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taishiro
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Corporate Bitcoin accumulation is growing, but the treasury strategies behind these purchases are becoming more interesting.
Strategy buying 811 BTC while spending $208M on preferred share repurchases shows that capital allocation is not simply about accumulating as much BTC as possible.
Strive is expanding through preferred financing, while Metaplanet is reducing debt to create more room for future purchases.
#StrategyBuys811BTC
URC（活跃）
BTC is currently at 77379.9, with MA20 at 80260.1.
Pressure hasn't broken; it's too early to talk about a reversal.
Strategy bought 811 BTC for 65.5 million USD, then used 208 million USD to repurchase preferred shares.
Where the money comes from and where it goes is very clear.
The treasury strategy has already split.
Strive increased holdings by 124 BTC, backed by 15% annualized SATS preferred share financing.
BitMine acquired 8573 ETH, bringing holdings to 6.06 million.
Metaplanet repaid 50.64 million USD debt, raising the coin purchase budget to 212 million.
Some are borrowing to expand the balance sheet, others are reducing burdens first.
They are not collectively pushing the market up; each is making their own allocation.
ETH is now down -0.52%, BTC down -0.37%.
Ethereum is weaker, and this is no coincidence.
Institutions are accumulating, but the market may not follow the rise.
When BTC turns, ETH usually crashes first; when BTC rebounds, ETH mostly follows.
It currently has no independent mainline, only dependency. $BTC $ETH #Strategy回购规模超购币三倍，财库策略转向？
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