Strategy maintains weekly BTC purchase streak as treasury momentum slows

Strategy acquired only 525 BTC during its latest purchasing round, reflecting the cooling hype for treasuries. While BTC accumulation continues, Strategy’s stock issuance is limiting its purchasing power. 

Strategy acquired only 525 BTC during its latest acquisition round, reflecting the cooling hype for treasury companies. This time, after two weeks of MSTR issuance, Strategy relied on its STRK and STRD preferred stock. 

Following the latest purchase, MSTR still traded sideways at $331. BTC recovered to $116,000 over the weekend, but fell to $115,017 on Monday.

Strategy bought BTC with preferred stock issuance

The acquisitions were for an average price of $114,562 per BTC, for an average price still under $74,000 per BTC. As Cryptopolitan reported, the previous purchase was larger, at 1,955 BTC. 

Ahead of the purchase, the company’s Executive Chairman Michael Saylor hinted at another weekly announcement, despite the slower buying in the past month. However, this time around, Strategy stopped reporting its total mNAV. 

For now, preferred stocks still have a healthy ratio with BTC owned at 9% mNAV. However, common stock holders have no such claim on BTC and are starting to look at significant dilution. 

After the recent purchase, Strategy retains over $20B from STRK preferred shares and over $16.1B from MSTR issuance. However, the exact purchasing schedule will depend on the price of BTC and the stock performance. 

After the purchase, STRK traded at $95.65, while STRD fell to $82.19. The preferred shares are considered safer, while offering a higher effective yield. STRD still has to pay out dividend as of September 30, putting pressure on Strategy to fulfill its obligations. 

Smaller companies keep buying BTC

Strategy’s slower purchases are offset by ongoing demand for BTC from anonymous whales and smaller treasury companies. Outside of corporate buyers and miners, anonymous whales are also raising demand based on the activity of accumulation addresses. 

Accumulation addresses are showing robust demand for BTC, outside corporate treasuries. | Source: Cryptoquant

The current week remains subdued, as Metaplanet is still in its silent period, as previously announced. The silent period is expected to end on September 17, but the company has no preset schedule for regular purchases. For now, Metaplanet holds over 20K BTC, double its goal for 2025, but also facing challenges as the MTPLF stock price is down around 60% since June. 

Smaller companies continue with sporadic buying. For the past week, the cut-off to enter the top 100 companies remained at 83 BTC. While some companies can afford that, it becomes more expensive to enter the list for exposure and gain the eventual boost to stock price. 

Other recent buyers include Capital B, adding another 48 BTC for a total treasury of 2,249 BTC. H100 group bought 21 BTC in the past week for a total treasury of 1,025 BTC. Miners are also turning into custodians, as some retain their recently produced coins as a way to build treasuries. 

Most of the major US-based mining stocks are in the green, allowing the companies to retain some of their crypto with a long-term outlook.

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