Both reported “adding to their holdings last week”: Strategy was buying while MARA was selling.
Strategy bought 1,036 bitcoins from November 2 to 8 at an average price of about $79,012, spending approximately $81.9 million. The money came from an ATM offering of MSTR common stock. That same week, it spent $188.3 million to repurchase 1,887,464 STRC preferred shares. BitMine added 9,587 ETH, bringing its holdings to 6,070,092 ETH, or about 4.97% of the total ETH supply. MARA sold 13,597 bitcoins and repaid $750 million in debt.
Retail investors see a headline about “adding to holdings” and may assume that whales are all bullish.
Read the filings closely: the purchases were all tied to financing. Strategy raised $284 million by selling MSTR shares, while MARA exchanged coins for debt repayment.
Adding to holdings doesn’t tell you where they stand. Look at where the money comes from.
When both say they “added to holdings last week,” the real question is how they financed it.
#StrategyAdded1037BitcoinsLastWeek
Strategy bought 1,036 bitcoins from November 2 to 8 at an average price of about $79,012, spending approximately $81.9 million. The money came from an ATM offering of MSTR common stock. That same week, it spent $188.3 million to repurchase 1,887,464 STRC preferred shares. BitMine added 9,587 ETH, bringing its holdings to 6,070,092 ETH, or about 4.97% of the total ETH supply. MARA sold 13,597 bitcoins and repaid $750 million in debt.
Retail investors see a headline about “adding to holdings” and may assume that whales are all bullish.
Read the filings closely: the purchases were all tied to financing. Strategy raised $284 million by selling MSTR shares, while MARA exchanged coins for debt repayment.
Adding to holdings doesn’t tell you where they stand. Look at where the money comes from.
When both say they “added to holdings last week,” the real question is how they financed it.
#StrategyAdded1037BitcoinsLastWeek
