Week #62

USD/BTC = $75,610
Block 975,083

Here are the stocks I plan on buying this week:

🐂 = Bull Case
🐻 = Bear Case

Latest Updates:

DarkHorse Technologies (DRK)

Earnings date still not confirmed. Aggregators pointed to Fri Nov 13, after close. bitcointreasuries.net still carries no DarkHorse entry, only the old Sphere 3D listing at 23 BTC, so the table keeps that last published figure. I am assuming they sold all of their bitcoin thus the update to 0 BTC in the table above.

Fold (FLD)

Q3 results Tue Nov 10, after close (confirmed). Rough week for the stock, down 16.6%.

LQWD Technologies (LQWD)

No new report yet. The latest filings are the interim financials filed Oct 30, and the next results are estimated for January 2027. The price in the table is the US OTC quote.

Nakamoto (NAKA)

Q3 earnings Wed Nov 18 (confirmed on most calendars, one aggregator still shows Nov 20 as an estimate). A steadier week than last, down 3.2%.

Strive (ASST)

Reported Q3 on Fri Nov 6. Net income of $474.8M, driven mostly by unrealized Bitcoin gains, with a Bitcoin Yield of 63.2% year to date and Q3 revenue of $2.70M. The treasury is now 43,124 BTC: 8,136 BTC bought in Q3 and another 15,124 BTC in October, good for the number 4 spot on bitcointreasuries.net. H.C. Wainwright cut its price target to $40 from $42 and kept its Buy rating.

Key Highlights:

• Acquired a total of 8,136 bitcoin during the third quarter ended September 30, 2026 and 20,373 bitcoin during the nine months ended September 30, 2026.
• Acquired an additional 15,124 bitcoin during the period from October 1, 2026 through October 30, 2026.
• Achieved the following Bitcoin accumulation results:

• As of October 30, 2026, Strive's cash and cash equivalents totaled $490.4 million and our position in Variable Rate Series A Perpetual Preferred Stock of Strategy Inc. ("STRC Stock") had a fair value of $50.1 million. Strive had 118,117,620 and 9,213,489 shares of Class A common stock and Class B common stock, respectively, and 14,030,176 and 7,003,418 shares of Variable Rate Series A Perpetual Preferred Stock ("SATA Stock") and 15.00% Series A Perpetual SATS Preferred Stock ("SATS Stock"), respectively, outstanding as of October 30, 2026.
• On October 20, 2026, completed a registered public offering of 7,000,000 shares of its SATS Stock, for net proceeds of approximately $609.0 million, after deducting the underwriting discounts and commissions. The SATS Stock is listed for trading on the Nasdaq Global Market under the symbol “SATS.”
• GAAP net income of $509.0 million for the three months ended September 30, 2026. Net income per common share for the same period was $5.24 on a fully diluted basis.
• Non-GAAP adjusted net income attributable to common stockholders¹ of $494.6 million, or $5.46 per diluted common share¹, for the three months ended September 30, 2026. Non-GAAP adjusted net income attributable to common stockholders subtracts non-recurring and non-cash items from GAAP net loss attributable to common stockholders.
• As part of its overall investment strategy, the Company is evaluating various opportunities to leverage its balance sheet, including banking, brokerage, decentralized finance, reinsurance, structured ABS, and tokenization, among other opportunities, taking into account underwriting conditions, tax implications, regulatory considerations, alignment with its broader investment objectives, and other relevant factors.

BTC Development Corp. (BDCI)

SPAC shell trading at trust value. No news and no earnings cycle.

Securitize (SECZ)

In the news: Hawkeye Digital will tokenize its HWKE shares through Securitize on Ethereum in 2027. Next earnings estimated Mon Nov 9, not confirmed.

Securitize Expands Onchain U.S. Stock Offering to 25 Equities

November 2, 2026

Securitize Stocks adds Arista Networks, ExxonMobil, Salesforce, Disney and other leading U.S. companies onchain through Solana, giving eligible investors access to 1:1-backed equities with the rights and economic benefits of the underlying shares

MIAMI, Nov. 2, 2026 /PRNewswire/ -- Securitize Corp. (NYSE: SECZ), the leading platform for tokenized assets, today announced the expansion of Securitize Stocks with 13 additional U.S. equities, bringing the total offering to 25 stocks available onchain for eligible investors in the United States, European Union (E.U.) and other permitted jurisdictions worldwide.

Securitize Stocks adds more leading U.S. companies on Solana, giving eligible investors access to 1:1-backed equities

The second wave of Securitize Stocks, which launched on October 8, adds security entitlements to shares of:

• Arista Networks (ANET)
• Flex Ltd. (FLEX)
• Exxon Mobil (XOM)
• GameStop (GME)
• Johnson & Johnson (JNJ)
• Lockheed Martin (LMT)
• Lumentum (LITE)
• Merck & Co. (MRK)
• Salesforce (CRM)
• Seagate Technology (STX)
• Texas Instruments (TXN)
• The Walt Disney Company (DIS)
• Uber Technologies (UBER)

Unlike products that primarily provide economic exposure to a stock's price, Securitize Stocks are backed 1:1 by underlying shares, structured to preserve the investor rights and economic benefits associated with those shares, and convertible, where available, to direct ownership on the books of the issuer's transfer agent.

"Less than a month after launching Securitize Stocks, we're expanding the offering to bring even more of the world's leading companies onchain," said Carlos Domingo, Chairman and CEO of Securitize. "Our vision is to make U.S. equities available to investors globally, with the same rights and protections they expect from traditional markets. Every new stock brings us closer to a future where equities can move seamlessly between traditional and onchain markets, and where more issuers and investors can participate directly in tokenization."

Securitize Stocks trade on Solana, with liquidity infrastructure supported by Jump Trading, with transactions settling in USDC. Trading is initially available beyond traditional market hours, with plans to move toward 24/7 availability.

Bringing U.S. Equities Onchain Within Existing Market Rules

Securitize Stocks are designed to provide investors with the benefits of blockchain technology while preserving the ownership rights and market infrastructure that underpin U.S. capital markets.

The offering provides:

• 1:1 backing and security entitlements. Each token is backed one for one by an underlying share and represents a security entitlement under UCC Article 8, preserving applicable rights and economic benefits, including dividends and, where the underlying class carries them, voting rights. Customers in the EU hold their interests through Securitize Europe Brokerage and Markets S.V., S.A., on the terms of its client agreement and applicable law.
• Global availability. Securitize Stocks are available to eligible investors in the U.S., EU and other permitted jurisdictions, subject to applicable securities laws, sanctions requirements and other restrictions.
• No share lending. Shares backing Securitize Stocks are not lent out.
• A bridge to issuer-sponsored tokenization. Securitize Stocks use a convertible entitlement token (CET) structure. If a company adopts issuer-sponsored tokenization, investors can convert their security entitlements into actual shares recorded on the company's register, through Securitize's partnerships with leading transfer agents.
• Regulated trading. Secondary market trading is offered through Securitize Markets, LLC, an SEC-registered broker-dealer and FINRA/SIPC member, under existing U.S. securities laws and does not need to rely  on the SEC's Innovation Exemption.

Securitize Stocks are also expected to trade on the new 24/7 digital trading venue being developed by the New York Stock Exchange (NYSE), subject to the venue's launch and applicable regulatory and operational requirements.The offering is also designed to be compatible with Tokenized Securities Venues (TSVs), including the upcoming OKXICE TSV, as contemplated by the SEC's Innovation Exemption.

The 13 newly added stocks join the original 12 equities launched in October: AAPL, MSFT, NVDA, GOOG, TSLA, META, AMZN, NFLX, CRCL, SPCX, MSTR and PLTR.

The expansion builds on Securitize's broader efforts to bring public equities onchain, including the tokenization of its own common stock (NYSE: SECZ) on its first day of trading in July 2026.

The companies whose shares underlie Securitize Stocks have not sponsored, endorsed or issued these tokens. No new shares are issued in connection with this offering.

Bitcoin Infrastructure Acquisition Corp. Ltd. Class A (BIXI)

SPAC / blank check company, pinned near trust value. No news this week.

BitGo (BTGO)

Earnings Mon Nov 9, after close (confirmed).

Angel Studios (ANGX)

Q3 earnings Tue Nov 10, after close (confirmed).

Cipher Mining (CIFR)

Q3 reported Mon Nov 2. Revenue of $26.7M missed the roughly $38.5M consensus as the mining wind down bites, but adjusted EPS was a loss of $0.22 a share, which beat the estimates, and the quarter brought the first HPC lease revenue ever, $5.9M from Black Pearl. The Barber Lake lease was extended from 10 to 20 years, taking contracted lease revenue there to $9.1B and the portfolio total to $16.6B. The stock ripped 17.9% on Friday but still finished the week down 10.2%.

Space X (SPCX)

Musk said this week that Q4 revenue should rise about 70% over Q3, with SpaceX on track for a $100B annualized revenue run rate in December and government revenue falling below 10% of Q4 revenue. Deutsche Bank reiterated its Buy rating and $250 price target on Fri Nov 6. The stock bounced 8.6% on Friday and nearly finished the week flat.

IREN Limited (IREN)

The story flipped with the Nov 5 results. AI Cloud revenue hit $200M in the September quarter, up from $71M in the June quarter, while Bitcoin mining revenue fell from $67M to $28M. AI Cloud is now running at roughly 7x the mining business. The catch: the target of more than $4B in annualized revenue was pushed from year end into January, possibly February. The stock jumped 20% on Friday after the print but still closed the week down 9.7%.

Pulsar Helium (PSRHF)

New name on the list, bought this week as a helium play. Pulsar is an exploration stage company built around the Topaz helium project in Minnesota, one of the highest grade helium discoveries in North America, plus the Tunu project in Greenland. No revenue yet, this is a pure resource bet. The stock was down 12.6% on the week. The bull and bear case for this stock is quite simple. Investing in a rare commodity. The bear case is this company never reaches profitability and the business model never materializes.

Fold Warrants (FLDDW)

Also new this week. Each warrant buys one share of Fold common at $11.50, and the warrants trade at a nickel with the common at $0.45, so this is a lottery ticket on a Fold recovery, nothing more. Fold reports Tue Nov 10 after close. This is just a lotto bet on fold. While the product is not looking to hot in this bear market but the play here is once the bitcoin bull market returns stocks like FLD will definitely get a bid and have a path to double digit growth. Thus if these warrants hit at $11.50 then the fiat gain will be glorious!

Commentary:

A week of two halves. Thursday was a rout, the NASDAQ down 5.52% in its worst session of the fall, and most of this list went with it. Then Friday nearly everything bounced hard: IREN up 20%, CIFR up 17.9%, SPCX up 8.6%, ASST up 4.2%.

On the week the damage still shows. FLD down 16.6%, DRK down 10.8%, CIFR down 10.2%, IREN down 9.7%, BTGO down 8.5%, SECZ down 7.9%. The two SPACs sat at trust value and did nothing, as SPACs do.

The treasury story keeps building through the chop. Strive is at 43,124 BTC and now the number 4 public holder on the planet, and it got there buying through October while prices fell.

Earnings are the calendar now. CIFR and ASST are in the books. BTGO reports Monday after close, FLD and ANGX Tuesday, and NAKA on Nov 18. Numbers over noise from here.

Going to buy some tokenized stocks beyond SECZ! It sucks it is solana but it is cool to see an improvement on stock ownership.

Until next week.