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BTC Strategy keeps bitcoin positions unchanged and shifts funds to preferred stock buybacks
Strategy keeps its bitcoin (BTC) positions unchanged for the second consecutive week while directing capital towards its preferred share buyback program. The company filed a Form 8-K with the Securities and Exchange Commission on September 14, disclosing its activities for the period ended September 13.
Between September 8 and September 13, Strategy repurchased 1,420,467 STRC preferred shares for US$139.3 million. The repurchase was entirely funded by the company's U.S. dollar cash reserves. As of September 14, the company's dollar cash reserves were $1.3 billion, down from $1.44 billion the previous week. The $139 million decrease in this balance is basically consistent with the amount used to purchase STRC shares.
In addition,$5.1 billion was held as a separate pool of "dollar reserves"(specifically used to pay dividends and interest on preferred shares) as of September 14. During this period, no STRF, STRK or STRD preferred shares were repurchased. A $1 billion repurchase authorization for MSTR common stock was also not used.
Bitcoin inventories are stable at 845,050 BTC
Strategy's total Bitcoin holdings remain at 845,050 BTC, the same as reported the previous week. The company's total cost to obtain these bitcoins was $63.73 billion, with an average cost of $75,412 per coin (including fees). At current prices, the bitcoins are worth approximately $65.7 billion, implying approximately $200 million in unrealized gains.
The company last purchased Bitcoin in late August, when it acquired 4,603 BTC units for $369.7 million. This is also the first time Strategy has made a Bitcoin purchase since June. The ensuing suspension, coupled with weeks of massive buybacks of STRC shares, demonstrated how the company balances its bitcoin accumulation plan with supporting its preferred stock structure.
The STRC repurchase volume was US$139.3 million, down from the US$176.3 million deployed the previous week. The previous week's total was reached after Strategy's board doubled its authorization for its digital credit securities repurchase program to $2 billion. As of September 13, approximately $1.05 billion was still available under the plan.
MSCI index ruling may reshape capital flows
According to Strategy's own credit dashboard, the STRC Bitcoin credit spread relative to corporate Bitcoin collateral is approximately 57 basis points. The data assumes an annualized return of 10%, a volatility of 40%, and a BTC price of close to US$77,266. Strategy's internal framework considers any spread below 150 basis points to investment grade, so under current assumptions, the STRC is within that range.
The same dashboard shows Strategy's total Bitcoin reserves are US$66.2 billion. Its mixed break-even annualized return rate is 2.48%, and its duration is 40.3 years. Executive Chairman Michael Saylor has also stopped releasing his regular Sunday bitcoin tracking updates, which had previously served as an informal signal ahead of bitcoin purchase announcements.
Strategy is currently awaiting a ruling from MSCI on a proposal that could remove companies classified as non-operating companies from its global equity benchmark. The deadline for the public to submit advisory opinions is September 30, and a decision is expected to be made on October 16. Changes in index classification could redirect billions of dollars in passive fund flows currently tied to Strategy weights.
Strategy common stock fell 4.7% last week to close at $130.97 on Friday, while BTC fell 3.9% over the same period. According to Bitcoin Treasury data, there are currently 197 listed companies that hold some form of BTC on their balance sheets. Following Strategy, the top five companies are Tether-backed Twenty One (holding 43,514 BTC), Metaplan (43,000 BTC), MARA (35,577 BTC) and Bitcoin Standard Treasury Company (30,021 BTC).
