ETFs are seeing outflows,
while treasury companies are buying like crazy 😅
Strive has been making some pretty aggressive moves over the past two weeks.
At the end of September, it held just 28,000 coins.
From October 5–9, it bought 3,311 coins at an average price of around $84,500.
Then on October 12–13, it bought another 2,822 coins at an average price of around $83,266.
That’s 6,133 coins in total, costing about $515 million.
Its holdings jumped to 35,595 coins.
What does that mean?
It now ranks fourth among publicly listed companies,
just edging past MARA’s 35,577 coins.
On October 17, TD Cowen raised its price target from $44 to $56.
The reason: Strive is buying coins so quickly that it has exceeded analysts’ full-quarter estimates.
But after reading all that, I actually felt more cautious.
Where did the money come from?
About $369.2 million came from warrant exercises.
It also plans to raise about $630 million by issuing SATS preferred stock, with settlement on October 20.
Its share count is growing at the same time.
The stock fell 6.6% on Friday to $23.96, spooked by the dilution.
So with treasury companies, you can’t just look at total holdings.
Growing the total is easy.
The real test is whether the amount of coins per share is increasing.
What do you think these treasury companies are doing now—
buying the dip against the trend,
or racing against time to raise funds?
$BTC
#比特币 #CorporateTreasury
Not investment advice. DYOR. Trading involves risk.
while treasury companies are buying like crazy 😅
Strive has been making some pretty aggressive moves over the past two weeks.
At the end of September, it held just 28,000 coins.
From October 5–9, it bought 3,311 coins at an average price of around $84,500.
Then on October 12–13, it bought another 2,822 coins at an average price of around $83,266.
That’s 6,133 coins in total, costing about $515 million.
Its holdings jumped to 35,595 coins.
What does that mean?
It now ranks fourth among publicly listed companies,
just edging past MARA’s 35,577 coins.
On October 17, TD Cowen raised its price target from $44 to $56.
The reason: Strive is buying coins so quickly that it has exceeded analysts’ full-quarter estimates.
But after reading all that, I actually felt more cautious.
Where did the money come from?
About $369.2 million came from warrant exercises.
It also plans to raise about $630 million by issuing SATS preferred stock, with settlement on October 20.
Its share count is growing at the same time.
The stock fell 6.6% on Friday to $23.96, spooked by the dilution.
So with treasury companies, you can’t just look at total holdings.
Growing the total is easy.
The real test is whether the amount of coins per share is increasing.
What do you think these treasury companies are doing now—
buying the dip against the trend,
or racing against time to raise funds?
$BTC
#比特币 #CorporateTreasury
Not investment advice. DYOR. Trading involves risk.