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BTC Strategy holds 848,000 bitcoins, preparing for a new round of holdings as STRC shares fall below par.
Strategy CEO Michael Saylor released an updated treasury chart that contains 117 new buy flags and includes his signature phrase: "There will always be room for more orange (bitcoins)." The update comes as the company, recognized as the largest publicly owned holder of Bitcoin, adjusts its reserve building strategy.
STRC preferred stock fell below par value
Currently, Strategy controls 848,000 bitcoins, valued at approximately US$70.48 billion, accounting for 4.04% of all existing bitcoins. Although Saylor's latest news shows that it is optimistic about expanding the company's holdings, potential market dynamics suggest that the company has been more cautious in recent days.
Between October 5 and 9, the company's main financing vehicle, STRC preferred stock, fell below its face value of $100 and traded within a narrow range of $99.43 to $99.66. According to the company's internal regulations, once these stocks fall below par value, a "repurchase zone" agreement will be automatically triggered.
In this case, Strategy was prohibited from issuing new shares to buy more cryptocurrencies, but instead redirected funds to repurchase discounted securities and support their prices. During this period, the company zero increased its holdings of Bitcoin through STRC financing channels.
Saylor's guiding principle that "there is always room for more Bitcoin" highlights the company's commitment to expanding its portfolio despite technical suspensions in certain financing channels.
Diversification strategy keeps the buying machine running
Although the STRC channel is in defensive mode, Strategy continues to leverage other financing channels, with total available credit lines reaching US$12.69 billion. This multi-level approach allows companies to remain active even if some securities are restricted.
At the same time, another class of preferred securities, STRF, performed strongly. The security, traded at $103.98 above face value, has become a key source of liquidity. Strategy recently completed a targeted purchase of 334 bitcoins at a cost of US$85,838 each, a move that highlighted the company's ability to accumulate assets independently of STRC's share price performance.
Noun explanation: STRC and STRF are both preferred securities issued by Strategy. STRC is usually used for financial support for Bitcoin acquisitions, but the issue price must not be lower than par value; STRF provides an alternative financing tool when STRC conditions are unfavorable.
Profit margin and company positioning
The average acquisition price of a company's Bitcoin holdings is US$75,436. With the current Bitcoin price exceeding $83,000, Strategy has shown considerable unrealized gains. At the same time, the market discounted the company's net assets slightly, reflected in the underlying price-to-book ratio (mNAV Basic) of 0.92 times, although continued share buybacks helped narrow the gap.
Saylor's recent statement made it clear that alternative financing channels are fully operational. The company's treasury has accumulated sufficient funds to make it ready for the next round of acquisitions regardless of short-term obstacles faced by key financing instruments.
