Strategy's latest moves have once again drawn market attention to its Bitcoin treasury strategy. Company disclosures indicate that Executive Chairman Michael Saylor has again hinted that Strategy may soon undertake a new round of Bitcoin purchases.
Saylor releases another portfolio tracking chart.
Saylor posted a Strategy Bitcoin holdings tracking chart on Sunday, accompanied by its usual "just a few more points" comment. The market typically interprets such posts as a precursor to the company continuing to increase its Bitcoin holdings.
This means that despite recent pressure on funding instruments, Strategy's cumulative Bitcoin purchases have not been clearly interrupted.
The sharp drop in STRC prices has drawn attention.
The core of the controversy is Strategy's recently launched STRC. This instrument is a variable-rate perpetual preferred stock with a face value of $100 and an annualized dividend yield of 11.5%.
However, STRC recently fell below $89, quickly becoming a focus of attention in the crypto market. With the price significantly deviating from par value, questions have begun to arise regarding the stability of this funding instrument and its impact on Strategy's future fundraising capabilities.
According to reports, Eric Balchunas, senior ETF analyst at Bloomberg, believes that Strategy should abandon this tool, saying it has become a persistent burden.
The market is paying attention to the source of funds for cryptocurrency purchases.
Following the increased volatility in the STRC, the market began questioning the source of funds for Strategy's subsequent Bitcoin purchases. Some analysts believe that investors are concerned the company may need to adjust its Bitcoin holdings to alleviate pressure on STRC holders, an expectation that is also dragging down the price of BTC.
The article also mentions that Strategy's Bitcoin purchases through the STRC were reportedly suspended in June. This makes Saylor's renewed buy signal particularly noteworthy.
Additional information:The original article did not disclose the specific size, timing, or funding source of Strategy's next Bitcoin purchase. Currently, market attention is mainly focused on whether the company will adjust its financing methods after the STRC's volatility.
