As I expected, Strategy did not buy more Bitcoin on Strategy last week; instead, it increased its cash reserves by $525 million, while repurchasing $25 million worth of STRC.

Key actions were as follows:
▪️Sold 5,429,160 shares of MSTR to raise $525 million
▪️Cash reserves increased to $3.75 billion, sufficient to cover approximately 2.1 years of preferred stock dividend payments
▪️In addition to cash reserves, the company’s remaining Bitcoin holdings can still provide coverage for approximately 31.1 years of dividends
▪️Spent $25 million to repurchase 288,930 shares of STRC
▪️In the previously announced digital credit securities repurchase plan, there is currently still $975 million of remaining authorization available to continue repurchasing preferred stock
The gains brought by the increased cash reserves and the discounted repurchase of STRC offset the dilution effects from issuing new shares, as the data shows:
▪️Cash and Bitcoin per share equity (CEBE) increased by approximately 0.15%
▪️Bitcoin per share decreased by 1.41%, but total shareholder equity still achieved net growth
▪️The Bitcoin exposure for common shareholders increased by 211 satoshi, rising from 144,324 sat to 144,525 sat
This means that even without continuing to buy Bitcoin, Strategy has still enhanced the long-term value of common shareholders through capital market operations.
Judging from recent actions, Strategy’s focus is no longer simply on ongoing Bitcoin buying, but on continuously optimizing the balance sheet, strengthening the cash-flow safety cushion, and using capital market tools to increase per-share value.
This strategy also gives it greater flexibility to continue accumulating Bitcoin when opportunities emerge in the future.
@Strategy @saylor