Michael Saylor's company Strategy (formerly MicroStrategy) announced that it did not acquire any new Bitcoin, keeping its holdings at 845,050 BTC. Instead, Saylor decided to liquidate excess fiat funds, directing $139 million towards a buyback of its preferred stock class STRC. The company's cash reserve currently stands at $6.4 billion, with an asset duration of 3.9 years. Saylor justifies his actions using an internal calculation model: at a Bitcoin price of $77,266, an annual yield of 10%, and a volatility of 40%, the credit spread on STRC shares is 57 basis points.
While Saylor has paused his Bitcoin purchases, a new player has emerged in the corporate crypto industry – Strive Inc., led by Matt Cole. Unlike Saylor's strategy, Strive purchased 469 BTC for $36.6 million, thanks to additional issuances of preferred stock class SATA. This allowed the company to increase its reserves to 25,000 BTC, currently valued at $1.93 billion, with a growth rate of 53.5%. The strategies of the companies are opposite: while new players are using a "crypto-equity" model for debt-free Bitcoin purchases, Saylor's strategy focuses on capital reorganization and optimizing debt obligations.
At the same time, the current market situation shows that the world's largest corporate Bitcoin buyer has decided to take a pause. Saylor believes that optimizing his own assets and utilizing depreciating dollars is more effective in conditions where Bitcoin prices are above $77,000. This significant strategic shift demonstrates how industry leaders adapt in response to changing market conditions.
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