Is Bitcoin’s “preferred stock buying” slowing down? Strategy repurchased $193 million of STRC in one week, but bought just 267 BTC
📌 Fidelity Digital Assets’ 10/20 report: Bitcoin-focused perpetual preferred stocks have funded purchases totaling approximately 135,979 BTC since 2025 (as of 10/5), more than 0.5% of the total BTC supply. More than 95,000 BTC were purchased and over $7 billion raised from March to May alone.
📌 Strategy 8-K (10/12–10/18): Repurchased $193.1 million of STRC preferred stock, while using only about $22.1 million to buy 267 BTC over the same period; increased the preferred stock buyback authorization from $2 billion to $3 billion; holdings stand at 848,517 BTC, at an average price of $75,446; used $45.5 million from its reserve to pay preferred stock dividends that week.
📌 CoinDesk 10/24: Analysts noted that preferred stock demand is “reflexive”: when prices fall below par, new issuance becomes less attractive, and companies are more inclined to buy back shares. Strategy has previously sold some BTC to pay dividends.
📌 Investing.com: BTC hit a low of $79,146 on Saturday and recovered to around $80,900 on Sunday; the 50-day moving average is around $81,700.
【View】
Corporate treasuries were an important source of marginal buying in this market rally, but capital is now shifting from “buying coins” to “supporting preferred stock prices and paying dividends.” Buybacks can reduce future dividend costs, but for now they compete with coin purchases for funds. With BTC near $80,000, it has only about a 7% cushion above Strategy’s average cost of $75,446. Combined with ETF net outflows this week, incremental buying demand is clearly thinning in the short term.
【Opportunities/Risks】
1️⃣ Watch whether preferred stocks such as STRC can return to around par: a return to par could mean new issuance resumes and buying demand returns; a persistent discount means buybacks will continue to crowd out coin purchases.
2️⃣ Check Strategy’s 8-K every Monday: the ratio of BTC purchases to buyback amounts is the clearest signal.
3️⃣ Key levels: $78,400/$77,876 below; the 50-day moving average around $81,700 above. The 10/28 FOMC decision could affect risk appetite.
4️⃣ Risk: If BTC approaches the $75K average cost, concerns about “treasury companies selling coins to pay dividends” could amplify volatility.
Do you think corporate treasuries can still provide a floor for this rally, or will it mainly depend on ETF inflows returning?
#比特币 #Strategy #美联储 #CryptoMarket
$BTC
For reference only; not investment advice
📌 Fidelity Digital Assets’ 10/20 report: Bitcoin-focused perpetual preferred stocks have funded purchases totaling approximately 135,979 BTC since 2025 (as of 10/5), more than 0.5% of the total BTC supply. More than 95,000 BTC were purchased and over $7 billion raised from March to May alone.
📌 Strategy 8-K (10/12–10/18): Repurchased $193.1 million of STRC preferred stock, while using only about $22.1 million to buy 267 BTC over the same period; increased the preferred stock buyback authorization from $2 billion to $3 billion; holdings stand at 848,517 BTC, at an average price of $75,446; used $45.5 million from its reserve to pay preferred stock dividends that week.
📌 CoinDesk 10/24: Analysts noted that preferred stock demand is “reflexive”: when prices fall below par, new issuance becomes less attractive, and companies are more inclined to buy back shares. Strategy has previously sold some BTC to pay dividends.
📌 Investing.com: BTC hit a low of $79,146 on Saturday and recovered to around $80,900 on Sunday; the 50-day moving average is around $81,700.
【View】
Corporate treasuries were an important source of marginal buying in this market rally, but capital is now shifting from “buying coins” to “supporting preferred stock prices and paying dividends.” Buybacks can reduce future dividend costs, but for now they compete with coin purchases for funds. With BTC near $80,000, it has only about a 7% cushion above Strategy’s average cost of $75,446. Combined with ETF net outflows this week, incremental buying demand is clearly thinning in the short term.
【Opportunities/Risks】
1️⃣ Watch whether preferred stocks such as STRC can return to around par: a return to par could mean new issuance resumes and buying demand returns; a persistent discount means buybacks will continue to crowd out coin purchases.
2️⃣ Check Strategy’s 8-K every Monday: the ratio of BTC purchases to buyback amounts is the clearest signal.
3️⃣ Key levels: $78,400/$77,876 below; the 50-day moving average around $81,700 above. The 10/28 FOMC decision could affect risk appetite.
4️⃣ Risk: If BTC approaches the $75K average cost, concerns about “treasury companies selling coins to pay dividends” could amplify volatility.
Do you think corporate treasuries can still provide a floor for this rally, or will it mainly depend on ETF inflows returning?
#比特币 #Strategy #美联储 #CryptoMarket
$BTC
For reference only; not investment advice