Strategy bought just 334 BTC last week, at an average price of $85,839, for about $28.7 million.
In the same disclosure, it spent about $176 million buying back its own preferred shares—more than six times the amount spent on Bitcoin.
Some read this as “the big buyer is backing off.” Another way to look at it: the market is rethinking what MSTR really is. It’s still a BTC proxy, but capital is no longer flowing into Bitcoin in just one direction.
With 848,000 BTC—more than 4% of the total supply—an aggregate cost basis of about $63.97 billion, and roughly $20.9 billion in digital asset gains in Q3, the company’s founder puts MSTR’s annualized return at 52%, versus 38% for BTC.
Meanwhile, imitators are starting to take shape. XRP treasury company Evernorth completed its SPAC merger and plans to list under the ticker XRPN on October 8, calling itself the “XRP version of Strategy.” It remains to be confirmed whether all closing conditions have been met.
The focus has shifted from “dare you buy?” to “how should every dollar be allocated?”
So here’s the question: if buying Bitcoin takes a back seat to supporting preferred shares and shareholder returns, does MSTR still deserve to be called a “Bitcoin proxy”?
In the same disclosure, it spent about $176 million buying back its own preferred shares—more than six times the amount spent on Bitcoin.
Some read this as “the big buyer is backing off.” Another way to look at it: the market is rethinking what MSTR really is. It’s still a BTC proxy, but capital is no longer flowing into Bitcoin in just one direction.
With 848,000 BTC—more than 4% of the total supply—an aggregate cost basis of about $63.97 billion, and roughly $20.9 billion in digital asset gains in Q3, the company’s founder puts MSTR’s annualized return at 52%, versus 38% for BTC.
Meanwhile, imitators are starting to take shape. XRP treasury company Evernorth completed its SPAC merger and plans to list under the ticker XRPN on October 8, calling itself the “XRP version of Strategy.” It remains to be confirmed whether all closing conditions have been met.
The focus has shifted from “dare you buy?” to “how should every dollar be allocated?”
So here’s the question: if buying Bitcoin takes a back seat to supporting preferred shares and shareholder returns, does MSTR still deserve to be called a “Bitcoin proxy”?