Morning Minute: Saylor’s Back Buying Bitcoin
Strategy resumed Bitcoin buying after a summer of selling, purchasing 4,603 BTC for $369.7 million at an average of $80,318. From May to August, it had sold 6,948 BTC for about $432.5 million, averaging roughly $62,250, leaving it 2,345 BTC below its spring level. The shift was driven by financing conditions tied to STRC: when STRC fell below par in June, the company leaned on Bitcoin sales and preferred-share buybacks; as MSTR recovered, equity issuance again became the cheaper funding source. Last week it sold 4.53 million MSTR shares for $602.8 million net, using the proceeds for BTC purchases, STRC buybacks, preferred dividends, and cash. Strive also bought 1,800 BTC, and Bitmine made a large Ethereum purchase, suggesting treasury buyers may be returning.
