Siler skipped Bitcoin again and invested $139 million in STRC

Michael Saylor suspends Bitcoin purchases again: Strategy funds turned to repurchase, and Strive bucked the trend and increased its holdings.

Michael Saylor once again postponed his Bitcoin purchase plan. Strategy holds 845,050 BTC, but its capital flow changed significantly this week: $139.3 million was used to buy back STRC (Strategic Preferred Shares). This choice well reflects the company's current new strategic focus. Its huge reserve of crypto assets remains the core allocation, but no longer automatically absorbs all available funds. At the same time, Strive has not stopped: 469 BTC's have just been added to its account. Today, the two companies manage the same beliefs on different paths.

Summary of Core Points

• Strategy: holds 845,050 BTC units for two consecutive weeks and allocates US$139.3 million to repurchase its STRC preferred shares.
• Strive: took the opposite path and used funds from perpetual preferred stock SATA to purchase an additional 469 BTC units for US$36.6 million.
• Market background: Nearly 200 listed companies have established BTC treasury strategies, and MSCI is reviewing the classification and treatment of some companies in its global index.
• Price dynamics: The price of BTC is US$78,686, and the market is divided between long-term accumulation, hesitant spot demand and selling pressure on futures contracts.

Strategy pressed the pause button, and Strive took the opportunity to absorb 469 BTC

In terms of Strategy, the counters remain unchanged. The total number of bitcoins it holds is still 845,050, the total cost is US$63.73 billion, and the average bid price is US$75,412. Since the company last increased its holdings, it has been two weeks without any action. For a giant that once converted capital raising into Bitcoin purchases, this standstill is eye-catching.

Meanwhile, Strive, run by Matt Cole, remains active. Strive spent US$36.6 million to acquire 469 BTC units at an average price of US$77,954 each. Currently, its stock holdings have reached 25,000 BTC. The funding came entirely from its perpetual preferred stock SATA, which has an outstanding nominal value of more than $1 billion.

Cole himself provided detailed details: "Strive acquired an additional 469 BTC at an average cost of US$77,954 each, at a cost of US$36.6 million, bringing its total position to 25,000 BTC."

Saylor's week was relatively calm, while rival Strive entered a period of accumulation. Although Strive holds only one-thirtieth of Strategy's BTC, its pace has not slowed down.

Why did Saylor invest US$139 million in STRC?

This $139.3 million is not idle. Strategy used the funds to repurchase 1,420,467 STRC shares between September 8 and 13. The previous week, the company had spent $176.3 million on similar operations.

STRC is one of the preferred stocks created to finance the Strategy ecosystem. The group currently has a US$2 billion line to repurchase its digital credit securities. After recent operations, the remaining available amount is approximately US$1.05 billion. Another billion-dollar authorization involves the repurchase of MSTR shares.

This makes the story more interesting than a mere pause in Bitcoin purchases. Strategy has grown, and its demand has increased accordingly. It is necessary to replenish dollar liquidity, pay dividends and interest, monitor securities issued, and seize repurchase opportunities.

The framework adopted by the company even allows for the realization of up to US$5 billion in BTC for certain financial needs. This is almost regarded as heresy in an era when the "never sell your Bitcoin" creed is prevalent. So Saylor didn't change his favorite asset, he just opened more financial valves that could be opened or closed.

Can the Bitcoin treasury continue to grow without becoming too complex?

This club is no longer a private circle. Nearly 200 listed companies have adopted the BTC treasury strategy. However, Strategy is still competing at another level: Twenty One holds 43,514 BTC, Metaplanet holds 43,000, and MARA holds 35,577.

That lead makes Saylor's company a curious financial object. It holds huge inventories of bitcoin, issues multiple types of securities, and maintains billions of dollars in liquidity. Its CEO Phong Le also acknowledged this dimension: "We are the JPMorgan Chase of the cryptoeconomy; whether we sell 1000 bitcoins out of 840,000 has nothing to do with this discussion."

MSCI is paying close attention to these new market species. The index provider is studying ways to remove certain companies deemed "non-operational" from its global index. Strategy is one of the names involved in consulting. Comments are expected to be submitted by September 30 and a decision will be made on October 16. For the crypto treasury, holding large amounts of BTC opens the door and can also seriously complicate its identity.

At US$78,686, where is the real direction of BTC?

Meanwhile, BTC was priced at US$78,686 at the time of writing. After recent sharp swings, this is a near-ordinary level, but very close to the average price of $75,412 set by Strategy.

Data collected from major sources shows that the market is fragmented. Long-term investors continue to accumulate, and spot ETFs have recorded capital inflows for several consecutive weeks. On the other hand, spot demand remains weak, the sell-off of futures contracts has put pressure, and reserves on Binance have increased.

CryptoQuant describes this emotional shift in a short formula: investors have shifted from FOMO (fear of missing) to loss aversion.

This also explains why Saylor's absence from the purchase attracted so much attention. Strategy has accustomed the market to astonishing announcements. The two-week empty window itself has almost become news.

However, Strive's performance suggests that the treasury's interest has not disappeared, but is simply spread among multiple players with different instruments and financial structures. [TAG

Bitcoin thus finds itself in a strange position: highly sought after a few years ago, but less tranquil in a few trading intervals. At the moment, no one is really in control.

Key Data Review

• USD 78,686: BTC price at time of writing.
• 845,050 BTC: Strategy's treasury has remained unchanged for two consecutive weeks.
• US$139.3 million: The amount used to repurchase STRC.
• 469 BTC: Strive announced the latest acquisition volume.
• October 16: Expected date for MSCI to make a decision.

When talking about Bitcoin, Saylor still looks into the distance. The same goes for Brian Armstrong: Coinbase CEO believes reaching $400,000 by 2030 is a reasonable and achievable goal. Between this set of numbers and the current $78,686, the journey is still long. Companies can accumulate, wait, or restructure their finances; ultimately, the market will decide whether this belief is a few years ahead or too optimistic.