into BitClout’s BTCLT token to use the platform without an easy way to convert it back, effectively locking funds on the site.

Despite the backlash, Al-Naji said the project attracted backing from major venture firms including Andreessen Horowitz, Sequoia, Coinbase Ventures and Digital Currency Group.

Al-Naji and the relief defendants waived any claims for attorney’s fees or damages related to the investigation or litigation.

TLDR

• Olema Pharmaceuticals (OLMA) shares surged 8.5% Monday following a Q4 earnings beat, posting a loss of $0.50 per share versus the anticipated $0.51.
• The biotech firm recorded a GAAP net loss of $46.1 million in Q4 2025 and $162.5 million across the full fiscal year.
• Stifel maintained its Buy rating with a $48 price target post-earnings, highlighting the company’s cash reserves lasting through mid-2028.
• Roche’s recent persevERA trial failure has sparked concerns regarding Olema’s OPERA-02 trial prospects.
• Wall Street consensus leans “Moderate Buy” with a mean price target of $41, while shares are down 41% YTD despite a 234% surge over the trailing year.

Olema Pharmaceuticals (OLMA) shares rallied 8.5% during Monday’s trading session following the release of fourth-quarter results that narrowly topped analyst projections. The stock peaked at $16.07 intraday before closing near $15.96, marking a solid gain from the previous close of $14.71.

Olema Pharmaceuticals, Inc., OLMA

The biopharmaceutical company disclosed a quarterly loss of $0.50 per share for Q4 2025, surpassing the Street’s expectation of a ($0.51) loss by one cent. While modest, the earnings surprise proved sufficient to drive investor enthusiasm.

For fiscal year 2025, Olema recorded a GAAP net loss totaling $162.5 million. The fourth quarter alone contributed $46.1 million to that deficit. Management opted not to host an earnings conference call following the release.

The stock’s performance has been nothing short of volatile. While OLMA has delivered a remarkable 234% return over the past twelve months, shares had tumbled 41% year-to-date prior to Monday’s rally.

Trading activity registered at 518,220 shares — significantly below the stock’s typical daily volume of approximately 1.6 million. The subdued volume suggests investors may be proceeding cautiously rather than piling in aggressively.

Analyst Reaction

Stifel responded swiftly to the earnings release, reaffirming its Buy rating and $48 price objective. The firm emphasized Olema’s financial runway stretching into mid-2028 as a significant advantage, providing adequate resources to reach several critical milestones ahead of palazestrant’s anticipated commercial debut.

Palazestrant is currently in development for second- and third-line metastatic breast cancer treatment, with market entry projected for 2027.

The broader analyst community maintains an optimistic outlook. Ten analysts have assigned Buy ratings to the stock, with one Hold and one Sell rating. The consensus price target stands at $41.00 — representing substantial upside from current trading levels.

Oppenheimer reaffirmed its Outperform rating on March 9th. JPMorgan lifted its price target from $29 to $32 last November, maintaining an Overweight stance. TD Cowen also holds a Buy rating, highlighting palazestrant’s superior exposure compared to rival therapies.

H.C. Wainwright reduced its target to $38 but retained its Buy rating in response to recent clinical trial developments.

The Roche Factor

Earlier this month, Roche announced that its persevERA clinical trial — assessing giredestrant combined with palbociclib in first-line metastatic breast cancer patients — failed to achieve statistical significance on its primary progression-free survival endpoint. While a favorable numerical trend was observed, the miss carries significant implications.

The persevERA outcome is considered a potential indicator for Olema’s own Phase 3 OPERA-02 trial, which is evaluating palazestrant. Topline results from OPERA-02 aren’t anticipated until 2028 at the earliest.

Stifel noted that Roche’s complete persevERA dataset will likely be unveiled at ASCO 2026, which could represent the next significant catalyst — or obstacle — for OLMA shares.

Regarding financial health, Olema maintains a stronger cash position than debt, boasting a current ratio of 8.03. The stock’s 50-day moving average currently sits at $24.18, considerably above Monday’s trading range.

Institutional ownership accounts for 91.78% of outstanding shares. Meanwhile, company insiders have been net sellers — divesting approximately 805,501 shares valued at roughly $23 million during the past three months.

The company currently commands a market capitalization of approximately $1.09 billion.

Digital asset wealth management platform Abra is going public through a reverse merger with special purpose acquisition company New Providence Acquisition Corp. III, marking the latest attempt by a crypto company to access public markets as investor interest in the sector rebounds.

On Monday, Abra announced that it had signed a definitive agreement with the blank-check company, or SPAC, valuing the crypto wealth manager at a pre-money equity valuation of $750 million.

Existing investors, including Pantera Capital, Blockchain Capital, RRE Ventures, Adams Street and SBI, will roll over their shares into the combined entity rather than cashing out.

Following the transaction, the new entity is expected to trade on the Nasdaq under the ticker symbol ABRX.

The public company will focus on crypto wealth management, offering custody and segregated accounts, yield strategies, crypto-backed loans, treasury management and trading services.

Founded in 2014 by CEO Bill Barhydt, Abra operates a digital asset platform serving high-net-worth investors, institutions and family offices. Its investment management arm, Abra Capital Management LP, is registered as an investment adviser with the US Securities and Exchange Commission, allowing it to provide portfolio management services to clients.

Abra has been restructuring its US operations following regulatory scrutiny. In 2024, the company reached a settlement with regulators in 25 US states over its Abra Earn crypto lending product, agreeing to return assets to investors and wind down the program for US clients. The settlement came as the company shifted its focus toward institutional and wealth management services.

Related: VC Roundup: Big money, few deals as crypto venture funding dries up

Crypto companies increasingly eye public markets

Abra is one of several digital asset companies seeking public listings as the industry looks to attract traditional capital.

In the past year, SPACs have drawn renewed interest as a route for crypto-related companies to enter the public markets, Jessica Groza, partner with Kohrman Jackson & Krantz, said. “While this model offers rapid liquidity, valuation flexibility, and access to institutional capital, it also carries substantial risks: volatility, structural dilution, opaque disclosures, technical complexity and regulatory uncertainty.”

Traditional initial public offerings (IPO) have been the preferred route for several big name crypto players over the past year, including stablecoin issuer Circle Internet Group, which listed on the New York Stock Exchange in June 2025, and crypto exchange Gemini, which debuted on Nasdaq later that year. 

Blockchain-focused financial services company Figure Technologies and institutional trading platform Bullish also went public via IPO during the same period.

Other companies are reportedly exploring public offerings as well, including hardware wallet maker Ledger and institutional crypto custodian Copper.

Related: Crypto Biz: Circle stock defies Wall Street and digital asset selloff