Crypto hasn’t don’t much for a while, that all changed Wednesday. Strategy (Nasdaq: MSTR), one of the largest corporate holders of Bitcoin, closed up 12.6% at $104.25. Coinbase Global, Inc. (Nasdaq: COIN), a major U.S. crypto exchange, gained 9.6% to $160.20.

Bitcoin surged above $68,000 Wednesday after crypto industry leaders met with President Trump at the White House. As of Wednesday evening, it traded near $69,500. Ether climbed even harder, trading in the $2,200-to-$2,300 range — up roughly 18% on the day.

The meeting produced a specific policy message, not just a photo op. Trump urged Congress to pass a "fair version" of the Clarity Act. That bill would decide which digital assets count as securities, regulated by the Securities and Exchange Commission (SEC), and which count as commodities, regulated by the Commodity Futures Trading Commission (CFTC) — a split crypto firms have wanted settled for years. The SEC separately proposed a new crypto-offering framework this week.

No law passed Wednesday. But this was more than a handshake — and it wasn't the only cause of the rally.

Treasury yields fell after the Treasury Department announced it would double the size of upcoming long-bond buyback operations. Bitcoin's break above a key technical level also forced more than $1 billion of bearish bets to close, adding buying pressure of its own.

The White House added fuel. It wasn't the only match.

Bitcoin's case starts with scarcity. Dollars are fiat currency, and the Federal Reserve can expand the money supply whenever it chooses. Bitcoin's network rules cap total issuance at 21 million coins — no government, company, or central bank can unilaterally create more. That's why it attracts investors worried about currency dilution and rising government debt.

Ether serves a different purpose — don't treat it as "Bitcoin, but smaller." It's the asset users spend on transaction fees and validators stake to secure the network. Ethereum has no fixed supply cap. New Ether goes to validators, while part of every transaction fee is burned. Depending on network activity, total supply can rise or fall.

Bitcoin is primarily a fixed-supply monetary asset. Ether is a productive network asset with dynamic supply. Both can rally on the same headline without being the same bet.

Neither is stable month to month. Bitcoin is down about 45% from its 52-week high of $126,198. Ether is down roughly 54% from its high near $4,954.

1. Direct crypto. Controlling your own private keys is the most direct exposure there is, and the full security responsibility is yours. Bitcoin held this way earns no income; Ether can be staked for protocol rewards, with added validator and smart-contract risk.

Holding crypto on an exchange is a variation on direct ownership, not the same as self-custody. The platform holds the keys, so you also take on its custody, cybersecurity, withdrawal, and solvency risk.

2. Spot exchange-traded products (ETPs). Funds like the iShares Bitcoin Trust ETF (Nasdaq: IBIT), Fidelity Wise Origin Bitcoin Fund (Cboe BZX: FBTC), iShares Ethereum Trust ETF (Nasdaq: ETHA), and Fidelity Ethereum Fund (Cboe BZX: FETH) trade like ordinary stocks in a brokerage account or IRA. A custodian holds the coin; you own a trust share — not the coin, and not the keys.

3. Crypto-related common stocks. Strategy and Coinbase are operating companies whose share prices track crypto — but shareholders also own management's decisions, debt, and dilution.

4. Strategy's preferred shares. Strategy markets these as "digital credit." Legally, they're perpetual preferred equity — a claim on the company, not on any specific Bitcoin it holds. Worth its own section.

Perpetual means there is no scheduled maturity date. Each issue has a $100 stated amount. Its liquidation preference starts at $100 and can adjust under the security's terms. Neither figure is a promise that Strategy will return $100 on a fixed date.

Four Nasdaq-listed issues sit at different levels of Strategy's capital stack, from senior to junior: STRF, STRC, STRK, then STRD.

"Current yield" is the annualized indicated dividend divided by market price — not a promised total return. It doesn't account for price changes, future STRC rate resets, deferred or omitted payments, or — in STRK's case — the possibility that a declared dividend is paid in MSTR shares rather than cash.

The rates, cumulative status, and ranking are otherwise straightforward: STRF is senior-most, STRC sits below STRF but above STRK and STRD, and STRD is non-cumulative.

None of these four is collateralized by Strategy's Bitcoin. Holders have a preferred claim on the company's leftover assets, behind its debt and behind any more senior securities. The yield is paid by Strategy — not by Bitcoin.

Strategy (Nasdaq: MSTR). The largest, most liquid public Bitcoin-treasury company. Its stock can amplify Bitcoin's moves, because Strategy finances more Bitcoin purchases with debt, preferred shares, and new common stock. Risk: you're not buying Bitcoin one-for-one. You're buying a leveraged company whose premium to its Bitcoin holdings and share count can move independently of Bitcoin's price. The stock is still down about 71% from its 52-week high.

Coinbase Global, Inc. (Nasdaq: COIN). Coinbase is no longer simply a Bitcoin transaction-fee business. Subscription and services generated 48% of second-quarter net revenue, while 88% of total net revenue came from activities other than Bitcoin spot trading. Risk: trading activity still matters. Lower volatility can reduce transaction revenue, lower interest rates can pressure stablecoin economics, and new rules may help one business line while constraining another. The stock is still down about 60% from its 52-week high.

Smaller bitcoin-treasury copycats. Strategy isn't the only public company holding Bitcoin on its balance sheet — dozens of smaller firms have copied the playbook. Few match its balance sheet size, its access to capital markets, or its track record through prior crypto downturns.

We us crypto as a Hard Money Hedge in our ETF model portfolios, it's also a sleeve in $PCPP ( ▼ 0.79% ) …..

We also use digital credit in our model portfolios, $STRC ( ▼ 0.68% ) and $SATA ( ▼ 0.21% )

We combine crypto exposure with gold and silver to create a Hard Money Hedge sleeve in portfolios……

On policy. Real validation is Clarity Act passage or final SEC and CFTC rules, not another meeting. The next scheduled legislative receipt is the Senate's September 15 procedural vote on the Clarity Act — that schedule can still shift, so recheck it as the date approaches. Until then, this is policy momentum, not enacted market structure.

On STRF and STRK. Deferring a cumulative dividend would signal real capital stress at Strategy.

On STRC. A routine monthly rate reset is not stress. A deferred cumulative dividend would be. So would a persistent discount to $100 despite dividend-rate increases intended to support the price.

On STRD. Any omitted dividend is gone for good, since it doesn't accumulate.

On the whole stack. We get more cautious if Strategy loses access to capital markets, if the value of its Bitcoin falls materially relative to its debt and preferred claims, or if it issues additional senior or equally ranking securities that weaken asset coverage for existing holders.

Direct crypto, spot exchange-traded products, common stocks, and preferred shares are four different forms of exposure. Holding crypto on an exchange adds separate platform custody, cybersecurity, withdrawal, and solvency risk.

Strategy's preferred yields are paid by Strategy, not by Bitcoin. STRD is non-cumulative; STRF, STRC, and STRK are cumulative.

Wednesday produced policy momentum, not completed policy. Trump asked Congress to pass the Clarity Act — nothing became law at the event itself.

These funds reset daily. Returns over periods longer than one trading day can differ substantially from two times the underlying asset's cumulative return. They are not substitutes for direct crypto, spot products, or Strategy preferred income.

One headline lifted the whole crypto complex Wednesday. It didn't make every instrument the same.

Direct Bitcoin is the fixed-supply asset. Ether is a programmable network asset with staking and dynamic supply. A spot ETP is a trust share held through a custodian. Strategy's common stock is leveraged corporate equity. Strategy's preferred shares are perpetual claims on the company, not on any specific Bitcoin.

The dividends are real. So is the missing maturity date, the capital-stack risk, and the chance a payment changes or stops.

One rally showed up on the screen. Four different risk structures sat underneath it.

The HEAT (Hedge, Edge, Asymmetry and Theme) Formula is designed to empower investors to spot opportunities, think independently, make smarter (often contrarian) moves, and build real wealth.

The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades. TCM is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.© 2026 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved.