Strategy Restarts Bitcoin Purchase, 950 BTC Credited, What Signals Are Released Behind 846,000 BTC Holdings?
Summary
After weeks of silence, Strategy has once again moved to buy Bitcoin.
According to regulatory documents submitted by the company on September 21, Strategy purchased 950 BTC for approximately $75.7 million between September 14 and September 20, at an average price of about $79,670, bringing the company's Bitcoin holdings back to 846,000 BTC.
What is noteworthy is that this time, the purchase was not financed through the sale of MSTR stock, but rather by directly using the company's existing cash in USD.
At the same time, Strategy also invested $174 million to repurchase STRC preferred stock.
This indicates that there are new changes in Strategy's recent capital allocation, and the massive holding of 846,000 BTC has once again brought the connection between corporate capital and the Bitcoin market into the market spotlight.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
Strategy Re-initiates BTC Purchase After Weeks
Strategy had previously not increased its Bitcoin holdings for a period of time.
This time, the company restarted its buying activity.
Between September 14 and September 20, Strategy purchased 950 BTC for approximately $75.7 million at an average purchase price of around $79,670.
After completing this transaction, the company’s BTC holdings reached 846,000 again.
As of September 20, the total cost of these Bitcoins is approximately $63.8 billion, with an average cost of about $75,416.
In terms of quantity, 950 BTC is not particularly large.
However, what is truly worth attention is the source of funds for this transaction.
This time, Strategy did not rely on new MSTR stock issuance to raise funds.
Instead, it directly utilized cash on hand in USD.
This is distinctly different from the previously familiar “financing → buying BTC” model.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
The Most Noteworthy Aspect This Time is "Cash Purchase of Bitcoin"
Strategy's business model has long revolved around one core logic.
Gaining funds from capital markets and then increasing BTC holdings.
But this time, the situation is different.
The company recently disclosed that the 950 BTC was purchased using USD cash.
As of September 20, Strategy still holds approximately $1.05 billion in USD cash and about $5.04 billion in USD reserve, totaling approximately $6.09 billion in USD assets.
In other words,
Strategy is not continuing to increase its position with completely depleted cash reserves.
Rather, it is maintaining a significant liquidity reserve and allocating some cash to buy BTC.
This is vital for understanding Strategy's capital management approach.
Because the market has often focused on one question:
Is Strategy “constantly financing to buy BTC,”
or does it already have enough internal cash to sustain its BTC strategy?
This transaction at least indicates that, at this current phase, the company still has the capability to use existing cash to directly increase BTC holdings.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
What Does 846,000 BTC Mean?
With the addition of 950 BTC, Strategy's holdings have returned to 846,000.
Based on Bitcoin's theoretical supply cap of 21 million, this accounts for more than 4% of the potential total supply.
In other words,
The amount of BTC held by a publicly traded company has now surpassed 4% of Bitcoin’s ultimate supply limit.
Of course, this does not mean Strategy controls 4% of the market circulation.
Because the theoretical supply cap and actual circulating supply are not entirely the same concept.
However, from the perspective of the company's balance sheet, this is still a very large figure.
Moreover, Strategy did not reach this scale in a single instance.
Instead, it has continuously increased its BTC holdings over the past few years through various financing methods.
This has also made it one of the most representative cases of traditional public companies participating in the Bitcoin market.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
This Purchase Price Is Higher Than Strategy's Overall Average Cost
There is another detail worth noting.
This time, Strategy's average purchase price for the 950 BTC is approximately $79,670.
Meanwhile, the average cost of all 846,000 BTC held by the company is around $75,416.
This indicates that
This purchase price is significantly higher than the overall holding cost of the company.
From a asset management perspective, this means that Strategy is not only willing to buy BTC when the market is in sharp decline.
When BTC prices return to relatively high levels, the company still chooses to continue increasing its holdings.
This reflects Strategy's long-term capital allocation logic for holding BTC.
Of course, this does not mean the company believes that short-term prices will definitely continue to rise.
Because the time frame for a company buying BTC is not the same as that of ordinary short-term traders.
Strategy focuses more on the scale of long-term holdings and the role of BTC within the company’s asset structure.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
What's Interesting Is: Besides Buying BTC, Strategy Also Spent $174 Million to Repurchase STRC
There is another data in this financial report that is easily overlooked.
During the same period, Strategy spent about $174 million to repurchase approximately 1.77 million shares of STRC preferred stock.
This amount exceeds the $75.7 million spent on purchasing BTC.
In other words,
This week, Strategy spent more than twice the amount it used to buy BTC on repurchasing STRC.
This indicates that Strategy is not putting all cash into BTC right now.
Instead, it is allocating capital between two directions:
One is to continue increasing BTC.
The other is to repurchase its own preferred securities.
If one only looks at BTC purchases, it is easy to overlook that Strategy is actually managing its capital structure simultaneously.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
Strategy Did Not Sell MSTR Stock
Another noteworthy change is
Between September 14 and 20, Strategy did not sell MSTR stock through its ATM program.
In other words,
The 950 BTC this week were not financed through new MSTR stock sales.
Instead, they were acquired using the company's existing cash.
This is a signal worth observing in the market.
Because if a company buys BTC by issuing more stock, then the capital increase in BTC holdings will also change the company's equity.
However, this time using cash for the purchase means the company is configuring capital internally within its balance sheet.
The two models have different impacts on shareholders.
Therefore, whether Strategy continues to use cash to buy BTC or returns to the capital markets for financing is a variable worth continuous observation.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
Why Did Strategy Start Buying Again After BTC Rises?
The timing of Strategy's re-initiation of buying is also interesting.
Since mid-September, Bitcoin has strengthened again.
The latest market data shows that BTC briefly stood around $85,000, reaching a new high since January this year.
And Strategy happens to have resumed increasing its BTC holdings during this phase.
This indicates that the company has not completely stopped increasing inventory just because BTC's short-term price has risen.
However, it should be noted
This cannot be directly interpreted as Strategy predicting BTC's short-term price.
More accurately,
Strategy is still executing a long-term BTC asset allocation strategy.
It is simply adjusting the funding sources and purchasing pace in different market environments.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
What Does It Mean for the BTC Market?
Strategy currently holds 846,000 BTC.
Therefore, each of its purchases is of high interest to the market.
However, 950 BTC, relative to the entire BTC market's daily trading volume, is not enough to single-handedly determine price direction.
What is genuinely important is the signals it releases regarding funding allocation.
First,
Strategy resumed purchases after a pause.
Second,
This time, the purchase used existing cash.
Third,
The company did not finance this BTC purchase through selling MSTR stock via ATM.
Fourth,
The company still retains approximately $6.09 billion in USD assets.
Therefore, what the market really needs to observe is not:
“If Strategy buys 950 BTC, will BTC definitely rise?”
But rather:
“Will Strategy continue to use cash to expand BTC holdings?”
If similar cash purchases continue over the next few weeks, the market may pay more attention to the pace of corporate funds re-entering BTC.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
Next, Focus on Three Key Data Points
First, the amount of BTC held by Strategy.
If it continues to increase after 846,000, it indicates that the company's long-term BTC accumulation strategy is still ongoing.
Second, Strategy's USD cash and USD reserve.
Cash reserves determine how much funding the company has available for direct BTC investment and other capital operations.
Third, whether MSTR will restart ATM financing.
If subsequent stock financing is used to purchase BTC, then the structure of Strategy's sources of funds could change again.
Looking at these three data points together is more meaningful than focusing solely on the purchase of 950 BTC.
Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
Conclusion
Strategy restarting BTC purchases, the most noteworthy aspect this time is not the number 950.
But rather the source of funds.
From September 14 to 20, Strategy spent approximately $75.7 million to buy 950 BTC, bringing its total holdings back to 846,000, with an overall average BTC cost of about $75,416.
At the same time, the company did not finance through selling MSTR stock, but rather completed this transaction directly using existing USD cash.
Additionally, Strategy also spent approximately $174 million to repurchase STRC preferred stock and still retains about $5.04 billion in USD reserve and $1.05 billion in USD cash as of September 20.
Thus, the core signal released by this action is
That Strategy has not given up on continuing to increase BTC holdings.
Moreover, at this current stage, the company still has the capability to use its own cash for BTC allocation.
As for whether this purchasing rhythm can be sustained and whether it will return to financing BTC through the capital markets, these are the variables that warrant more attention from the market going forward. Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
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Follow the public account "Bitcoin Lemon" for daily market analysis, news, and practical insights.
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