Saylor has proven something:
Holding 850,000 BTC doesn’t prevent you from selling low and buying high.
In the past two-plus months, Strategy has reduced its holdings by 6,916 BTC in total, with the related average selling price at about $62,081.
Now that BTC has risen to around $80,000, it’s back.
This week, it spent $369.7 million to buy 4,603 BTC at an average price of $80,318.
If you look at just these 4,603 coins:
$62,081 to sell
$80,318 to buy
The per-coin difference is $18,237, for a total price spread of roughly $84 million.
Of course, you can’t directly treat this as “you lost $84 million”—the quantities differ, and selling the coins also involves Strategy’s capital-structure adjustments.
But taken together, the showmanship is still there:
Retail traders: sell low and buy high
Saylor: capital-structure management
Some operations—once the position gets large enough—the name really does change.
$BTC
Holding 850,000 BTC doesn’t prevent you from selling low and buying high.
In the past two-plus months, Strategy has reduced its holdings by 6,916 BTC in total, with the related average selling price at about $62,081.
Now that BTC has risen to around $80,000, it’s back.
This week, it spent $369.7 million to buy 4,603 BTC at an average price of $80,318.
If you look at just these 4,603 coins:
$62,081 to sell
$80,318 to buy
The per-coin difference is $18,237, for a total price spread of roughly $84 million.
Of course, you can’t directly treat this as “you lost $84 million”—the quantities differ, and selling the coins also involves Strategy’s capital-structure adjustments.
But taken together, the showmanship is still there:
Retail traders: sell low and buy high
Saylor: capital-structure management
Some operations—once the position gets large enough—the name really does change.
$BTC
