STRC Quiet as Strategy Resumes Buying With 535 BTC

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Strategy leaned almost entirely on common stock last week, but the rest of the field kept moving. Switzerland's central bank quietly grew its Strategy position, state pension funds in Arizona and Texas reconfirmed their MSTR stakes, and Coinbase outbought Saylor for the first time in months.

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Strategy buys 535 BTC, no STRC

Strategy resumed buying with 535 BTC after a one-week pause, at an average price of $80,340 per coin. Of the $43 million deployed, 99.77% was funded by MSTR common stock and just $0.1 million came from STRC, a sharp reversal from the preferred-led weeks that defined Q1.

This morning's pre-market tells a different story. STRC has already bought an estimated 117 BTC, with ex-dividend this Friday many expect STRC volumes to reach new highs again.

Switzerland's side entrance to Bitcoin

The Swiss Central Bank purchased an additional 50,720 shares of Strategy, lifting its total stake to 766,100 shares worth roughly $138 million. The 7% top-up landed the same day Switzerland's Bitcoin Reserve conceded defeat, having gathered only half the signatures needed to force a constitutional vote.

SNB President Martin Schlegel still calls Bitcoin unsuitable for reserves. The bank's MSTR position has grown more than 1,500% since late 2024.

Texas and Arizona reaffirm

The Teacher Retirement System of Texas and the Arizona State Retirement System confirmed continued MSTR holdings of 80,281 and 71,524 shares respectively. Both trimmed marginally — under 1.5% each — in what reads as routine rebalancing.

Both states have passed Bitcoin reserve legislation, but pension mandates block direct spot ownership. Strategy remains the compliant workaround.

A look at the leaderboard

The top of the board held steady, but the composition of weekly flows shifted noticeably for the first time in months.

Coinbase led all corporate accumulators with 1,103 BTC, ahead of Strategy's 535 and American Bitcoin's 300. Block added a modest 34, while Sequans was the lone seller of size, offloading 1,025 BTC.

With Strategy leaning almost entirely on common stock last week and STRC already firing again in this morning's pre-market, the question for the rest of the week is whether the preferred engine is fully back online or whether Friday's ex-dividend marks another temporary pause.

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