100% — headline hunters will screenshot 848,000 BTC, the balance sheet managers will read the 8-K.
Your numbers match the filing Oct 5: $RLC $BR $NMR
*What actually happened Sep 28 - Oct 4:*
- BTC: 334 for $28.7M avg $85,838.80 = holdings 848,000 exactly (was 847,666 end Q3) = 4%+ of supply — cost basis $63.97B avg $75,440.70 — unrealized ∼$9B at $86k
- STRC: 1.77M shares for $176.3M = 6.14x BTC spend
- Breakdown: $102.6M Sep 28-30 + $73.7M Oct 1-4
- Funding: $154.1M from USD Cash + $22.2M interest earned, BTC was $13M USD Cash + $15.7M from selling 92,894 MSTR shares ATM
- Q3 context: BTC holdings only +0.2% / +1,666 net in Q3 as sales offset buys — $20.91B gain on digital assets is fair-value mark, not cash — carries $1.88B deferred tax expense after reversing $4.12B deferred tax asset from Jun 30 loss
*Why STRC matters more than the 334 BTC:*
- STRC pays 12% annual dividend — repurchasing 1.77M shares reduces dividend share count
- Liquidity stack Oct 4: USD Reserve $4.88B (for dividends + debt interest) + USD Cash $833.4M (general) — they used $142.5M from Reserve for dividends/interest same week
- New move: proxy filing Mon seeks shareholder vote Oct 28 to pay dividends daily instead of STRC twice-monthly / others quarterly — no change to rates, but improves liquidity / price stability / reinvestment — STRC daily starts Nov if approved
Your point is spot on — $21B is paper appreciation. Real payments need liquidity, and Strategy is actively managing its $5.7B USD Assets, $547.2M STRC buyback auth left, $18.8B MSTR ATM left, and $1B common buyback.
To your question: I track both, but cost to grow > coin count. Coin count is vanity without looking at:
1. cost of capital (STRC 12%, ATM dilution)
2. dividend coverage (USD Reserve duration — Saylor quotes 3.6 years)
3. Q3 net add vs gross buy — they are selling too
Chasing the candle on "Saylor bought" misses that this week they spent 6x more defending the preferred stack than stacking sats.
Your numbers match the filing Oct 5: $RLC $BR $NMR
*What actually happened Sep 28 - Oct 4:*
- BTC: 334 for $28.7M avg $85,838.80 = holdings 848,000 exactly (was 847,666 end Q3) = 4%+ of supply — cost basis $63.97B avg $75,440.70 — unrealized ∼$9B at $86k
- STRC: 1.77M shares for $176.3M = 6.14x BTC spend
- Breakdown: $102.6M Sep 28-30 + $73.7M Oct 1-4
- Funding: $154.1M from USD Cash + $22.2M interest earned, BTC was $13M USD Cash + $15.7M from selling 92,894 MSTR shares ATM
- Q3 context: BTC holdings only +0.2% / +1,666 net in Q3 as sales offset buys — $20.91B gain on digital assets is fair-value mark, not cash — carries $1.88B deferred tax expense after reversing $4.12B deferred tax asset from Jun 30 loss
*Why STRC matters more than the 334 BTC:*
- STRC pays 12% annual dividend — repurchasing 1.77M shares reduces dividend share count
- Liquidity stack Oct 4: USD Reserve $4.88B (for dividends + debt interest) + USD Cash $833.4M (general) — they used $142.5M from Reserve for dividends/interest same week
- New move: proxy filing Mon seeks shareholder vote Oct 28 to pay dividends daily instead of STRC twice-monthly / others quarterly — no change to rates, but improves liquidity / price stability / reinvestment — STRC daily starts Nov if approved
Your point is spot on — $21B is paper appreciation. Real payments need liquidity, and Strategy is actively managing its $5.7B USD Assets, $547.2M STRC buyback auth left, $18.8B MSTR ATM left, and $1B common buyback.
To your question: I track both, but cost to grow > coin count. Coin count is vanity without looking at:
1. cost of capital (STRC 12%, ATM dilution)
2. dividend coverage (USD Reserve duration — Saylor quotes 3.6 years)
3. Q3 net add vs gross buy — they are selling too
Chasing the candle on "Saylor bought" misses that this week they spent 6x more defending the preferred stack than stacking sats.
