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Strategy reported that it achieved digital asset gains of $20.91 billion in the third quarter. As of October 4, the company held 848,000 bitcoins, an increase of 334 from September 30.
Between September 28 and October 4, the company spent $176.3 million to repurchase its STRC preferred shares, which is more than six times what it spent on purchasing new bitcoins ($28.7 million).
Strategy estimates its deferred income tax expense fell to $1.88 billion in the third quarter from approximately $6 billion due to a reverse adjustment to the valuation allowance of deferred income tax assets worth $4.12 billion.
Strategy reported third-quarter digital asset earnings of $20.91 billion on Monday, according to filings filed with the Securities and Exchange Commission. At the same time, the amount of new bitcoins it purchased lags far behind the cash expenditure it spent on buying back its own preferred shares.
The filing shows that in the four days from October 1 to October 4, the company purchased 334 bitcoins for only US$28.7 million, while spending on repurchase of its variable-rate permanent preferred stock STRC shares during the same period was as high as US$73.7 million. Throughout the period from September 28 to October 4, Strategy's total STRC share repurchases reached $176.3 million, more than six times its Bitcoin spending.
Tax benefits from digital asset gains
For the three months ended September 30, Strategy estimates digital asset gains of $20.91 billion, with related deferred income tax charges of $1.88 billion. As of that date, the book value of digital assets was US$70.82 billion.
Lower taxes and fees reflect accounting adjustments related to the recovery of Bitcoin prices. As Strategy held the fair value of Bitcoin that exceeded its cost basis as of September 30, the company wrote off $4.12 billion in deferred income tax assets recorded in June due to unrealized losses on Bitcoin and released the corresponding valuation allowance. The release brought in income tax gains of $4.12 billion, reducing Strategy's estimated deferred income tax expenses from approximately $6 billion to $1.88 billion.
Strategy said its independent auditor Ernst & Young (KPMG) had not reviewed or audited the financial data in the filings.
STRC repurchases use cash reserves
Under its framework, Strategy holds two types of pools: one is the USD Reserve used to pay dividends on preferred shares and interest on debt, and the other is USD Cash used for broader purposes, including Bitcoin purchases. As of October 4, these two balances were US$4.88 billion and US$833.4 million respectively.
在过去一周中，Strategy 公司动用了 1.541 亿美元的美元现金来资助 STRC 股票回购，并投入 1,300 万美元的美元现金用于购买比特币，同时通过其市价发行计划出售 92,894 股 A 类普通股获得了 1,570 万美元的净收益。此外，它还从美元储备金中提取了 1.425 亿美元，用于支付优先股股息和未偿债务的利息。
截至 10 月 4 日，Strategy 公司的比特币总持仓量达到 848,000 枚，累计购入成本为 639.7 亿美元，平均每枚价格为 75,440.70 美元。
此次更新之际，更广泛的比特币国库板块正面临今年交易溢价收窄的挑战，回购已成为包括 Strategy 在内的整个行业更为常见的工具。写作时，比特币交易价格接近 86,400 美元，24 小时内上涨约 2%，此前花旗银行上周将其 12 个月比特币目标价上调至 113,000 美元。
BSTR 联合创始人肖恩·比尔（Sean Bill）曾表示，没有额外价值来源的国库公司可能面临失去市场份额的风险，转而让位于交易所交易基金（ETFs）。
