The debasement trade is experiencing a revival, and that could catapult bitcoin to a new all-time high, according to Bernstein. The flagship digital asset could surge to $300,000 per token by the end of 2029, Bernstein analysts said Wednesday in a note to clients. That’s 285%, or nearly four times, the price at which it was last trading. “Following our price-to-marginal cost framework, we would expect the next market peak to be $300K by CY2029E and the market recovering to [a] new all-time high of $150,000 by mid-2027,” analyst Gautam Chhugani said in the note. The forecast comes as the debasement trade, or the rotation into tangible or scarce assets as a means of hedging against a weaker U.S. dollar, gains traction due to concerns over the size of the national debt and stubborn inflation. Earlier this month, U.S. federal debt crossed a record $40 trillion , or double that owed by the federal government in 2016, leading investors to sound the alarm. Shortly after, the Treasury Department increased debt buybacks in a move to cap bond yields, further stoking concern that the dollar is set to weaken. As a result, Bitcoin is once again gaining ground, with the token on Monday topping $80,000 for the first time since May. Bitcoin was last trading at $78,045.70, up 21% over the past month. BTC.CM= 1M mountain Bitcoin has risen 21% over the past month. That rally could also benefit Strategy Inc. , the largest corporate holder of bitcoin, and its high-yield perpetual preferred stock, according to Bernstein. “Strategy remains the largest corporate owner of Bitcoin owning ~4% of world’s BTC. Strategy’s balance sheet has stabilized leading to ~3.9 times annual dividend cash cover and STRC [Short Duration High Yield Credit Stretch perpetual preferred stock] recovering to $97,” Chhugani wrote. “If the Bitcoin strength continues with STRC recovering back to the $100, we could see Strategy going kinetic again with Bitcoin purchases.” Bernstein has an outperform rating on Strategy and although it lowered its 12-month price target on the stock to $350 from $450, that still implies 176% upside from Tuesday’s close. The investment firm’s call matches the consensus on Wall Street, where 18 of 20 analysts covering Strategy rate the stock a buy or strong buy, LSEG data shows. Strategy shares are down nearly 20% year to date and 65% lower than where they traded a year ago.

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Mixue Group’s shares fell more than 7% in Hong Kong on Friday, extending losses to a second straight session after the company reported a decline in first‑half profit. The stock closed 8.37% lower on Thursday, when Mixue said net profit fell 14.7% year on year to 2.32 billion yuan ($345.2 million) for the six months ended June, while revenue edged up 2.3% to 15.22 billion yuan. The company also proposed a special dividend of 2.65 yuan per share, subject to shareholder approval.

Mixue’s profitability was pressured by rising costs and expenses. Cost of sales grew faster than revenue, primarily due to investments aimed at improving product quality, while selling and distribution expenses surged 22.9% on higher marketing and staff costs. Administrative expenses also climbed 39.4%, mainly because of increased staff costs.

Mixue Group now operates more stores globally than McDonald’s and more than four times the number of Dunkin’ locations, with its store network totaling nearly 63,987 as of the end of June. The chain is known for its affordable drinks and ice cream, including its signature King Cone vanilla ice cream. Although most stores are in mainland China, the company had 4,378 stores overseas as of end‑June and is expanding into new markets, such as Central Asia and the Americas.

Looking ahead, Mixue plans to deepen its presence in Southeast Asia, push further into Central Asia and the Americas, and build a more localized supply chain to support its overseas expansion. The company is also looking beyond beverages, aiming to turn its Snow King mascot into a global cultural brand through animated series, comics, movies, merchandise, and even theme parks.

Shares of the Chinese ice cream and beverage chain Mixue Group slipped more than 7% in Hong Kong on Friday, extending losses to a second consecutive trading day following the company’s report of declining first-half profits. The stock closed 8.37% lower on Thursday, when Mixue disclosed that profit for the period dropped 14.7% year-on-year to 2.32 billion yuan ($345.2 million) for the six months ending June, while revenue increased 2.3% to 15.22 billion yuan. The company also announced a special dividend of 2.65 yuan per share pending shareholder approval. Profitability faced pressure from rising costs and expenses, with cost of sales growing faster than revenue—primarily due to investments in product quality improvements—and selling and distribution expenses surging 22.9% driven by higher marketing and staff costs, while administrative expenses climbed 39.4% mainly due to elevated staff costs. Mixue Group now operates more stores globally than McDonald’s and more than four times the number of locations compared to Dunkin’s, with its store network reaching nearly 63,987 units by the end of June. Known for affordable drinks and ice cream, including its signature King Cone vanilla ice cream, the majority of its outlets remain in mainland China, though it had 4,378 overseas stores as of late June and continues expanding into new markets across central Asia and the Americas. Looking forward, the company intends to strengthen its presence in Southeast Asia and push deeper into central Asia and the Americas, while developing a more localized supply chain to support its international growth. Beyond beverages, Mixue plans to transform its Snow King mascot into a global cultural brand through animated series, comics, films, themed merchandise, and potentially theme parks.