Saylor says: We’re back, but coming back isn’t cheap.
The Strategy hasn’t acted for nearly two months. From August 24 to 30, it spent $369.7 million to buy 4,603 BTC at an average price of $80,318. The current price has been hovering around the high $78,000s, and on paper this batch is already sitting on a loss.
The money isn’t conjured out of thin air. In the same week, it sold 4.53 million shares of common stock, raising net proceeds of $602.8 million. Of that, $370 million went to buy crypto, $151.8 million to repurchase preferred stock, and the remainder was used to top up cash and cover dividends. This isn’t value picking—it's about whether the shares can keep being sold. If they can, inventory keeps piling up.
In the same week, Bitmine added 53,501 ETH and has kept buying for 65 consecutive weeks without stopping. Its holdings now total 5.9 million coins, about 4.9% of the supply. It’s still short of their stated 5% by roughly 134,000 ETH. 86% has already been staked. By external market metrics, this inventory’s unrealized loss is about $5.1 billion. And they’re still buying.
Both companies are doing the same thing: converting public-company equity into on-chain inventory. Retail focuses on whether the entry price is “too expensive.” They focus on whether the stock can be sold this week.
So don’t translate “institutions are buying” directly into “you should chase.” First, look at where the buy orders come from. Issuing shares to buy crypto can continue—provided the share price can hold up the premium. If the premium collapses, this machine will slow down on its own.
September has always been a tough month. Personally, I treat this only as an inventory signal, not a direction command.
#InstitutionsHoldingCrypto
The Strategy hasn’t acted for nearly two months. From August 24 to 30, it spent $369.7 million to buy 4,603 BTC at an average price of $80,318. The current price has been hovering around the high $78,000s, and on paper this batch is already sitting on a loss.
The money isn’t conjured out of thin air. In the same week, it sold 4.53 million shares of common stock, raising net proceeds of $602.8 million. Of that, $370 million went to buy crypto, $151.8 million to repurchase preferred stock, and the remainder was used to top up cash and cover dividends. This isn’t value picking—it's about whether the shares can keep being sold. If they can, inventory keeps piling up.
In the same week, Bitmine added 53,501 ETH and has kept buying for 65 consecutive weeks without stopping. Its holdings now total 5.9 million coins, about 4.9% of the supply. It’s still short of their stated 5% by roughly 134,000 ETH. 86% has already been staked. By external market metrics, this inventory’s unrealized loss is about $5.1 billion. And they’re still buying.
Both companies are doing the same thing: converting public-company equity into on-chain inventory. Retail focuses on whether the entry price is “too expensive.” They focus on whether the stock can be sold this week.
So don’t translate “institutions are buying” directly into “you should chase.” First, look at where the buy orders come from. Issuing shares to buy crypto can continue—provided the share price can hold up the premium. If the premium collapses, this machine will slow down on its own.
September has always been a tough month. Personally, I treat this only as an inventory signal, not a direction command.
#InstitutionsHoldingCrypto