《8-K is out: bought more, but more money went elsewhere》
$BTC was around $75,000 this morning, still below Strategy’s $75,456 cost basis. Last night’s 8-K: it bought 1,036 coins last week at an average price of $79,012, bringing its holdings to 850,364.
But the other half of the ledger is more interesting: it sold $284 million worth of shares that same week, using $188.3 million to buy back its own preferred stock, STRC, and spending just $81.9 million on coins—less than half.
Funding conditions haven’t improved either: ETFs saw net outflows of $1.282 billion last week, their worst in six months; the Fear and Greed Index is at 29, still in fear territory.
Meanwhile, hot money is looking for an exit: $AVAX rose 8.8% overnight, and the NYSE’s tokenized securities platform uses Avalanche as its core ledger. But it’s a private chain, not the public C-Chain, so don’t mistake the narrative for on-chain activity.
My take: big buyers are still buying, but they’re stabilizing the preferred stock before buying coins. Tonight’s U.S. October CPI release at 21:30 is the next test.
No calls, just the numbers. Risk warning: if CPI comes in hotter than expected, the $73,000 support level will be tested again. This is not investment advice.
Will it shift the buyback money back into coin purchases next week, or continue prioritizing STRC?
#Bitcoin
$BTC was around $75,000 this morning, still below Strategy’s $75,456 cost basis. Last night’s 8-K: it bought 1,036 coins last week at an average price of $79,012, bringing its holdings to 850,364.
But the other half of the ledger is more interesting: it sold $284 million worth of shares that same week, using $188.3 million to buy back its own preferred stock, STRC, and spending just $81.9 million on coins—less than half.
Funding conditions haven’t improved either: ETFs saw net outflows of $1.282 billion last week, their worst in six months; the Fear and Greed Index is at 29, still in fear territory.
Meanwhile, hot money is looking for an exit: $AVAX rose 8.8% overnight, and the NYSE’s tokenized securities platform uses Avalanche as its core ledger. But it’s a private chain, not the public C-Chain, so don’t mistake the narrative for on-chain activity.
My take: big buyers are still buying, but they’re stabilizing the preferred stock before buying coins. Tonight’s U.S. October CPI release at 21:30 is the next test.
No calls, just the numbers. Risk warning: if CPI comes in hotter than expected, the $73,000 support level will be tested again. This is not investment advice.
Will it shift the buyback money back into coin purchases next week, or continue prioritizing STRC?
#Bitcoin