Convertible Notes

Armada Acquisition Corp. II nearly quadrupled last week as the SPAC prepared to take XRP treasury firm Evernorth public. The move came amid heavy expected redemptions, a thin trading float and a planned balance sheet holding of approximately 473 million XRP.

Strategy expanded its balance-sheet flexibility after selling MSTR shares, increasing its USD Reserve and creating a new USD Cash pool. The bitcoin treasury firm made no bitcoin purchases or sales, leaving its holdings unchanged at 840,447 BTC.

Trump Media and Technology Group reported a smaller bitcoin position at the end of June as the fair value of its crypto assets declined. The update followed the collapse of planned Crypto.com-linked initiatives, including a proposed CRO treasury company and an ETF servicing partnership.

Wallets tied to Trump Media moved 2,628 bitcoin worth about $165 million to Crypto.com, leaving roughly 4,261 bitcoin in tagged addresses. The remaining balance now closely matches the 4,260.73 bitcoin the company previously listed as collateral for convertible notes, making its next 10-Q central to understanding whether the transfers were custody movements or sales.

Strategy reported a second quarter net loss of $8.2 billion as bitcoin weakness triggered a major unrealized markdown on its holdings. The company also highlighted a $3.75 billion U.S. dollar reserve, selective bitcoin sales and plans to develop its Digital Credit business.

Strategy’s preferred stock STRC, designed to hold near $100, slipped to a low of $83 as a wave of capital structure changes and weaker bitcoin prices hit sentiment. The move has intensified debate over whether the security’s par-value target can hold under pressure.