BlokchainB

grayruby

Honestly, i'm impressed by how much bitcoins price has been holding up with all this. Then again, is saylor really holding any real bitcoin or just claims in "coinbase custody"?

SatsMate

Bitcoin is money. you save it, you spend it, ammirite! (hopefully more of the prior)

RadVladdy21

**well, yes. I'm with you re: the dumbs on Twitter.**

I haven't done the exact numbers (yet?), but your intuition is correct, I think. (and, ironically, would *not* have been correct before they made the net-metric adjustment in July, which the Saylorbois gave me so much shit about critiquing... https://stacker.news/items/1544738, https://stacker.news/items/1531037)

So, *before* net metrics: the outstanding amount of prefs don't matter for the bitcoin-per-share calculations, so repurchasing STRC (above or below $100) is immaterial. Invisible, really, if all you're looking at is effective bitcoin per share rate.

*After* net metrics: now the dollar amount of the prefs owed gets netted out of assets before dividing by shares, meaning that **repurchasing them at $94 is an instant 6% "improvement"** in that portion of the capital stack https://stacker.news/items/1544738.

***

Problem, of course, is that the funds they used were 
a) bitcoin they own, so that reduces the "bitcoin" term of the bitcoin-per-share calculation,
b) cash raised from common stock, so diluting shareholders ~2% to raise funds and retire STRC at 6% discount is only *meh* accretive.

Has anyone done the maffs on the effective BTC sales price when he buys back STRC below $100? 

The dumbs on X keep talking about him selling the bottom, but since dumbs are wrong about everything that implies buying the dip in STRC adjusts the effective BTC rate. 

@denlillaapan ?

justin_shocknet

charts_and_maps

![](https://m.stacker.news/151863)

[**🔗 protos.com**](https://protos.com/strategy-has-sold-nearly-7000-btc-in-2026/)