比特币：Strategy再购入334枚BTC，总储备升至84.8万枚

Strategy continues to buy bitcoins

Michael Saylor's company Strategy recently purchased another 334 bitcoins at a cost of US$28.7 million, bringing its total bitcoin reserves to accurately 848,000. The average unit price for this purchase was US$85,838.80. So far, the company has invested nearly US$63.97 billion in its huge Bitcoin vault.

Core Points

1. Increase in size: Strategy purchased an additional 334 bitcoins for US$28.7 million.
2. Total positions: The company currently holds exactly 848,000 BTC.
3. Cumulative costs: Its historical total acquisition costs have approached US$63.97 billion.

Detailed transaction analysis

This purchase occurred between October 1st and 4th. Through this increase, Strategy's bitcoin reserves increased from 847,666 to an accurate 848,000. As early as June this year, the company increased its reserve to 846,842 pieces through a purchase of US$100 million. Since then, the accumulation action has continued, albeit with a brief pause.

The latest transaction is worth US$28.7 million, and the average acquisition cost per bitcoin is US$85,838.80, which is significantly higher than its historical average acquisition price. Looking at all 848,000 bitcoins it holds, the group's current average holding cost is approximately US$75,440.70 per bitcoin, and the total cost is close to US$63.97 billion.

Judging from the shareholding ratio alone, Strategy's shares account for more than 4% of the total number of 21 million bitcoins in the future. In contrast, the 334 BTC purchased this time seems negligible.

Financing Methods and Funding Operation

Strategy did not fully use its existing treasury to finance the operation. Between October 1 and 4, the company sold 92,894 shares of MSTR stock for a net recovery of approximately $15.7 million. The remaining $13 million comes directly from its dollar cash reserves.

This financing model has long been known: Strategy regularly uses financial markets to raise capital and then redirects it to the Bitcoin market. For example, at the end of August, the company resumed purchasing operations and acquired 4,603 BTC units for US$369.7 million.

However, companies no longer automatically use all the funds raised to purchase BTC as in the past. During the same period (October 1 - 4), it also spent US$73.7 million to repurchase 740,634 STRC shares. Between September 28 and 30,$102.6 million was used for such share buybacks.

Currently, Strategy is simultaneously balancing the accumulation of Bitcoin, the management of US dollar reserves, and the operation of different financial instruments. Michael Saylor also pointed out that the group has US$5.7 billion in U.S. dollar assets, enough to maintain a certain margin of safety.

Huge gains in the third quarter

The rise in Bitcoin prices greatly pushed up the group's book value. Strategy estimates that its third-quarter earnings on digital assets were approximately $20.91 billion. As of September 30, the book value of its digital assets had reached approximately US$70.82 billion.

A few weeks ago, the pace of accumulation slowed. On September 20, after two weeks of no new purchases, Strategy still held 845,050 BTC units. But the pause did not last long. Although the current average buying price is higher than the historical average of its overall holdings, the company now holds 848,000 BTC units and continues to buy.

This difference begins to become important. The unit price of the last batch of Bitcoin was US$85,838.80, while the average cost of the entire reserve was approximately US$75,440.70. This means Strategy's buying costs are now higher than in the past. In addition, the amount of individual purchases is also shrinking, with the 334 BTC purchased this week far less than the thousands of large acquisitions at other times of the year.

Long-term strategy remains unchanged

The overall strategy has not changed fundamentally. Since 2020, Michael Saylor has reshaped the company's balance sheet around Bitcoin. Today, six years later, Strategy has more than 4% of the network's maximum supply of bitcoins, totaling 848,000. And there is no sign of stopping buying completely.