#Strategy增持4603枚BTC Strategy rebuys Bitcoin—has a market signal emerged?

In late August, Strategy made a startling statement in an SEC filing, saying that the “BTC floor price” for its STRC preferred stock was approximately $13,400.

Bitcoin is currently hovering around $78k, which at first glance sounds like an extremely thick safety cushion. But the filing’s definition is much narrower: it refers to the point at which STRC’s coverage ratio would be exactly 1x if BTC fell to that level.

The company specifically noted that this figure does not constitute a claim on its Bitcoin reserves, nor does it represent any repayment or recovery commitment. In other words, it is more of a mathematical reference point than a substantive risk barrier.

More noteworthy are the variables that would push the floor price higher. If the $1.59 billion cash pool were depleted, the floor price would rise to approximately $15,313; if all $6.69 billion in dollar assets were diverted to other uses without repaying any liabilities, the floor price could approach $21,381.

Clearly, $13,400 was merely a snapshot at a specific point in time. What truly determines the margin of safety is how Strategy allocates funds among different uses.

In the same week that the filing sparked discussion, Strategy swiftly completed another noteworthy operation.

The latest disclosure shows that the company raised approximately $600 million net in one week by selling about 4.53 million shares of MSTR common stock.

The money was split into four parts: slightly more than half was used to purchase Bitcoin, roughly one-quarter was used to repurchase STRC shares, $78k was used to pay STRC dividends, and the remaining $30 million was deposited into a dollar cash account.

The purchase took place the previous week at an average price of $80,318, including fees, for a total of 4,603 BTC.

As of August 30, total holdings had therefore risen to 845,050 BTC, with an aggregate cost of approximately $63.73 billion and an average cost of $75,412 per coin.

During this period, the company did not sell any preferred stock through its at-the-market issuance program; all of the ammunition came from common stock issuance.

The market’s reaction to this move was quite direct. Bitcoin immediately rose nearly 1% after the news broke, while MSTR’s share price also strengthened.

However, not everyone was cheering. Some analysts said that continued stock issuance would dilute the interests of existing shareholders.

This restart of purchases is worth highlighting separately because it ended a silence lasting ten weeks.

Since June, Strategy had suspended its routine weekly purchases, instead relying on selling part of its holdings to repurchase preferred shares and pay dividends. Its return to the market now officially brings the longest purchase suspension to an end.

As for how much impact this $370 million purchase can have on the market, it represents only a very small portion of Bitcoin’s average daily trading volume, so its price-pumping effect is limited.

But its significance should not be overlooked. The reentry of the world’s largest corporate Bitcoin buyer can often boost short-term sentiment, especially in a market already undergoing a rebound.

Strategy’s move essentially involves walking a tightrope among three objectives: increasing its Bitcoin holdings, maintaining the creditworthiness of its preferred stock, and keeping cash in reserve for emergencies.

The so-called floor price appears to be little more than a form of reassurance for the market; the signal that Strategy has reentered may be what deserves the most attention. $BTC ‌