Only bought 267 BTC? Don’t be so quick to laugh at the small amount—Strategy moved money in three directions this week, with two moves pulling in opposite directions: it issued new shares to buy crypto, while spending $193 million in cash to buy back its own preferred stock. The latter is the real story.
First, the details. According to a filing the company made with the SEC on Monday and data published by Saylor, Strategy bought 267 BTC between October 12 and 18 at an average price of about $82,900, spending roughly $22.1 million. The funds came mainly from the sale of 140,872 MSTR shares through its at-the-market (ATM) offering. Its total holdings rose to 848,517 BTC, a new all-time high. The holdings cost about $64 billion in total, with an average purchase price of $75,446 per BTC, and now account for more than 4% of Bitcoin’s total supply.
Now for the key figures. During the same period, the company used about $193 million in cash to repurchase its STRC preferred shares—STRC briefly approached its $100 par value last Monday before being pushed back down, and closed below $98 on Friday. The company also set aside $45.5 million to pay preferred dividends. The board directly expanded its digital credit securities repurchase plan from $2 billion to $3 billion. As of October 18, the company had $4.83 billion in dollar reserves and about $447 million in cash.
The implications are straightforward: MSCI’s new rules have classified Bitcoin treasury companies as “non-operating,” and the final list is due within three weeks. JPMorgan previously estimated that if MSTR is removed from the index, it could face about $2.8 billion in passive outflows. K33 also warned that the burden of preferred dividends is growing, and that this financing model could eventually end up eating into its Bitcoin holdings. At this critical juncture, buying back a large amount of its own preferred shares is essentially about stabilizing the credit side first—Bitcoin can be bought gradually, but if credit collapses, the machine that buys Bitcoin has to stop.
Put simply, 267 coins were just business as usual; the $193 million buyback is the real defensive move. Saylor’s challenge now isn’t how fast he can buy, but whether this machine can keep running on its own before it gets kicked out of the index.
Do you think this round of buybacks will steady investor confidence, or does it show that the funding pressure on the treasury model can no longer be concealed? Comment 1 if you’re bullish, 2 if you’re bearish.
#比特币 #Strategy #BitcoinTreasury
(Sources: CryptoPotato, The Block)
⚠️Risk warning: The above is shared for informational purposes only and does not constitute investment advice. Investing involves risk; proceed with caution.