Saylor still does not buy back Bitcoin and puts 139 million back on STRC

Michael Saylor is once again putting off his bitcoin purchases. Strategy keeps 845,050 BTC, but its money moved a lot this week: $139.3 million was used to buy back STRC. This choice describes the new life of the company quite well. Its enormous crypto treasure remains at the center of the system, without automatically receiving every available dollar. At Strive, no pause: 469 BTC have just joined the accounts. Two ways, now, to manage the same conviction.

Strategy takes a break, Strive picks up 469 BTC

At Strategy, the counter has not moved. Still 845,050 BTC, purchased for $63.73 billion in total, with an average price of $75,412. It’s been two weeks since the company added anything. For a company that has long transformed its capital raising into bitcoin purchases, this immobility is inevitably noticeable.

Matt Cole still had his basket open. Strive spent $36.6 million to acquire 469 BTC, at $77,954 per unit. Its stock now reaches 25,000 BTC. The money comes entirely from SATA, its perpetual preferred stock, whose notional outstanding exceeds $1 billion.

Cole gave the details himself:

Strive acquired an additional 469 BTC for $36.6 million, at an average cost of $77,954 per bitcoin, bringing its total holdings to 25,000 BTC.

A fairly calm week at Saylor therefore becomes a week of accumulation at its little rival. Strive still owns thirty times less BTC than Strategy. His pace, on the other hand, does not slow down.

Why is Saylor putting 139 million on STRC?

The 139.3 million dollars did not sleep in the cash register. Strategy used them to take over 1,420,467 STRC shares between September 8 and 13. The previous week, it had already spent 176.3 million in this type of operation.

STRC is one of the preferred securities created to finance the Strategy ecosystem. The group now has an envelope of $2 billion to buy back its digital credit securities. After the latest operations, around 1.05 billion remains available. Another authorization, for one billion, concerns MSTR shares.

This is where the case becomes more interesting than just a pause in bitcoin purchases. Strategy has grown. His needs too. It is necessary to add dollars to reserves, pay dividends and interest, monitor securities issued and seize redemption opportunities.

The framework adopted by the company even allows up to $5 billion worth of BTC to be monetized for certain financial needs. A possibility that would have seemed almost heretical at the time of “ never sell your bitcoin “.

Saylor has therefore not changed his favorite asset. It now has more taps to open or close.

Can bitcoin treasuries grow without getting complicated?

The club no longer has much of a private club. Nearly 200 listed companies have adopted a BTC treasury strategy. Strategy, however, plays in another category: Twenty One holds 43,514 BTC, Metaplanet 43,000 and MARA 35,577.

This advance transformed Saylor’s company into a strange financial object. It holds a gigantic stockpile of bitcoin, issues several classes of securities and maintains billions of dollars in cash. Its CEO, Phong Le, himself claims this dimension :

We are the JP Morgan of the crypto economy; whether we sell 1,000 bitcoins out of 840,000 is irrelevant to me in this discussion.

MSCI is watching these new stock market animals closely. The index provider is exploring the exclusion of certain companies considered “non-operational” from its global indices. Strategy is one of the names affected by the consultation.

Comments are due until September 30. The decision is due on October 16. For crypto treasuries, owning a lot of BTC opens doors. This can also seriously complicate the identity card.

At $78,686, Where Is BTC Really Going?

Meanwhile, BTC is worth $78,686 at the time of writing. An almost banal level after the recent tremors, but quite close to Strategy’s average purchase price, set at $75,412.

The data gathered in the sources above all shows a shared market. Long-term investors continue to accumulate and spot ETFs have recorded several weeks of inflows. On the other hand, spot demand is still lacking strength, sales on futures contracts are weighing and reserves on Binance have increased.

CryptoQuant describes this change in mood with a short formula: investors have reportedly moved from FOMO to loss aversion.

This is also why Saylor’s lack of purchase is so eye-catching. Strategy has accustomed the market to spectacular announcements. Two blank weeks almost become information in themselves.

Strive shows, however, that the appetite for cash has not disappeared. It was simply dispersed among several players, with different means and financial arrangements.

Bitcoin thus finds itself in a strange position: coveted over several years, much less peaceful a few sessions apart. For the moment, no one has really taken control.

Some figures to keep your feet on the ground

• $78,686: BTC price at the time of writing.
• 845,050 BTC: Strategy treasure, unchanged for two weeks.
• $139.3 million: amount devoted to the buyout of STRC.
• 469 BTC: latest acquisition announced by Strive.
• October 16: expected date of MSCI’s decision.

Saylor always looks far ahead when talking about bitcoin. Brian Armstrong too: the boss of Coinbase considers $400,000 by 2030 to be a reasonable and achievable goal. Between this figure and the current $78,686, the journey remains considerable. Businesses can accumulate, wait or reorganize their finances; Ultimately, the market will decide whether this belief was a few years early or way too optimistic.