Crypto exchange Gemini has launched tokenized Strategy (MSTR) shares for customers in the EU, marking the beginning of its rollout of tokenized U.S. equities on blockchain networks.

The offering, enabled through a partnership with tokenization platform Dinari, allows Gemini users to buy fractional shares of Strategy as on-chain tokens backed by real securities.

MSTR tokens will initially be available on Arbitrum (ARB), with plans to expand to additional networks in the near future, the exchange said in its June 27 announcement.

Gemini said the move aims to democratize access to U.S. stocks by combining traditional equities with the 24/7 liquidity and accessibility of crypto markets.

According to the exchange:

“Anyone in the world with a smartphone and an internet connection can gain access to tokenized U.S. equities like MSTR on the blockchain.”

The firm plans to add more tokenized stocks and ETFs in the coming days, positioning the product as a way to “export U.S. equities across the globe” and enable borderless financial participation.

Gemini emphasized that tokenized stocks grant the same economic rights as the underlying shares, where permitted, while providing benefits such as fractional ownership, reduced transaction friction, and direct on-chain settlement.

Tokenized stocks have emerged as an alternative gateway to U.S. equity markets for global investors facing high currency conversion costs and limited brokerage access.

Gemini said the launch is part of its broader vision to modernize financial rails by merging traditional assets with blockchain infrastructure.

Gemini is one of the first major exchanges to pursue tokenized stock offerings in compliance-focused jurisdictions. The launch comes amid increasing institutional interest in digital asset rails for traditional securities settlement and custody.

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Amin Ayan

Crypto Journalist

Amin Ayan

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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May 27, 2025

Strategy, the Bitcoin-focused firm formerly known as MicroStrategy, appears to be easing its pace of Bitcoin acquisitions, according to a new report from K33 Research.

The company, led by co-founder Michael Saylor, remains the largest publicly traded holder of Bitcoin, but its recent purchase cadence has cooled compared to the frenzied buying seen last November.

In its latest filing, Strategy revealed it bought 4,020 BTC between May 19 and May 25 for $427.1 million, using proceeds from its ongoing $21 billion at-the-market (ATM) offering.

However, capital raised from the program has slowed. Only $348.7 million was deployed during that week—down from $705.7 million the week prior and $1.31 billion in early May.

K33: MSTR Premium Shrinks as Bitcoin Treasury Race Heats Up

K33 Head of Research Vetle Lunde attributes the deceleration to two key factors: a declining premium for MSTR shares relative to the firm’s Bitcoin holdings, and intensifying competition among corporations entering the Bitcoin treasury space.

“The pace of ATM utilization is notably slower than the first round,” Lunde noted.

Between early November and mid-December, Strategy raised an average of $2.13 billion weekly. In contrast, recent averages have dropped to $788 million.

MSTR shares, once trading at a hefty premium to the company’s net Bitcoin asset value, have seen that margin shrink.

Last week, the premium fell from 185% to 163%, marking lows not seen since early April.

According to Lunde, such compression pressures Strategy to dial back aggressive ATM offerings, lest dilution undermine investor confidence.

Meanwhile, more than 70 companies have now adopted Bitcoin treasury strategies, with firms like Twenty One, Nakamoto, Metaplanet, and Trump Media joining the ranks.

Trump Media alone launched its treasury push with a $2.5 billion private placement backed by roughly 50 institutions.

As the field widens, Lunde suggests traders are spreading bets beyond MSTR, diminishing some of its dominance in equity-based Bitcoin exposure.

Despite this, Strategy’s stash now totals 580,250 BTC, valued at $63.3 billion—accounting for over 2.75% of Bitcoin’s capped 21 million supply.

With BTC trading near record highs, demand for Bitcoin treasury firms remains strong. Still, Lunde cautions that most new entrants are niche players, unlikely to disrupt bitcoin’s broader momentum.

“Signs of euphoria are still subdued in spot and derivatives markets,” he said. “Aside from MSTR, most treasury stocks reflect limited segments of the BTC ecosystem.”

Strategy Could Become Top Publicly Traded Company in World

Meanwhile, Jeff Walton, an analyst at Strategy, has said the firm may one day rise to become the top publicly traded company in the world.

Walton believes the company’s unprecedented exposure to Bitcoin, which recently crossed $111,000, gives it a unique edge.

“Strategy holds more of the best asset and most pristine collateral on the planet than any other company, by multiples,” he said.

10x Research, led by Markus Thielen, likes bearish options bets on Strategy (MSTR) as the Nasdaq-listed bitcoin

holder’s share price diverges from the upward trending BTC price.

In a report sent to clients Friday, Thielen recommended a bear put spread on MSTR, involving a long position in the $370 put option and a short position in the $300 put, both expiring on June 27.

This strategy will yield maximum profit if MSTR drops to $300 or lower by June 27, representing a bearish bet on the stock price. Put option insures the buyer against potential price drops in return for a small upfront premium payment.

The maximum loss for the put spread buyers if MSTR’s price embarks on a new uptrend is limited to the initial cost of the strategy, which was $13.89 on Friday.

MSTR, however, fell 7% to $369 on Friday, according to data source TradingView. MicroStrategy holds 576,230 BTC, the largest for any publicly-listed company, having steadily accumulated coins since August 2020 through debt financing.

Over the years, it has emerged as a preferred instrument for institutions looking to take exposure to BTC without having to actually own the cryptocurrency.

The stock price has recently diverged from the upward-trending BTC price, raising alarm bells on crypto social media.

While BTC hit a record high of over $110K last week, MSTR’s rise stalled at around $440, falling well short of its lifetime peak of $543 reached in November.

“This trade captures the growing disconnect between Bitcoin’s strength and MicroStrategy’s fading momentum and volatility. Despite Bitcoin reaching all-time highs, MSTR remains significantly below its peak, suggesting investor enthusiasm is waning,” Thielen said, explaining the bear put spread.

Thielen correctly predicted BTC’s recent rise into six figures.

Note that a similar divergence between MSTR and bitcoin marked BTC’s November 2021 top.

Past data does not guarantee future results, and the latest divergence between MSTR and BTC does not necessarily mean that bitcoin’s bull run is over.

That said, its does suggest waning enthusiasm about BTC among tradfi investors. In addition, the MSTR bear put spread could offer a hedge against a potential weakness in BTC.

“Bitcoin is breaking records, but Strategy is stalling—and that divergence matters. Retail is still chasing the dream, unaware that the right-tail upside may be gone. This is where the game changes: when the middleman runs out of premium and the engine stalls,” Thielen said.

“Buying a Strategy put spread can be profitable, but it is also an effective hedge against a long Bitcoin position,” Thielen added.