BBX: Strategy STRC retail trust crisis and MARA Holdings receive first Outperform rating from Citizens Bank

BBX news: Yesterday, Strategy disclosed holding approximately $2.21 billion in cash, enough to cover STRC dividends for about 10 months. However, with STRC dropping to around $75, a 25% discount to par value, external analysts issued public warnings about a breakdown of retail investor trust. On the same day, MARA Holdings received an initial Outperform rating from Citizens Bank, creating a divergence from a Hold rating by a certain exchange. Despite both companies facing the same backdrop of Bitcoin falling below $60,000, they find themselves in starkly different market situations. Key points: — Strategy Inc. (Nasdaq: $MSTR): On June 25, disclosed total cash reserves of approximately $2.21 billion, sufficient to cover STRC dividends for about 10 months; STRC fell to around $75, a record 25% discount to par value since its listing; Two Prime CEO Blume: Retail investor trust has collapsed, and it is unlikely that Strategy will become a substantial BTC buyer in the near term; Benchmark Palmer: STRC is neither a stablecoin nor hard-pegged and does not have a Terra-like collapse mechanism, backed by $54.7 billion in BTC reserves; STRC’s annual dividend yield is 11.5%, with June 30 as the first semi-monthly dividend record date; total BTC holdings at 847,363 coins. — MARA Holdings (Nasdaq: $MARA): On June 25, received an initial Outperform rating from Citizens Bank; on June 23, an exchange maintained its Hold rating, resulting in differing institutional views; currently holds about 7,500 BTC (as of May 18); after selling about 20,880 BTC for approximately $1.5 billion in Q1 to repay convertible bonds, balance sheet leverage pressure has significantly decreased; holds approximately 44% equity in American Bitcoin (ABTC) while simultaneously advancing AI infrastructure layout. Source: bbx.com