Strategy Bought 1,036 BTC. It Spent More Buying Back STRC.

Welcome to the Bitcoin Balance Sheet. Each Friday, we recap key insights from our podcast hosted by our very own Tyler Rowe.

Strategy crossed 850,000 BTC for the first time after buying 1,036 BTC for $81.9 million. Its No. 1 treasury stood at 850,364 BTC on November 8. Strive added a second preferred in October with its 15% SATS offering. On the Takeover, Parker White argues that some SATS buyers might otherwise have bought Strive’s own SATA, a distinction that matters when the goal is to bring in fresh capital. Bitcoin Dollar’s Hunter Prendergast and Grant Leslie take the funding question back to the balance sheet. Their pitch is to earn yield on the BTC a treasury already holds between capital raises.

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Can STRC Hold $100 on Its Own?

Parker White, Yves-André Graf and Chase Palmieri join Tyler Rowe to ask whether STRC can hold $100 as Strategy eases its buybacks. Chase wants to see where buyers step in before Strategy resumes issuing the preferred to fund Bitcoin purchases. He expects STRC to reach $100 and slip below it several times before issuance picks up again.

At $99.99, a repurchase saves just one cent against par before fees. Trading and settlement costs can wipe out that discount. Chase sees a buyback that close to $100 as a way for Strategy to show preferred holders how far it will go to support the price.

Listen for Chase’s take on when Strategy can start issuing STRC again.

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Can Treasury Bitcoin Earn Its Keep?

Bitcoin Dollar’s Hunter Prendergast and Grant Leslie make the case for earning yield on treasury BTC between capital raises. They start with equal amounts of Bitcoin and dollars, then buy or sell a little BTC when its weight moves outside their target range. They look for small price swings they can trade throughout the day.

They say about 3% of the portfolio needs to sit on exchanges, even though the trades rebalance the whole portfolio. The rest can earn yield in DeFi and move back to the exchanges as the trades draw down their Bitcoin or dollar balances.

Listen for Hunter and Grant’s take on what happens when the rebalancing trades stop.

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