Strategy's perpetual preferred stock, Stretch, continues to struggle to reach its $100 par value despite ongoing repurchase efforts.The Bitcoin treasury company has now spent $635.2 million buying back STRC, which currently trades at $97.34. A $1 billion repurchase authorization has lifted the stock from a low of around $71 to roughly $97.The repurchases have grown in size as the price has climbed. Strategy's latest purchase totalled $151.8 million at an average price of $97.48.Strategy Buys Bitcoin for the First Time in Two MonthsStrategy acquired 4,603 BTC for $369.7 million last week at around $80,000 — its first Bitcoin purchase in two months. Total holdings rose to 845,050 BTC, worth roughly $65.9 billion.That ends a stretch that ran six consecutive weeks without net accumulation, during which the company sold Bitcoin three separate times below its cost basis to fund preferred dividends, raised $333.7 million in common stock, and built its USD reserve to $4.8 billion with a 2.8-year duration.The resumption follows Bitcoin clearing Strategy's average cost basis of $75,385. Buying at roughly $80,000 puts the purchase above that level — the condition that makes raising capital to accumulate work rather than compound an underwater position.SATA's 13% Daily Dividend Is Beating STRC's 12% Semi-MonthlyCompetition from Strive's perpetual preferred, SATA, appears to be one of STRC's challenges.SATA offers a 13% annualized dividend rate with daily payments, against STRC's 12% annualized rate paid semi-monthly. SATA has held around its $100 par value for more than a week.The payment frequency matters as much as the rate. Daily distributions reduce the duration an investor's capital sits uncompensated between payments and make the instrument behave more like a cash-management product — which is precisely the use case a par-priced perpetual preferred serves. A full percentage point of additional yield on top compounds the advantage.The result is a self-reinforcing gap. SATA holding par has allowed Strive to issue additional shares through its at-the-market program, with proceeds funding the purchase of 1,800 BTC over the past week. STRC below par cannot do the same — Strategy is spending capital to support the price rather than raising capital through it.Strategy Is Buying Back What Strive Is IssuingThe structural contrast is the core of the story. Both companies run Bitcoin treasury strategies funded partly through perpetual preferred stock. One is deploying $635.2 million to repurchase its preferred; the other is issuing preferred at par to buy Bitcoin.Strategy has $364.8 million remaining under the $1 billion STRC authorization, plus $1 billion available for MSTR common stock repurchases disclosed in the August 17 filing.ASST Up 60% Year to Date While MSTR Is Down 15%The divergence extends to the common shares. Strive's ASST has gained 60% year to date. MSTR has fallen 15%.That is a 75-point performance gap between two companies running comparable strategies on the same underlying asset. Part of it is scale — Strategy's 845,050 BTC position at a $75,385 average cost basis is a far larger balance sheet to move than Strive's, and the company spent the correction managing an underwater treasury while servicing a 12% preferred obligation.MSTR at $132.94 has recovered from the correction lows, having broken above $135 intraday for the first time in 12 weeks as Bitcoin cleared the cost basis. Whether the resumed accumulation narrows the gap depends substantially on whether Bitcoin holds above $75,385 — and on whether STRC can reach par without further repurchase spending.

According to Jin10, NIO reported a second-quarter 2026 net loss of 721.6 million yuan, compared with market expectations for a net loss of 728 million yuan and a net loss of 5.141 billion yuan in the same period last year.

According to Jin10, NIO reported second-quarter 2026 revenue of 32.137 billion yuan, below market expectations of 33.489 billion yuan and up from 19.01 billion yuan a year earlier.

According to Jin10, Iranian parliament National Security and Foreign Policy Committee member Mahmoud Nabavian said Iran should launch preemptive attacks on U.S. interests in the Middle East to force Washington to retreat and break the blockade.

China New Energy (01156) said Xu Wei has been appointed acting chief executive officer, effective today, according to ETNet.

China Resources Pharmaceutical Group (03320) said its non-wholly owned subsidiary, Yunnan Kunyao Group Co., Ltd., received a registration acceptance notice from the National Association of Financial Market Institutional Investors for a planned medium-term note issuance in China. The notice is valid for two years from the date of issue, and Kunyao Group may issue medium-term notes in tranches with a total principal amount of RMB 1 billion during that period, according to ETNet.

PICC Property and Casualty (02328) said it signed a tripartite agreement with Zhongyuan Brokerage and Zhongsheng International, according to ETNet. Under the agreement, Zhongyuan Brokerage will transfer its rights and obligations under the original agreement to Zhongsheng International. The business cooperation agreement between the company and Zhongyuan Brokerage will automatically terminate when the tripartite agreement takes effect.

Ireland is opening the door to more tax-efficient retail investing — but crypto won’t be getting an invitation.

本文梳理Robinhood都曾发布过哪些产品，如何一步步从美股券商成长为超级金融平台。

加密市场风险犹存，但部分优质资产赔率凸显，或迎来选择性布局窗口。

MAS has proposed new stablecoin rules covering reserve backing, redemption, capital, disclosure and a ban on interest payments, while also considering stress tests and recovery plans for issuers.

我们翻完近百份「百万资金规划」，发现最好的答案都在认真回答同一件事：如果市场不按剧本走，资金该如何调整？

比特币距离它只有 3%。过去三次，在这条线上发生了什么。

Crypto.com will launch more than 20 AI-focused prediction contracts in September, covering areas such as workplace use, healthcare, retail and financial services.

Hackers manipulated TONIC’s price to borrow $74M from Tectonic. Only $6M in Ethereum was stolen.

Crypto.com’s Cronos blockchain stopped producing blocks on Sunday after a roughly $75 million exploit targeting Tectonic, the network’s largest decentralized lending protocol, forcing validators to freeze the entire chain to contain the attack.

South Korea will offer free, unlimited generative AI access to all 51 million residents, with services covering tasks such as medical appointments, housing and taxes.