MSTR’s 8-K just came out, covering the week of September 14 to 20. I’ll lay out what I did and what the results were.
I did three things: bought 950 Bitcoins, $75.7 million, at an average price of $79,670; issued no new shares of common stock via ATM; and repurchased 1,771,238 shares of STRC preferred stock for $174 million.
The two wallets match—USD Reserve went from $5.10B to $4.74B, and the $57.4 million difference is dividends and interest; USD Cash went from $1.30B to $1.05B, and the decrease is exactly the $75.7 million used to buy the coins plus the $174 million for the repurchase.
Results: Bitcoins held increased from 845,050 to 846,000, average cost $75,416, total cost $6.38B.
There’s a set of numbers that’s worth looking at side by side. The money this week spent on Bitcoin is less than half of what it spent on repurchasing its own preferred stock. 950 Bitcoins versus 846,000 coins is 0.11%—rounded, it didn’t move. And in the same week, Bitcoin itself went from 76,805 to 81,144, up 5.6%—just that alone means the book value on those 846,000 coins went up by roughly $3.7B.
In other words, of the extra money on its books this week, 98% is given by the coin price, and 2% is from its own buying—and even that 2% is only swapping cash into coins, not adding anything new.
So when you look at MSTR’s 8-K, the real thing you should never focus on is how much it bought this week. Even if it does nothing at all this week, its book value will still rise by $3.7B. The company’s income statement, in essence, is the income statement of its 846,000 Bitcoins; the only thing in between is a layer of premium.
That premium is moving now: after U.S. stock market open, Bitcoin is 85,275, up 5.9%; MSTR is 166.91, up 8.4%. The extra 2.5 percentage points that the stock gained more than the coin—that’s it.
Two consecutive weeks of zero common share issuances, and two consecutive weeks of preferred stock repurchases—combined over two weeks, $313 million. I’ll keep an eye on this direction next week.
#比特币突破8.5万美元
I did three things: bought 950 Bitcoins, $75.7 million, at an average price of $79,670; issued no new shares of common stock via ATM; and repurchased 1,771,238 shares of STRC preferred stock for $174 million.
The two wallets match—USD Reserve went from $5.10B to $4.74B, and the $57.4 million difference is dividends and interest; USD Cash went from $1.30B to $1.05B, and the decrease is exactly the $75.7 million used to buy the coins plus the $174 million for the repurchase.
Results: Bitcoins held increased from 845,050 to 846,000, average cost $75,416, total cost $6.38B.
There’s a set of numbers that’s worth looking at side by side. The money this week spent on Bitcoin is less than half of what it spent on repurchasing its own preferred stock. 950 Bitcoins versus 846,000 coins is 0.11%—rounded, it didn’t move. And in the same week, Bitcoin itself went from 76,805 to 81,144, up 5.6%—just that alone means the book value on those 846,000 coins went up by roughly $3.7B.
In other words, of the extra money on its books this week, 98% is given by the coin price, and 2% is from its own buying—and even that 2% is only swapping cash into coins, not adding anything new.
So when you look at MSTR’s 8-K, the real thing you should never focus on is how much it bought this week. Even if it does nothing at all this week, its book value will still rise by $3.7B. The company’s income statement, in essence, is the income statement of its 846,000 Bitcoins; the only thing in between is a layer of premium.
That premium is moving now: after U.S. stock market open, Bitcoin is 85,275, up 5.9%; MSTR is 166.91, up 8.4%. The extra 2.5 percentage points that the stock gained more than the coin—that’s it.
Two consecutive weeks of zero common share issuances, and two consecutive weeks of preferred stock repurchases—combined over two weeks, $313 million. I’ll keep an eye on this direction next week.
#比特币突破8.5万美元