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BTC Strategy resumes Bitcoin purchases, Michael Saylor explains capital cycle logic
Strategy, which has not made any new Bitcoin purchases for some time, has resumed BTC purchases in the past two weeks. With the completion of the latest batch of purchases, the company's total BTC holdings have increased to 847,666 pieces. At the same time, company president Michael Saylor also made new remarks.
No need for fixed targets: Continuous holdings and financing strategies
Saylor recently pointed out in an interview with Binance that Strategy does not have a fixed position target for Bitcoin assets, and the company will raise funds by issuing equity and loan products, and continue to acquire Bitcoin.
Higher bitcoin prices may strengthen capital acquisition capabilities
Saylor said that higher bitcoin prices may support further BTC purchases by reducing the company's financing costs. According to Saylor's analysis, the appreciation of Bitcoin is expected to form a virtuous cycle that enhances the company's ability to obtain access to the capital market.
Saylor emphasized that the combination of rising bitcoin prices and falling financing costs will form a positive cycle, further consolidating the position of companies such as Strategy that hold large amounts of bitcoin. He pointed out that the key to this mechanism lies in the appreciation potential brought by Bitcoin's limited supply. At the same time, he mentioned that STRC (a convertible preferred stock) plays an important variable role in this structure. Saylor believes that as investor interest increases and market acceptance increases, the additional returns investors demand may decrease, which will help reduce Strategy's financing costs.
随着公司市值的增长和资本获取能力的增强，公司可以在更有利的条件下筹集新资金，进而推动比特币采购量的增加。Saylor以Strategy于9月28日宣布的1.52亿美元STRC回购计划为例，展示了这种积极的资本管理策略。他强调，由于比特币本身不产生利息收入，因此BTC价格的升值以及高效的资本管理，仍然是Strategy以比特币为核心的融资模式的基石。
我们将继续成为净买入方
最后，Saylor明确表示，Strategy依然是比特币的净买入方。但他也指出，随着比特币价格的上涨，积累更多BTC的难度将呈指数级增加。
此外，他还补充道，公司的证券及股价将与比特币同步增长。Saylor进一步指出，比特币、STRC与MSTR之间存在互补结构。因此，虽然比特币价格的上涨使得新增BTC采购的成本更高，但Strategy融资工具的升值将使公司更容易为新采购筹集资金。
