"Strategy just spent another $980.3 million on Bitcoin ( BTC), adding 10,645 BTC at an average price of $92,098 and lifting its total holdings to 671,268 BTC. It's the kind of headline the company has trained the market to expect. When price weakness shows up, Strategy treats it like inventory season. What makes this round more interesting is the backdrop."
"At the same time, the firm has been building a $1.44-billion reserve to calm concerns that dividend and interest obligations could eventually force a Bitcoin sale during a prolonged slump. So, the real question isn't whether Strategy wants to buy dips; it's how it keeps finding the money to do it and how durable that machine is if markets stay ugly."
"Strategy treats Bitcoin as its balance sheet centerpiece, using public market financing to grow holdings faster than a typical company could through operating cash flow. In practice, that means raising capital through instruments such as at-the-market (ATM) share sales and other issuances, then deploying the proceeds into BTC even when prices are volatile. To keep the story legible for investors, Strategy leans on a set of Bitcoin-native metrics."
Strategy increased Bitcoin holdings by 10,645 BTC for $980.3 million at an average price of $92,098, bringing total holdings to 671,268 BTC. The firm treats price weakness as an opportunity to buy, using public market financing to accelerate accumulation beyond operating cash flow. Primary funding comes from at-the-market equity sales and other issuances, supplemented by preferred shares and financing that add buying power but create ongoing dividend and interest obligations. The company has built a $1.44 billion reserve to reduce forced-sale concerns during prolonged slumps. The model's constraint is cost of capital; dilution, market sentiment and index-rule changes tighten the loop.
Read at Cointelegraph
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