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Following
BTC Michael Samuel hinted that there is still room for "orange", and official disclosures may be postponed to Tuesday.
Strategy Chairman Michael Saylor released a news release on the X platform on Sunday, signaling investors that the company has recently increased its holdings of Bitcoin. "There is always room for more 'orange'," he wrote. However, with the federal government closed on Monday to celebrate Columbus Day, official filings with the Securities and Exchange Commission are expected to be released until Tuesday.
According to Strategy's Form 8-K filed with the SEC on October 5, the company purchased 334 bitcoins (BTC) worth US$28.7 million between September 28 and October 4, bringing the total number of bitcoins it holds to exactly 848,000. Notably, Strategy spent more than six times its weekly Bitcoin purchase budget by buying back its preferred stock STRC at the end of September. During the same period, Strategy spent $176.3 million to repurchase approximately 1.77 million STRC preferred shares.
Raise cash first, buy bitcoin later
There is no doubt that Strategy's recent moves can be interpreted as management is accumulating cash to use to purchase BTC in the future.
Independent analyst Shanaka Anslem Perera pointed out on Saturday that Strategy raised US$5.41 billion in the third quarter through new share offerings and held 1,666 more BTC at the end of the quarter than at the end of June.
In its monthly newsletter on Bitcoin and cryptocurrencies, Perera wrote: "Strategy's SEC filings show that 9.5% of the raised money was used directly to purchase Bitcoin. Other disclosed uses of funds include U.S. dollar reserves, cash, dividends and preferred stock buybacks."
He further analyzed: "What investors need to pay attention to is the consequences of financing. For shareholders, the number of bitcoins held per share is only part of the answer. Cash is equally important, while debt and preferred shares have better claims than common shares."
He added in an interview with Cointelegraph on Sunday: "Although Strategy raised billions of dollars through share sales in the third quarter, most of the money was used to replenish its cash reserves and satisfy the interests of preferred shareholders. Raising capital does not necessarily mean buying Bitcoin immediately."
"This doesn't mean they have stopped buying BTC. The retained cash can fund subsequent purchases, and strengthening the balance sheet will ultimately benefit shareholders."
