saylor bought another $100m of bitcoin. the interesting part is how small that is now

so strategy picked up another 1,587 bitcoin last week, about $100 million, average price around $63k. total stash is now 846k btc. on the surface it's the usual "saylor buys the dip" headline.

except this is the second week in a row of roughly $100m buys, and that's tiny for them. earlier this year these guys were doing multi-billion dollar purchases. now it's $100m two weeks running. the once-relentless accumulation has clearly downshifted.

and how they paid for it is the part that nags me. the whole $100m came from selling stock, around $209m of new MSTR shares dumped into the market that week. so it's not really "company makes money, buys bitcoin." it's "company prints shares, buys bitcoin." that only works while the stock trades at a premium to the coins it holds, and that premium has been shrinking.

there's also the elephant... a couple weeks back they sold 32 btc, which they called a process test, but it spooked people because the entire pitch was never sell. JPMorgan flagged their cash reserve only covered about six months of dividend payments. hence the sudden focus on building a $1.1b cash pile.

bitcoin's also still under their $75k average cost, so the whole treasury is underwater right now.