Saylor sold stock last week for $284 million, but only $81.9 million went toward buying BTC.
Where did the rest go? $188 million went to buy back their own preferred stock, STRC, and $13.6 million went into cash. In other words, two-thirds of the money had nothing to do with BTC.
This wasn’t the first week they did this. Since October, Strategy has spent about $1.06 billion buying back STRC, while spending only around $220 million on crypto over the same period—nearly a 5-to-1 difference.
The reason isn’t complicated. STRC is designed to stay near its $100 par value. Saylor himself has said that if it falls below $100, they’ll buy it back; if it rises above $100, they’ll issue more. Last week it hovered in the high $99s, so the money went to propping up the price first.
The crazy part is the price. The 1,036 coins they bought last week were purchased at an average price of $79,012. BTC is now around $74,000, so they’re down more than 6% in less than a week. Their total holdings of 850,364 coins have an average cost of $75,456. The current price is already below that, leaving them with an unrealized loss of over a billion dollars.
I see this pretty simply: everyone has always treated him as the steadiest buyer in the market, the one who would step in when prices fell. But now only tens of millions of dollars are actually flowing into BTC each week, while IBIT has been seeing consecutive outflows.
I’m not so sure anymore about the idea that he’ll be there to put a floor under the price.
#比特币 #Strategy #ETF资金流 $MSTR $BTC
Where did the rest go? $188 million went to buy back their own preferred stock, STRC, and $13.6 million went into cash. In other words, two-thirds of the money had nothing to do with BTC.
This wasn’t the first week they did this. Since October, Strategy has spent about $1.06 billion buying back STRC, while spending only around $220 million on crypto over the same period—nearly a 5-to-1 difference.
The reason isn’t complicated. STRC is designed to stay near its $100 par value. Saylor himself has said that if it falls below $100, they’ll buy it back; if it rises above $100, they’ll issue more. Last week it hovered in the high $99s, so the money went to propping up the price first.
The crazy part is the price. The 1,036 coins they bought last week were purchased at an average price of $79,012. BTC is now around $74,000, so they’re down more than 6% in less than a week. Their total holdings of 850,364 coins have an average cost of $75,456. The current price is already below that, leaving them with an unrealized loss of over a billion dollars.
I see this pretty simply: everyone has always treated him as the steadiest buyer in the market, the one who would step in when prices fell. But now only tens of millions of dollars are actually flowing into BTC each week, while IBIT has been seeing consecutive outflows.
I’m not so sure anymore about the idea that he’ll be there to put a floor under the price.
#比特币 #Strategy #ETF资金流 $MSTR $BTC