No New Bitcoin: Saylor's Strategy Halts Crypto Buys for $139 Million Stock Buyback

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The world's largest corporate Bitcoin buyer has hit the brakes. Michael Saylor's Strategy (formerly MicroStrategy) released its weekly report, revealing a rare tactical shift: the company did not buy ...

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Source: Form 8-K by Strategy Inc.Strategy's treasury currently holds $6.4 billion in dollar-denominated assets with a duration of 3.9 years. By deploying cash to buy back its own securities, the company is optimizing its debt burden. Saylor revealed the internal math: assuming a Bitcoin price of $77,266, an annual return of 10%, and volatility of 40%, the credit spread on STRC shares stands at 57 basis points.The instrument operates as an isolated gateway: it generates a variable yield for investors through treasury operations while fully separating credit returns from the turbulence and fluctuations of BTC's price.Meanwhile, a new whale has emerged in the corporate Bitcoin marketWhile Saylor waits and reduces his dollar holdings, a head-on clash of strategies is taking shape in the market. A young competitor, Matt Cole's Strive Inc., demonstrated the opposite approach over the same period.Using a similar preferred equity instrument, SATA, Strive issued additional shares near their $100 par value and, without taking on conventional debt, purchased 469 BTC for $36.6 million, at an average of $77,954 per coin. This brought Strive's reserves to exactly 25,000 BTC, worth $1.93 billion, pushing its amplification ratio to 53.5%.September's balance of power is clear: while new players use the \"crypto stock\" model as a conveyor belt for debt-free Bitcoin purchases at current prices, Saylor's Strategy has chosen to pause. The industry's largest whale decided that, with Bitcoin above $77,000, restructuring its own capital and putting depreciating dollars to use was more efficient than buying coins outright.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2667861777","isCrawlerRequest":true}