Saylor teases Strategy Bitcoin buying after ending September with STRC buybacks
Investors will have to wait an extra day to find out if and how much Strategy added to its Bitcoin treasury in the first week of October.
Details
Investors will have to wait an extra day to find out if and how much Strategy added to its Bitcoin treasury in the first week of October.
Strategy chair Michael Saylor teased investors watching Sunday for a signal of the company’s recent Bitcoin purchases with the message “There’s always room for more orange,” in a post on X.
However, any official notification via a filing with the US Securities and Exchange Commission won’t likely come before Tuesday, as federal offices will be closed on Monday for the Columbus Day holiday.
Strategy ended September by spending more than six times its weekly Bitcoin (BTC) buying budget on its repurchases of one of its preferred stocks. Strategy bought 334 Bitcoin (BTC) for $28.7 million between Sept. 28 and Oct. 4, bringing its holdings to exactly 848,000 BTC, according to an Oct. 5 8-K form.
Over the same period, Strategy repurchased about 1.77 million shares of its STRC preferred stock for $176.3 million.
To be sure, Strategy’s recent moves could be read as an indication that management can build up cash now and spend it on BTC later.
Independent analyst Shanaka Anslem Perera on Saturday noted that Strategy raised $5.41 billion from new common shares in the third quarter and ended the period with 1,666 more BTC than it held at the end of June.
In his monthly newsletter on Bitcoin and crypto, Perera wrote that Strategy’s SEC filings “allocate 9.5% of the raise directly to bitcoin purchases. Other disclosed uses included a dollar reserve, cash, dividends and preferred-share buybacks.”
“The question for investors is what the financing left behind. For a shareholder, bitcoin per share is only part of the answer. Cash counts too, while debt and preferred shares have claims ahead of common stock,” he wrote.
“During the third quarter Strategy raised billions through share sales, but much supported cash reserves and preferred shareholders. Raising capital does not necessarily mean buying bitcoin,” he told Cointelegraph on Sunday..
“That does not mean they stopped buying BTC. Cash retained can fund later purchases, and strengthening the balance sheet can benefit shareholders.”
Magazine: Former SEC boss made AI Czar, Bitcoin may hit $600K this cycle: Hodler’s Digest
Subscribe to daily byte-sized crypto news from Cointelegraph
Ledger attack spreads to EU, AI finds ’18 trillion XRP’ bug: Hodler’s Digest
Sam Altman-backed Bitcoin life insurer, Meanwhile, raises more funds
Bitcoin consolidates near $82.5K as crypto weathers Ledger theft reports
Ledger attack spreads to EU, AI finds ’18 trillion XRP’ bug: Hodler’s Digest
Sam Altman-backed Bitcoin life insurer, Meanwhile, raises more funds
Bitcoin consolidates near $82.5K as crypto weathers Ledger theft reports
Saylor teases Strategy Bitcoin buying after ending September with STRC buybacks
Ledger confirms unauthorized hardware implant, says losses may exceed $86M
France is world’s most dangerous place for Bitcoiners: 90 attacks in 7 months
Crypto Biz: Wealthy investors are buying crypto, but their advisers aren’t sold
Coldcard says it’s investigating how phishing link appeared on its X account
Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.
All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy .
Related Coins
BTC
Source
Cointelegraph RSS
Source: Cointelegraph RSS
