Roxom’s research team insights. Articles are meant to spark thought, highlight trends, and give a sharper take on what’s moving the digital asset markets.
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Executive thesis Strategy’s preferred instruments should be analyzed less like ordinary corporate preferred shares and more like structured claims on a Bitcoin treasury balance sheet. They sit above common equity but below debt, depend heavily on the market value and liquidity of Strategy’s Bitcoin holdings, and are supported
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The Smarter Web Company used modest short-term debt to remove a major dilution overhang, simplify its capital structure, and increase Satoshis per share from 680 to 755. The Setup: A Company Cleaning Up Its Capital Structure The Smarter Web Company PLC has been building a very specific public-market identity a
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Why two Bitcoin-linked preferred securities with similar durations can trade at meaningfully different yields When investors look at Bitcoin-linked income products, the first instinct is often to compare the coupon and stop there. One instrument yields more, another yields less, and the market appears to be giving a verdict. But
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The strongest Bitcoin treasury stories are not written in bull markets. Anyone can look smart buying Bitcoin when price action is rising, capital is easy, and sentiment is strong. The real test comes when the market softens, volatility cuts both ways, and investors start asking harder questions. Do treasury companies
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On 23 March 2026, H100 announced a contemplated acquisition that, if completed, would transform it from a listed company holding roughly 1,051 bitcoin into one expected to hold about 3,501 bitcoin. The proposed transaction is straightforward in concept but significant in implication: H100 intends to acquire Moonshot AS
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Why Strive’s preferred stock may be evolving into one of the most compelling income instruments in digital finance In traditional markets, income investors are usually forced to compromise. They can hold cash and earn modest yields with high stability, or they can reach for yield in preferred stock, private
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Corporate treasuries have a problem. Cash loses purchasing power. Short-term bonds yield next to nothing in real terms. The fiat system offers no structural solution. Only managed decline. A growing class of public companies has responded by placing Bitcoin at the center of their balance sheet. These are bitcoin treasury
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When Nakamoto Inc. (NASDAQ: NAKA) announced its agreement to acquire BTC Inc. and UTXO Management GP, LLC, the market reaction was swift and largely negative. Shares fell sharply amid heated debate over valuation, dilution, and leadership optics. Yet beneath the volatility lies a more nuanced picture. Stripped of capital structure
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In 2025, Metaplanet Inc. (TSE: 3350) executed one of the most dramatic balance sheet transformations ever seen in Japanese public markets. In twelve months, total assets expanded from ¥30.3 billion to ¥505.3 billion a 16-fold increase. Net assets surged to ¥458.6 billion. Bitcoin holdings rose from 1,
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Executive Summary Early 2026 delivered a violent stress test for every instrument indirectly linked to Bitcoin. Spot BTC fell roughly 50% from late-2025 highs, compressing equity risk premia and detonating P&L optics for bitcoin-exposed corporates. Yet Strategy Inc.’s Variable Rate Series A Perpetual Stretch Preferred (STRC) largely
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Introducing Auto-Earn for a Bitcoin-Denominated Capital Market Roxom is expanding beyond trading infrastructure into Bitcoin-native wealth functionality. With the launch of Auto-Earn, users can now generate Bitcoin-denominated returns on idle BTC balances while maintaining full liquidity across the platform. At launch, eligible users may earn up to 4% APY, with
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Bitcoin has just experienced another significant correction roughly a 45% drop from recent highs. For many, that feels jarring. For long-term observers, it’s familiar. But beyond the fear and the headlines, this drawdown reveals deep lessons about how Bitcoin actually works structurally, psychologically, and economically. Volatility Is Not a