#strategy未购比特币斥资2.05亿美元回购strc
The company that amassed 840,000 Bitcoin suddenly stopped buying altogether—and instead spent $205 million buying back its own preferred shares 🦖
📈 进群一起分析行情
An 8-K filing submitted by Strategy on October 26 showed that for the full seven days from October 19 to 25, it bought no Bitcoin and sold no shares through at-the-market offerings. This was the first full week it had stood down since mid-September. Before that, it had bought Bitcoin for five consecutive weeks. Its holdings remain at 848,517 BTC, acquired at a total cost of $64.02 billion, or an average of $75,446 per coin.
The real firepower was redirected toward its own preferred shares, STRC. This week, it spent $204.9 million to buy back 2,068,459 shares, setting a weekly record. Since the buyback program launched in late July, it has spent more than $2 billion. The figures for the previous two weeks were $193.1 million and $192.4 million, respectively—each week more aggressive than the last.
The cost is written directly into its cash balance 💰 Its freely available U.S. dollar cash fell from $447.3 million to $242.4 million, down nearly half in a week. The $4.83 billion reserve set aside specifically for preferred dividends and debt interest was untouched. The buyback authorization is capped at $3 billion, with $956.8 million still available.
More subtle is the price. The average price of the latest buyback was about $99.06, compared with just $86.52 for the first one. The closer the price gets to par value of $100, the higher the per-share cost of supporting it. Analyst Ragnar estimates that Strategy itself accounted for 28% of STRC's trading volume that week.
The other side of the story that same week is even more interesting: another Bitcoin-hoarding company, Strive, spent $511 million to buy Bitcoin. One is stepping back, the other is stepping in—the marginal buyer is changing.
My take: this flywheel of issuing preferred shares and convertible debt to buy Bitcoin has visibly turned in reverse for the first time. When the preferred share price needs support, cash flows to preferred shares first, not Bitcoin. That doesn't mean the company is bearish, but it does show that at the $80,000 level, the largest holder is beginning to prioritize balance-sheet stability over continuing to add to its position.
Shareholders will also vote on October 28 on whether to switch the preferred shares to daily dividend payments. The annualized dividend yield will remain unchanged at 12% for now. If the measure passes, STRC could trade closer to par, easing the pressure to buy back shares. If cash keeps falling, the pause is likely to last more than a week ⚠️
Do you think Strategy's pause is a short-term portfolio adjustment, or a turning point for its Bitcoin-hoarding strategy?
Tap the profile picture to watch the livestream
Every day, we bring you the latest on Bitcoin and institutional fund flows—not just what’s happening, but also the logic and opportunities behind the headlines 👀🚀
The company that amassed 840,000 Bitcoin suddenly stopped buying altogether—and instead spent $205 million buying back its own preferred shares 🦖
📈 进群一起分析行情
An 8-K filing submitted by Strategy on October 26 showed that for the full seven days from October 19 to 25, it bought no Bitcoin and sold no shares through at-the-market offerings. This was the first full week it had stood down since mid-September. Before that, it had bought Bitcoin for five consecutive weeks. Its holdings remain at 848,517 BTC, acquired at a total cost of $64.02 billion, or an average of $75,446 per coin.
The real firepower was redirected toward its own preferred shares, STRC. This week, it spent $204.9 million to buy back 2,068,459 shares, setting a weekly record. Since the buyback program launched in late July, it has spent more than $2 billion. The figures for the previous two weeks were $193.1 million and $192.4 million, respectively—each week more aggressive than the last.
The cost is written directly into its cash balance 💰 Its freely available U.S. dollar cash fell from $447.3 million to $242.4 million, down nearly half in a week. The $4.83 billion reserve set aside specifically for preferred dividends and debt interest was untouched. The buyback authorization is capped at $3 billion, with $956.8 million still available.
More subtle is the price. The average price of the latest buyback was about $99.06, compared with just $86.52 for the first one. The closer the price gets to par value of $100, the higher the per-share cost of supporting it. Analyst Ragnar estimates that Strategy itself accounted for 28% of STRC's trading volume that week.
The other side of the story that same week is even more interesting: another Bitcoin-hoarding company, Strive, spent $511 million to buy Bitcoin. One is stepping back, the other is stepping in—the marginal buyer is changing.
My take: this flywheel of issuing preferred shares and convertible debt to buy Bitcoin has visibly turned in reverse for the first time. When the preferred share price needs support, cash flows to preferred shares first, not Bitcoin. That doesn't mean the company is bearish, but it does show that at the $80,000 level, the largest holder is beginning to prioritize balance-sheet stability over continuing to add to its position.
Shareholders will also vote on October 28 on whether to switch the preferred shares to daily dividend payments. The annualized dividend yield will remain unchanged at 12% for now. If the measure passes, STRC could trade closer to par, easing the pressure to buy back shares. If cash keeps falling, the pause is likely to last more than a week ⚠️
Do you think Strategy's pause is a short-term portfolio adjustment, or a turning point for its Bitcoin-hoarding strategy?
Tap the profile picture to watch the livestream
Every day, we bring you the latest on Bitcoin and institutional fund flows—not just what’s happening, but also the logic and opportunities behind the headlines 👀🚀
