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BTC Strategy Company increased its holdings of bitcoins, but the capital structure balanced into a new focus
According to its latest filing with the U.S. Securities and Exchange Commission (SEC), between September 14 and September 20, the company purchased 950 bitcoins at an average price of US$79,670 per coin, with a total cost of US$75.7 million. The acquisition increased the company's Bitcoin holdings to 846,000, with a cumulative purchase cost of approximately US$63.8 billion, with an average cost of US$75,416.
However, within the same week, Strategy bought back 1.77 million STRC preferred shares for US$174 million, an expense more than double the amount it purchased in Bitcoin. This suggests that the latest developments are not so much a re-shift to aggressive Bitcoin accumulation as a reflection of Strategy's strategic intention to find a balance between Bitcoin and its increasingly complex capital structure.
Bitcoin purchases return, but STRC still holds an important position
In the previous two consecutive reporting periods, Strategy did not purchase any bitcoins, but instead directed funds to STRC. The previous week, the company spent $139.3 million on STRC; the previous week, its repurchase expenses were $176.3 million. The latest spending of $174 million means Strategy's total spending on STRC over the past three reporting periods has reached nearly $490 million.
Why buy back STRC?
策略公司曾表示，希望STRC的交易价格围绕其100美元的票面金额波动，并计划在股价低于该水平时进行股份回购。以折扣价买入优先股不仅可以减少未来的股息支付义务，还能支持该证券的市场价格。这一策略契合策略公司最近概述的更广泛框架：比特币位于股权、信贷和债务产品之下，而非作为公司唯一的资本配置目的地。
最近的交易资金来源于美元现金储备，而非通过新增“随用随售”（ATM）股票发行筹集。该周公司未进行任何股份出售，截至9月20日，其美元储备约为50.4亿美元，美元现金为10.5亿美元。
目前，策略公司持有的84.6万枚比特币仅占比特币2,100万枚固定供应量的4%多一点。但更大的转变正逐渐清晰：策略公司不再简单地将所有可用资金投入比特币。在夏季出售部分比特币并在随后买回后，该公司越来越将比特币、优先股和现金视为一个整体资本配置系统的一部分。
