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BTC Daily Morning News
“Morning Minute” is a daily newsletter written by Tyler Warner. The analysis and opinions expressed in this newsletter are solely those of the author, and do not necessarily represent the position of Decrypt. Additionally, we welcome you to watch our daily news program “FOMO HOUR”, where we will cover all the latest headlines and market developments.
Good morning! Here are some important news items of the day:
New Bitcoin buyers? The biggest buyers have taken over.
Over the past five years, there has always been a standard answer to the question “Who bought the most Bitcoin this week”. But now, that situation has changed quietly.
Vivek’s Strive Asset Management, managed by Matthew Cole (NASDAQ: ASST), purchased 3,311 Bitcoin at an average price of around $84,500 between October 5th and 9th, spending a total of approximately $280 million. This is Strive’s largest single acquisition since January this year, marking a significant milestone in its continuous investment trend: $94.5 million at the end of September, $169 million at the beginning of October, and another $280 million later on. Currently, Strive’s total holdings of Bitcoin amount to 32,773 units, worth approximately $2.73 billion.
During the same period, Strategy Inc., owned by Michael Saylor, only purchased 250 bitcoins, costing approximately $21.5 million. Strive’s purchase amount was roughly 13 times larger than that of Strategy. This wasn’t a random short-term decision. Strategy’s bitcoin purchases have been declining for two consecutive weeks, and during that week, the company spent $19.2 million on repurchasing its own shares—almost nine times greater than its spending on bitcoin purchases. Additionally, Strategy’s mNAV ratio dropped below 1.0 for the first time, indicating that the market’s valuation of the company was lower than the value of the bitcoin assets it held in its balance sheet.
Of course, when considering the total holdings, the gap between the two companies remains significant. Strategy still holds 848,250 bitcoins—a massive position worth approximately $51 billion, more than 25 times the amount held by Strive. Saylor’s status as “King of Bitcoin Holdings” remains unshaken. However, for the first time in history, the titles “Largest Holder” and “Most Aggressive Buyer” now belong to two different companies.
This new player is accumulating assets at a slow pace, following the lead of those who have gone before. They have also announced their future plans. Strive is issuing 5 million new shares, each worth $100. The goal is to raise $500 million in funds, with a commitment to pay a fixed annual yield of 15%. The proceeds will be used to purchase more Bitcoin. This means that there will be an annual outflow of $75 million – a costly “long position” strategy. However, as the stock price of STRC drops to around $99.90, it seems that Saylor’s Bitcoin acquisition program may be restarted again. The battle between Bitcoin giants has begun…
