Co-Founder & CEO @CryptoGradeHQ . Founder & CEO, Suhonen Ventures. Tech/AI/crypto/blockchain strategist, investor and advisor.
Los Angeles, CA
Joined October 2008
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Strategy spent $204.9M on STRC buybacks last week and its USD cash fell 46% to $242.4M
WHAT: Strategy's Oct 26 8-K reports that for Oct 19–25 it repurchased 2,068,459 $STRC shares for $204.9M, bought no bitcoin (holdings 848,517 BTC at an average $75,446), sold no stock under its ATM, and ended the week with USD Cash of $242.4M (down from $447.3M) and a separate USD Reserve of $4.83B. The preferred repurchase authorization has $956.8M left, down from $1.16B.
WHY IT MATTERS: Strategy is the marginal buyer holding STRC near $99. The $4.83B USD Reserve is a separate pot earmarked for preferred obligations, so this is not a solvency signal — it is a signal about the bid. Funding buybacks out of cash while issuing nothing and buying no bitcoin:native is not a pace Strategy can hold indefinitely.
CASH-FLOW IMPACT: If the bid pauses and STRC reprices to a 13% yield like $SATA 's, $100,000 of STRC falls to about $92,000 — roughly 14 months of its own after-tax distributions.
CONFIDENCE: MODERATE on the read that the bid thins, because Strategy can move USD Reserve funds or restart the ATM.
TRIGGER: if the Nov 2 weekly 8-K shows preferred repurchases below $50M, or USD Cash below $100M, treat the STRC bid as gone.
SOURCE: sec.gov/Archives/edgar/data/…
1/5 A score moving tells you something changed. It does not tell you what changed. That gap has bothered me for years.
On our CryptoGrade record of October 26, 2026, I can finally say which part of a score moved, and by how much.
4/5 It runs upward too. Hyperliquid went 51.1 to 54.7 across those two records, on Security, Decentralization and Durability moving 2 to 3, worth 3.6 points.
It reads F / Failed and excluded on both dates, so it holds no position in our ranking.
Erik Suhonen retweeted
A fundamentals read to sit beside the CCIP numbers. Our model, Oct 24:
Chainlink B / Sound, 69.3, #8
Our model's view: a strong oracle network with solid usage and development, but valuation is still demanding.
Erik Suhonen retweeted
1/ Two assets can carry the same letter grade from our model and still be a different research question. On our record of October 23, 2026, two of them sit 10.8 points apart.
🤖 Made with AI
Great insights on the future demand of $BTC from @DigitalAssets and Zack Wainwright.
A new source of BTC demand is emerging.
BTC-focused perpetual preferred stocks have accumulated more than 135,000 BTC in just over a year, despite representing only a fraction of the global fixed income market.
What could happen if adoption expands?
🔗 Read our latest research: go.fidelity.com/ernlPz
Erik Suhonen retweeted
The GENIUS Act marks a watershed moment in American finance, further cementing the United States as the crypto capital of the world. Just as President Abraham Lincoln’s National Currency Act of 1863 established a national framework for bank-issued currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital age.
The @USOCC's final rule carries that landmark legislation forward, providing a clear, practical foundation for private-sector innovation, competition, and American leadership in digital assets.
While the agentic economy will have a large impact on society globally, the critical part is having the right level of human governance.
Between our research records of October 18 and October 19, 2026, 2 assets changed sides of our ranking. One lost its letter and its position. The other got both back. Same scale, same morning, opposite directions.
Algorand on our October 18, 2026 record: F, score 35.4, and no position.
Algorand on our October 19, 2026 record: C, score 42.1, position 51.
Gram, previously Toncoin, names Algorand in its own record that day as one of the assets that moved past it.