#michaelsaylor暗示增持btc
This news is actually a bit strange.. The Strategy, which hadn’t taken action for three weeks, suddenly bought again. In the same week, a Hong Kong-listed company also bought 152 Bitcoins. The headlines all say, “Institutional buying is back,” but what’s truly worth watching is that these two sums are not the same kind of money..
👉 加入聊天室
What many people see is that institutions are entering again—good news..
But underneath, it might be something else entirely..
Strategy’s buy is about $76 million USD—its first purchase in three weeks. Its holdings rose again from 840,447 units in August, bringing it back close to the June peak—just a little short.. As for Boyaa Interactive, it spent HKD 90.63 million in cash to buy 152 BTC, and its cumulative holdings already reached 4,468 BTC.. One company funds coin purchases by issuing shares or debt, while the other uses on-balance-sheet cash and Hong Kong market liquidity to buy coins. The nature of these two amounts is completely different..
Even more interesting is another thread on the same day.. Tom Lee’s Bitmine bought 27,562 Ethereum, and its holdings have already touched 4.9% of Ethereum’s circulating supply. It’s also saying, “A crypto bull market is on the way; institutions are still under-allocated.”..
Put these pieces together, and it gets interesting..
Why is the money coming in now.. Because these companies’ ability to buy coins is tightly linked to whether the secondary market is willing to award them a premium for issuing new shares or debt. Strategy supports its financing window via its stock price; Boyaa relies on cash and Hong Kong liquidity; Bitmine relies on the market’s willingness to keep believing in the Ethereum story.. Once the price returns near their cost line and the financing window reopens, the buy orders effectively come back on their own..
Here’s where it becomes thought-provoking.. Many people read this as “institutions propping up the market,” but these buy orders actually have a ceiling. The ceiling isn’t the price—it’s the financing premium. Once the companies’ stock prices can’t keep up with the coin price’s upside, the share-issuance-to-buy-coin flywheel will get stuck, and the last batch of buyers will disappear from here first..
So don’t just focus on the number of “how many coins were bought.”..
What’s really worth watching is how much premium these companies have relative to their own net assets. If the premium continues to narrow, it suggests the market is starting to stop believing in the “issue shares to buy coins” cycle—then, quietly, the supply side will do the opposite.. If the premium can still hold, this line can continue pushing prices for a while longer, and more small companies may follow the playbook..
The reversal is right here.. The ones lifting the price have never been the coins themselves, but the people willing to pay a premium for “companies that buy coins.” With the premium, the cycle continues.. Without the premium, the cycle will stop on its own..
This news is actually a bit strange.. The Strategy, which hadn’t taken action for three weeks, suddenly bought again. In the same week, a Hong Kong-listed company also bought 152 Bitcoins. The headlines all say, “Institutional buying is back,” but what’s truly worth watching is that these two sums are not the same kind of money..
👉 加入聊天室
What many people see is that institutions are entering again—good news..
But underneath, it might be something else entirely..
Strategy’s buy is about $76 million USD—its first purchase in three weeks. Its holdings rose again from 840,447 units in August, bringing it back close to the June peak—just a little short.. As for Boyaa Interactive, it spent HKD 90.63 million in cash to buy 152 BTC, and its cumulative holdings already reached 4,468 BTC.. One company funds coin purchases by issuing shares or debt, while the other uses on-balance-sheet cash and Hong Kong market liquidity to buy coins. The nature of these two amounts is completely different..
Even more interesting is another thread on the same day.. Tom Lee’s Bitmine bought 27,562 Ethereum, and its holdings have already touched 4.9% of Ethereum’s circulating supply. It’s also saying, “A crypto bull market is on the way; institutions are still under-allocated.”..
Put these pieces together, and it gets interesting..
Why is the money coming in now.. Because these companies’ ability to buy coins is tightly linked to whether the secondary market is willing to award them a premium for issuing new shares or debt. Strategy supports its financing window via its stock price; Boyaa relies on cash and Hong Kong liquidity; Bitmine relies on the market’s willingness to keep believing in the Ethereum story.. Once the price returns near their cost line and the financing window reopens, the buy orders effectively come back on their own..
Here’s where it becomes thought-provoking.. Many people read this as “institutions propping up the market,” but these buy orders actually have a ceiling. The ceiling isn’t the price—it’s the financing premium. Once the companies’ stock prices can’t keep up with the coin price’s upside, the share-issuance-to-buy-coin flywheel will get stuck, and the last batch of buyers will disappear from here first..
So don’t just focus on the number of “how many coins were bought.”..
What’s really worth watching is how much premium these companies have relative to their own net assets. If the premium continues to narrow, it suggests the market is starting to stop believing in the “issue shares to buy coins” cycle—then, quietly, the supply side will do the opposite.. If the premium can still hold, this line can continue pushing prices for a while longer, and more small companies may follow the playbook..
The reversal is right here.. The ones lifting the price have never been the coins themselves, but the people willing to pay a premium for “companies that buy coins.” With the premium, the cycle continues.. Without the premium, the cycle will stop on its own..