The people shouting “buy Bitcoin” spent their money elsewhere this week.
Strategy disclosed that it bought just 250 BTC from October 5–11, spending $21.5M at an average price of $86,194.
That same week, it repurchased 1,932,145 shares of its own STRC preferred stock for $192.4M—nearly 9 times what it spent on Bitcoin.
Its weekly purchases fell from 1,665 coins two weeks ago to 334, then to 250—a decline for two weeks in a row.
It’s not short on cash: it has $4.88B in USD reserves plus roughly $5.5B in cash, and it hasn’t touched its $1B buyback authorization.
The money is there, but it’s not being spent on Bitcoin.
I think the top priority for Bitcoin treasury companies has shifted from “stacking coins” to “protecting the capital structure”—keeping preferred stock dividends secure now takes precedence over accumulating more Bitcoin. Watch, don’t chase.
Invalidation: If next week’s purchases rebound to over 1,000 coins, or STRC buybacks stop and the company returns to buying Bitcoin full throttle, this thesis is invalidated.
Do you think Saylor is playing defense, or keeping powder dry for the next leg up?
$MSTR $BTC $STRC
#比特币 #USStockEarningsSeason
The above is not investment advice. DYOR; trading involves risk.
Strategy disclosed that it bought just 250 BTC from October 5–11, spending $21.5M at an average price of $86,194.
That same week, it repurchased 1,932,145 shares of its own STRC preferred stock for $192.4M—nearly 9 times what it spent on Bitcoin.
Its weekly purchases fell from 1,665 coins two weeks ago to 334, then to 250—a decline for two weeks in a row.
It’s not short on cash: it has $4.88B in USD reserves plus roughly $5.5B in cash, and it hasn’t touched its $1B buyback authorization.
The money is there, but it’s not being spent on Bitcoin.
I think the top priority for Bitcoin treasury companies has shifted from “stacking coins” to “protecting the capital structure”—keeping preferred stock dividends secure now takes precedence over accumulating more Bitcoin. Watch, don’t chase.
Invalidation: If next week’s purchases rebound to over 1,000 coins, or STRC buybacks stop and the company returns to buying Bitcoin full throttle, this thesis is invalidated.
Do you think Saylor is playing defense, or keeping powder dry for the next leg up?
$MSTR $BTC $STRC
#比特币 #USStockEarningsSeason
The above is not investment advice. DYOR; trading involves risk.