Strive is chasing 50,000 $BTC. The interesting part isn't the target, it's the funding.
Quick facts from its Oct 19 SEC filing: Strive bought 4,045 BTC between Oct 12 and Oct 16 at an average of about $82,803, lifting its treasury to 36,818 BTC. That makes it the fourth-largest public corporate holder, behind Strategy, Metaplanet and Twenty One. To push further, it announced SATS, a perpetual preferred stock paying a fixed 15% annual dividend, aiming to raise $500M.
Now look at the tape. BTC slipped under $80,000 this weekend on U.S.-Iran headlines and forced selling before climbing back above that level. So last week's buys are sitting slightly below cost.
My take: treasury buyers are a real bid, but it's a bid funded by capital markets, not organic demand. A 15% fixed coupon only works if BTC appreciation outruns it, and CryptoSlate estimates SATS dividends could reach about $257M a year. If price chops sideways, these companies need fresh issuance just to service the paper, and that buying pressure can fade fast.
What I'm watching: whether treasury purchases continue while BTC sits near $80K, plus the Fed decision on Oct 27-28.
Is corporate accumulation a floor, or leverage the market will have to unwind later?
#Bitcoin #BTC #CryptoTreasury #MarketUpdate #幣安神算子
Not financial advice.
Quick facts from its Oct 19 SEC filing: Strive bought 4,045 BTC between Oct 12 and Oct 16 at an average of about $82,803, lifting its treasury to 36,818 BTC. That makes it the fourth-largest public corporate holder, behind Strategy, Metaplanet and Twenty One. To push further, it announced SATS, a perpetual preferred stock paying a fixed 15% annual dividend, aiming to raise $500M.
Now look at the tape. BTC slipped under $80,000 this weekend on U.S.-Iran headlines and forced selling before climbing back above that level. So last week's buys are sitting slightly below cost.
My take: treasury buyers are a real bid, but it's a bid funded by capital markets, not organic demand. A 15% fixed coupon only works if BTC appreciation outruns it, and CryptoSlate estimates SATS dividends could reach about $257M a year. If price chops sideways, these companies need fresh issuance just to service the paper, and that buying pressure can fade fast.
What I'm watching: whether treasury purchases continue while BTC sits near $80K, plus the Fed decision on Oct 27-28.
Is corporate accumulation a floor, or leverage the market will have to unwind later?
#Bitcoin #BTC #CryptoTreasury #MarketUpdate #幣安神算子
Not financial advice.