Strategy Filing Looms as Lending Tokens Rebound

Strategy’s slide below 1.0x mNAV turns Monday’s 8-K into the week’s most consequential event, while pockets of crypto quietly flash signs of life. The preferred stock complex remains under pressure, dividend coverage ratios need rebuilding, and any incremental common stock issuance would no longer be accretive to BTC per share at current multiples. Meanwhile, borrow-lend protocols and the SOL ecosystem posted strong gains on a day when the majors were relatively flat — a divergence worth watching even if it does not signal a fundamental inflection.