Strategic Bitcoin purchases are heating up again, purchasing 1,665 BTC

Strategy increased its Bitcoin purchases for the second consecutive week, reaching a record high

Strategy (formerly MicroStrategy) has increased its Bitcoin holdings for two consecutive weeks after suspending purchases in early September. The company spent slightly more on buying back STRC preferred shares than it spent on buying Bitcoin. Although Bitcoin is currently trading at a price lower than the unit price Strategy paid last week, it is still well above its overall average cost.

At the same time, the spot Bitcoin ETF also recorded seven consecutive days of capital inflows, echoing Strategy's buying behavior. According to a Form 8-K disclosure filed with the Securities and Exchange Commission (SEC), Strategy purchased 1,665 bitcoins between September 21 and September 27, at a cost of $142.7 million. This amount is almost double the amount spent in the previous week and is the company's second consecutive increase in holdings after two consecutive weeks of zero purchases.

This purchase brought the company's Bitcoin position to a new high. Previously, the company sold some Bitcoin over the summer to fund the repurchase of STRC shares. Strategy disclosed in its 8-K filing on September 28 that the average price per bitcoin purchased was US$85,681, and the total position increased to 847,666 BTC. The Bitcoin purchase raised funds through the issuance of MSTR shares and used part of the proceeds and existing cash to repurchase US$151.7 million worth of STRC preferred stock.

Bitcoin has since retreated from its recent surge of $87,000 and is currently trading at a price lower than the unit price Strategy paid last week.

Analysis of the flow of funds: How $246 million in MSTR shares can fund bitcoin and STRC buybacks

上周的资金流动展示了Strategy如何通过其资本结构调配资金。该公司通过“市价发行”（At-the-Market, ATM）计划出售了1,469,165股MSTR股票，净收益约为2.462亿美元，每股均价约167.60美元。其中，1.427亿美元用于购买比特币，1.035亿美元用于STRC回购，另有4,810万美元来自USD Cash账户以完成回购。此外，2,210万美元来自USD Reserve账户，用于支付优先股股息。

STRC（市场称为Stretch）是一种永续优先股，每两个月支付一次浮动利率股息，设计为接近其100美元的面值交易。以约98.86美元的价格回购股份，意味着公司以低于面值的价格取消了未来的股息义务，而市场中稳定的买家也支撑了其价格接近该水平。无论Strategy在比特币操作上采取何种策略，STRC的回购一直在持续：自8月底以来，该公司每周在STRC上的支出介于1.39亿至1.76亿美元之间，包括那些没有购买BTC的两周。

MSTR股价回升带动比特币采购恢复

Shares-funded buying（以股票融资的购买）的回归恰逢MSTR股价的反弹。该股交易价格接近159美元，较本月早些时候Strategy仪表板上显示的128-130美元区间有所上涨。然而，同一仪表板显示的一年回报率约为-60.5%，且mNAV（企业价值与比特币价值的比率）约为1.10倍。在此水平下，每股销售带来的剩余每股比特币增量非常有限，这使得MSTR股价成为决定Strategy购买能力的最大变量。

值得注意的是，公司并未动用其10亿美元的MSTR普通股回购授权，而是选择出售新股而非回购。比特币价格的下滑使得Strategy上周购买的1,665枚比特币目前账面亏损约500万美元，但这在其整体头寸中占比极小：按当前价格计算，Strategy持有的847,666枚BTC价值约701亿美元，而总成本为639.5亿美元。

现货比特币ETF录得连续七天净流入

在美国现货比特币ETF方面，需求方向与Strategy的买入行为在9月下旬保持一致。根据Farside Investors的数据，基金在9月17日至9月25日的七个连续交易日中录得净资金流入，总计29.8亿美元。这一趋势紧随9月9日至9月16日的疲软期，当时ETF损失了约10亿美元，仅9月15日一天就流失了4.504亿美元。

BlackRock的IBIT以14.5亿美元的流入量领先，其次是Fidelity的FBTC，流入量略低于10亿美元。然而，每日数据在9月21日达到9.99亿美元的峰值后稳步收窄， streak期的最后一个交易日仅带来1.345亿美元的流入，是这七天中最小的金额。

在9月21日至25日这一与Strategy报告窗口匹配的周内，这些基金吸收了23.9亿美元，大约是Strategy投入比特币金额的17倍。这两股资金流由不同的因素驱动：ETF流入反映投资者和顾问的决策，而Strategy的购买则取决于其能出售多少MSTR股票以及售价如何。

为何Strategy在比特币旁持有60亿美元现金

截至9月27日，Strategy报告的美元资产总额为60.2亿美元，分为两部分：50.2亿美元的USD Reserve（专门用于优先股股息和利息）和10亿美元的USD Cash（可用于购买比特币、回购及其他国库用途）。现金账户支付了9月14日至20日的比特币购买费用以及上周部分STRC回购的费用。

储备金背后的义务庞大。Strategy仪表板近期显示债务约67亿美元，优先证券145亿美元，年度利息和股息支付总额约16.6亿美元。仅储备金即可覆盖这些支付约三年。由于比特币不产生收入，所有这些支付均以美元结算，Strategy将储备金呈现为对股息和利息的支持；实际上，BTC或MSTR价格的下跌并不会迫使其以不利价格出售比特币或发行股票来满足付款日期。

MSTR股价现在决定了Strategy下一次比特币采购的规模

Strategy剩余的市价发行容量包括188.4亿美元的MSTR和175.1亿美元的STRC，因此授权额度并不限制其比特币购买。限制因素在于MSTR的股价。上周的情况直接展示了这一序列：股价回升，公司恢复股票销售，比特币购买量随之增加。如果MSTR再次大幅下跌，这种能力将迅速缩小。鉴于比特币目前低于上周的购买价格，下周的 filings 将显示Strategy是否会继续逢低买入。

The STRC plan has clearer limits. At the current pace of about $150 million a week, the remaining $723.5 million can last for about five more weeks, after which the board needs to expand the program again (which doubled to $2 billion on September 8), otherwise the repurchase pace will slow down. The third quarter ends on September 30, and Strategy's Q3 report will provide, for the first time, a complete view of capital allocation throughout the quarter: how much money went into Bitcoin, how much went into preferred stock repurchases, and how much came from its U.S. dollar reserves.