Over the past week, even the least bearish buyers in crypto have been making moves—but their money hasn’t all gone to the same place.
$BTC is currently at $81,798, down 6.4% from its September 21 high of $87,396. Over the same period:
Strategy (announced October 12) bought 250 BTC for $21.5 million, while also buying back $192 million worth of STRC preferred shares—8.9 times as much as it spent on BTC.
Strive added 3,311 BTC in a week, worth about $271 million—13 times Strategy’s purchases.
Metaplanet issued ¥52 billion in zero-coupon convertible bonds: ¥23.6 billion to repay BTC-backed loans and ¥28.3 billion to buy back its own shares. The amount going directly to BTC purchases: zero. By October 14, it had already repurchased 73.98 million shares, worth about $129 million.
All three are increasing leverage, but none is chasing BTC. Borrowed money is being used to repay debt, buy back their own securities, and reduce their BTC-denominated liabilities. That’s defensive, not offensive.
The money that should be least bearish is going elsewhere while prices are down 6%.
Do you see this as discipline—or a sign they can’t prop it up anymore?
#BTC #Strategy #Metaplanet
Not investment advice
$BTC is currently at $81,798, down 6.4% from its September 21 high of $87,396. Over the same period:
Strategy (announced October 12) bought 250 BTC for $21.5 million, while also buying back $192 million worth of STRC preferred shares—8.9 times as much as it spent on BTC.
Strive added 3,311 BTC in a week, worth about $271 million—13 times Strategy’s purchases.
Metaplanet issued ¥52 billion in zero-coupon convertible bonds: ¥23.6 billion to repay BTC-backed loans and ¥28.3 billion to buy back its own shares. The amount going directly to BTC purchases: zero. By October 14, it had already repurchased 73.98 million shares, worth about $129 million.
All three are increasing leverage, but none is chasing BTC. Borrowed money is being used to repay debt, buy back their own securities, and reduce their BTC-denominated liabilities. That’s defensive, not offensive.
The money that should be least bearish is going elsewhere while prices are down 6%.
Do you see this as discipline—or a sign they can’t prop it up anymore?
#BTC #Strategy #Metaplanet
Not investment advice