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BTC Strategy's latest disclosure: Bitcoin positions remain flat and shift to stock buybacks
Saylor's latest disclosure document released on platform X shows that the number of bitcoins held by the company has remained unchanged, still at 845,050 BTC, and no new purchases were recorded during this period. According to filings filed with the U.S. Securities and Exchange Commission, the company will instead use $139 million to repurchase its own STRC preferred shares.
For a company that has been known for years for its aggressive, near-weekly accumulation of bitcoins, not adding a single bitcoin for an entire week is particularly striking. This marks the second consecutive week that Bitcoin holdings have remained flat, although the stock repurchase activity surrounding it is accelerating.
Why did Saylor choose to wait and see?
Strategy currently holds US$6.4 billion in dollar-denominated assets with an average duration of approximately four years. By putting that cash back into stock repurchases rather than buying bitcoin, the company appears more focused on tightening its capital structure than continuing to expand its bitcoin holdings.
Saylor disclosed that based on a bitcoin price of close to US$77,000, assuming an annualized return of 10% and a volatility of 40%, the credit spread on STRC shares is 57 basis points. This indicator allows the financial instrument to generate returns for investors independent of Bitcoin's own price fluctuations.
This is not the first time Strategy has used STRC to release signals. Just last week, Saylor announced that the company would double its repurchase authorization from $1 billion to $2 billion, after deploying $176 million under the original plan. The update was also accompanied by holdings of 845,050 BTC and US$6.5 billion in US dollar reserves at the time, which means that the current US$139 million repurchase operation is directly based on expanded plans rather than opening new projects.
The company is still demonstrating the strength of its balance sheet
This disciplined buyback follows another milestone. Strategy's total reserve capital has surpassed that of all financial services companies in the s & p 500 except berkshire hathaway, at about $66 billion, compared with $364 billion for berkshire hathaway, according to data Saylor shared earlier this month. [TAG
Taken together, these numbers suggest that Strategy is gradually reducing its strategy of adding bitcoins each week and instead managing more of its capital structure built around existing bitcoin stacks.
