Saylor teases BTC buys as STRC buybacks dominate — SkimNews
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- Strategy bought 334 BTC for $28.7 million between Sept. 28 and Oct. 4, bringing total holdings to exactly 848,000 BTC per an Oct. 5 8-K filing.
- In the same window, Strategy repurchased roughly 1.77 million shares of its STRC preferred stock for $176.3 million — more than six times its weekly Bitcoin buying budget.
- Michael Saylor posted "There's always room for more orange" on X Sunday, signaling potential future BTC purchases, though any SEC filing won't come before Tuesday because federal offices are closed Monday for Columbus Day.
- Independent analyst Shanaka Anslem Perera reported that Strategy raised $5.41 billion from new common shares in Q3 but allocated only 9.5% of the raise directly to Bitcoin purchases.
- Perera wrote that the rest of the Q3 raise went to a dollar reserve, cash, dividends, and preferred-share buybacks, and warned that raising capital "does not necessarily mean buying bitcoin" — retained cash can fund later purchases instead.
Why it matters: The 'Bitcoin treasury' branding is doing more work than the capital allocation behind it: in Q3, only 9.5% of Strategy's $5.41 billion equity raise went directly to BTC, while the rest funded preferred-share buybacks ($176.3 million in a single week) and cash reserves. Common shareholders looking for per-share BTC growth should look past the orange-themed teaser and read the 8-Ks.
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