Saylor Skips Bitcoin Again, Puts Another $139 Million Into STRC

Michael Saylor again postpones his bitcoin purchases. Strategy holds 845,050 BTC, but its money moved significantly this week: 139.3 million dollars were used to repurchase STRC. This choice fairly well reflects the company’s new life. Its massive crypto treasury remains central to the setup, 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.

In brief

• Strategy holds 845,050 BTC for a second consecutive week and prefers to allocate 139.3 million dollars to repurchase its STRC preferred shares.
• Strive takes the opposite path with an additional 469 BTC, purchased for 36.6 million dollars using funds from its perpetual preferred stock SATA.
• Nearly 200 listed companies now hold BTC treasuries, while MSCI examines the treatment of certain companies in its global indices.
• At 78,686 dollars, BTC moves in a market divided between long-term accumulation, hesitant spot demand, and selling pressure on futures contracts.

Strategy hits pause as strive scoops up 469 BTC

At Strategy, the counter hasn’t moved. Still 845,050 BTC, bought for 63.73 billion dollars total, with an average price of 75,412 dollars. It has been two weeks since the company added anything. For a company that long transformed its capital raises into bitcoin purchases, this immobility is noticeable.

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

Cole himself gave the details:

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

A fairly quiet week at Saylor thus becomes a week of accumulation for his little rival. Strive still holds thirty times fewer BTC than Strategy. Its pace, however, does not slow down.

Why is Saylor putting $139 million into STRC?

The 139.3 million dollars didn’t just sit idle. Strategy used them to repurchase 1,420,467 STRC shares between September 8 and 13. The previous week, it had already spent 176.3 million on this type of operation.

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

This is where the story becomes more interesting than a simple pause in bitcoin purchases. Strategy has grown. Its needs too. Dollars must be replenished, dividends and interests paid, issued securities monitored, and buyback opportunities seized.

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

Saylor thus has not changed his favorite asset. He now has more taps to open or close.

Can Bitcoin treasuries grow without becoming too complex?

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

This lead has turned Saylor’s company into a strange financial object. It holds a gigantic stock of bitcoin, issues multiple categories of securities, and keeps billions of dollars in liquidity. Its CEO, Phong Le, himself claims this dimension:

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

MSCI is precisely looking closely at these new market creatures. The index provider is studying the exclusion of certain companies considered “non-operational” from its global indices. Strategy is among the names concerned by the consultation.

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

At $78,686, where is BTC really heading?

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

Data gathered in sources mainly shows a divided market. Long-term investors continue to accumulate and spot ETFs have recorded several weeks of inflows. On the other hand, spot demand still lacks strength, futures contract selling weighs down, and reserves on Binance have increased.

CryptoQuant describes this mood shift with a short formula: investors would have moved from FOMO to loss aversion.

This also explains why Saylor’s lack of buying attracts so much attention. Strategy has accustomed the market to spectacular announcements. Two blank weeks almost become news in themselves.

Yet Strive shows that the appetite of treasuries has not disappeared. It has simply been spread among several players with different means and financial setups.

Bitcoin thus finds itself in a strange position: coveted over several years, much less calm within a few sessions interval. For now, no one has really taken control.

Some figures to keep your feet on the ground

• 78,686 dollars: BTC price at the time of writing.
• 845,050 BTC: Strategy’s treasury, unchanged for two weeks.
• 139.3 million dollars: amount spent on repurchasing STRC.
• 469 BTC: latest acquisition announced by Strive.
• October 16: expected date for MSCI’s decision.

Saylor still looks far ahead when talking about bitcoin. Brian Armstrong too: the Coinbase CEO considers 400,000 dollars by 2030 a reasonable and achievable goal. Between this figure and the current 78,686 dollars, the journey remains considerable. Companies can accumulate, wait, or reorganize their finances; in the end, the market will decide if this conviction was a few years ahead or overly optimistic.