Strategy is buying Bitcoin again — but its biggest spending last week wasn’t on BTC.
The facts: Strategy bought 811 BTC for $65.5 million (an average of $80,846 per coin) between Oct. 26 and Nov. 1, according to a Form 8-K filed on Nov. 2. Its total holdings now stand at 849,327 BTC, purchased for a total of $64.08 billion (an average of $75,451). The purchase was funded by selling 1,178,552 MSTR shares worth $164 million. In the same week, Strategy spent $208.2 million — more than three times its BTC purchase — to buy back 2,092,035 STRC preferred shares. Peers are adding to their holdings too: Strive added 124 BTC, bringing its total to 43,124 BTC, and BitMine added 8,573 ETH, bringing it close to 5% of the ETH supply.
My take: this looks more like balance-sheet housekeeping than aggressive accumulation. Strategy is buying again after a one-week pause, but the much larger share buyback suggests its current priority is its capital structure, not adding as many coins as possible. And to be honest: the latest batch was bought at $80,846, while BTC is now around $77,000 — so that latest tranche is temporarily underwater.
What I’m watching: whether Strategy buys a larger amount again next week, and whether the STRC buybacks continue after its daily dividend payments begin.
What do you think: is a treasury buying back more of its own shares than BTC a sign of confidence, or a sign of caution?
This is my analysis, not financial advice — always DYOR.
#TreasuryCrypto #Bitcoin $BTC $ETH
The facts: Strategy bought 811 BTC for $65.5 million (an average of $80,846 per coin) between Oct. 26 and Nov. 1, according to a Form 8-K filed on Nov. 2. Its total holdings now stand at 849,327 BTC, purchased for a total of $64.08 billion (an average of $75,451). The purchase was funded by selling 1,178,552 MSTR shares worth $164 million. In the same week, Strategy spent $208.2 million — more than three times its BTC purchase — to buy back 2,092,035 STRC preferred shares. Peers are adding to their holdings too: Strive added 124 BTC, bringing its total to 43,124 BTC, and BitMine added 8,573 ETH, bringing it close to 5% of the ETH supply.
My take: this looks more like balance-sheet housekeeping than aggressive accumulation. Strategy is buying again after a one-week pause, but the much larger share buyback suggests its current priority is its capital structure, not adding as many coins as possible. And to be honest: the latest batch was bought at $80,846, while BTC is now around $77,000 — so that latest tranche is temporarily underwater.
What I’m watching: whether Strategy buys a larger amount again next week, and whether the STRC buybacks continue after its daily dividend payments begin.
What do you think: is a treasury buying back more of its own shares than BTC a sign of confidence, or a sign of caution?
This is my analysis, not financial advice — always DYOR.
#TreasuryCrypto #Bitcoin $BTC $ETH