#strategy增持1666枚btc持仓达847666枚
Bought another 1,666 BTC—spending 150 million to protect preferred shares
Saylor disclosed in his September 28 8-K that Strategy increased its holdings by 1,665 BTC last week, bringing total holdings to 847,666 BTC. But what really matters isn’t how many coins he buys; it’s that he buys BTC while simultaneously pouring 152 million into a share repurchase of his own STRC preferred stock—keeping the “borrow-to-buy” machine insured.
Data: Added 1,665 BTC (about 143 million), at an average price of 85,681. Total holdings: 847,666 BTC; cumulative investment: 63.95 billion; average price: 75,437. Valued at 83,400, the market value is about 70.7 billion, with an unrealized gain of 6.75 billion. Sold 1.47 million shares of MSTR for 246.2 million; 142.7 million was used to buy BTC + 103.5 million to repurchase STRC. Separately, moved 48.1 million in cash, with the total STRC repurchase amounting to 151.7 million. Cash: 6.02 billion.
Three cold buckets of water:
The newly bought coins were purchased at too high a price. The average price of 85,681 is higher than the then market price of 83,400, putting this portion at an unrealized loss of about 3.8 million. Saylor doesn’t care about price—he just stacks quantity—while following retail investors are genuinely losing on paper. The STRC repurchase is to shore up the market. STRC is a floating-rate perpetual preferred stock; its repurchase average price of 98.86 is below the $100 par value. The market is applying discount pressure to the preferred shares, and Saylor is propping them up. The machine is a chain of linked steps—break one link and everything halts. Raising funds by selling shares → buying BTC + supporting preferred shares. If the MSTR stock price falls and shares become hard to sell, then while paying for BTC financing/interest, the “food supply” is cut off. 847,000 BTC is both a safety cushion and a shackle.
Recommendation: Treat Strategy’s increased holdings as a weather vane for institutional BTC demand. Watch the STRC price—if it falls below the $100 par value, that’s a yellow light.
Bought another 1,666 BTC—spending 150 million to protect preferred shares
Saylor disclosed in his September 28 8-K that Strategy increased its holdings by 1,665 BTC last week, bringing total holdings to 847,666 BTC. But what really matters isn’t how many coins he buys; it’s that he buys BTC while simultaneously pouring 152 million into a share repurchase of his own STRC preferred stock—keeping the “borrow-to-buy” machine insured.
Data: Added 1,665 BTC (about 143 million), at an average price of 85,681. Total holdings: 847,666 BTC; cumulative investment: 63.95 billion; average price: 75,437. Valued at 83,400, the market value is about 70.7 billion, with an unrealized gain of 6.75 billion. Sold 1.47 million shares of MSTR for 246.2 million; 142.7 million was used to buy BTC + 103.5 million to repurchase STRC. Separately, moved 48.1 million in cash, with the total STRC repurchase amounting to 151.7 million. Cash: 6.02 billion.
Three cold buckets of water:
The newly bought coins were purchased at too high a price. The average price of 85,681 is higher than the then market price of 83,400, putting this portion at an unrealized loss of about 3.8 million. Saylor doesn’t care about price—he just stacks quantity—while following retail investors are genuinely losing on paper. The STRC repurchase is to shore up the market. STRC is a floating-rate perpetual preferred stock; its repurchase average price of 98.86 is below the $100 par value. The market is applying discount pressure to the preferred shares, and Saylor is propping them up. The machine is a chain of linked steps—break one link and everything halts. Raising funds by selling shares → buying BTC + supporting preferred shares. If the MSTR stock price falls and shares become hard to sell, then while paying for BTC financing/interest, the “food supply” is cut off. 847,000 BTC is both a safety cushion and a shackle.
Recommendation: Treat Strategy’s increased holdings as a weather vane for institutional BTC demand. Watch the STRC price—if it falls below the $100 par value, that’s a yellow light.
