- K33 estimates Strategy held 848,250 BTC on Oct. 12, 4,947 BTC above the 843,303 BTC it would have held had it largely avoided STRC preferred financing this year.
- K33 calculates STRC's expansion added $725 million to Strategy's annual preferred dividend bill, which K33 values at roughly 8,740 BTC per year at $83,000 per bitcoin.
- K33 estimates the additional dividend cost would erase the 4,947 BTC gap in about seven months.
- Strategy's dollar reserve covers about 42 months of dividends per K33, and Strategy has heavily bought back STRC, which closed at $99.90 on Oct. 13 against its $100 par value.
- BitFuFu's September bitcoin production fell 4% from August to 167 BTC, as lower cloud mining output offset higher self-mining output of 98 BTC, and its Ethiopian deal is at risk.
- UK odds of keeping a £3.8bn bitcoin haul rose after a High Court ruling, per the Financial Times.
Quotes
“Was the pref model a mistake? We believe the answer to that question is yes”