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MicroStrategy (NASDAQ: MSTR) filed an 8-K detailing recent at-the-market (ATM) equity sales and the redeployment of proceeds into bitcoin.

• Capital raised (7 â€� 13 July 2025): 797,008 common shares produced $330.9 million in net proceeds. Preferred ATMs issued 573,976 STRK ($71.1 m net), 444,005 STRF ($55.3 m) and 158,278 STRD ($15.0 m), taking total net proceeds to roughly $472 million.
• Remaining capacity: The common ATM still authorises $17.8 billion; preferred programmes collectively allow a further $26.5 billion, giving the company over $44 billion of issuance "dry powder".
• Bitcoin deployment: Using these proceeds, the company bought 4,225 BTC for $472.5 million at an average price of $111,827. Aggregate holdings now stand at 601,550 BTC, acquired for $42.87 billion (average $71,268).
• Disclosure practice: Management highlights its online dashboard as a Regulation FD-compliant channel for real-time updates on security prices, BTC purchases and key metrics.

The filing emphasises Strategy’s model of financing large bitcoin accumulations via continual equity issuance. While the additional BTC may appeal to crypto-oriented investors and bolsters nominal asset value, common shareholders face dilution and holders of new preferred shares bear high fixed dividends of 8-10%. The strategy materially increases exposure to bitcoin price volatility and related regulatory risk.

Jaguar Health, Inc. (NASDAQ: JAGX) received SEC notice that its Form S-3 shelf registration statement (File No. 333-288202) became effective on June 27, 2025 at 4:00 p.m. ET. The effectiveness allows the company to register and potentially issue securities in the future without additional SEC review, streamlining capital-raising activities. No financial terms, transaction details, or earnings information were disclosed in the notice.

Mercurity Fintech Holding has filed Amendment No. 3 to its Form F-3 registration statement (Registration No. 333-287428) on June 26, 2025. This shelf registration statement amendment primarily updates the Exhibit Index by replacing the "Form of Indenture" with "Form of Debt Securities."

Key points from the filing:

• The company is registered in the Cayman Islands with principal executive offices in New York
• Securities will be offered on a delayed or continuous basis pursuant to Rule 415
• The filing includes comprehensive indemnification provisions for officers and directors under Cayman Islands law
• The company is not designated as an emerging growth company

The amendment includes standard SEC undertakings regarding post-effective amendments, liability determinations, and prospectus requirements. The company must file post-effective amendments for material changes and updated financial statements as required by Form 20-F. The SEC has indicated that certain indemnification provisions may be against public policy and unenforceable.

Mercurity Fintech Holding Inc. (MFH) has filed Amendment No. 2 to its Form F-3 shelf registration, seeking authority to issue up to $500 million in ordinary shares, warrants, debt securities, rights and/or units. The ordinary shares trade on Nasdaq under the symbol “MFH� and last closed at $3.88 on 18 June 2025. The filing allows the company to raise capital from time to time at fixed, market or negotiated prices through a range of distribution structures.

Corporate structure & operations. MFH is a Cayman Islands holding company that conducts business through subsidiaries in the United States, Hong Kong and mainland China. Since 2022 the headquarters has been relocated to New York, with Hong Kong functioning as the Asia-Pacific hub. Key operating units include:

• MFH Tech â€� distributed computing & Web 3.0 storage (Filecoin mining)
• Chaince Securities Inc. & Chaince Securities LLC â€� business consultation and, following FINRA approval (Dec 2024 & Mar 2025 CMA), U.S. investment banking/broker-dealer services
• Ucon Capital (HK) Limited and Beijing Lianji Future â€� Asia-Pacific consulting support
• Aifinity Base Limited & Yingke Precision â€� planned manufacture of liquid-cooling panels for AI/HPC infrastructure

Capital flows. The prospectus discloses extensive intra-group cash and non-cash transfers. As of 31 Dec 2024 MFH Cayman had $20.8 million of receivables from subsidiaries, the largest being a $12.68 million balance due from MFH Tech and $2 million from Chaince Securities. No dividends have been paid within the group in the past three fiscal years and the company has no formal cash-management policy. Many inter-company balances have “no specific intention to settle� or may be converted into equity.

Regulatory environment. The filing devotes substantial disclosure to PRC-related risks: possible CSRC filing requirements for future offerings, data-security and cyber-review measures, potential HFCAA/AHFCAA delisting if PCAOB access is lost, and foreign-exchange controls that could restrict dividend remittance. MFH’s auditor is headquartered in Singapore and currently inspected by the PCAOB, reducing near-term HFCAA risk.

Business evolution. � Historical B2B food-service platform divested (2019). � VIE structure in China terminated (Jan 2022). � Bitcoin mining plans scaled back and fully cancelled (Mar 2024). � Digital payment initiative and MSB licence application terminated (Mar 2024). � Current focus areas are Filecoin-based distributed storage, investment banking/consulting and manufacturing of cooling panels for AI/HPC.

Risk highlights. The company reports continued operating losses, reliance on intra-group funding, potential PRC intervention, and uncertain profitability for MFH Tech’s Filecoin activities. Shelf proceeds would provide financial flexibility but may also dilute existing shareholders.