Summary: Strategy (MSTR) sold approximately 5.43 million shares through its "at-the-market" program, raising net proceeds of about $544.5 million. The funds were not used to purchase new BTC; instead, the company continued to expand its cash reserves. Saylor stated that dollar reserves have increased to $3.75 billion, sufficient to cover about 2.1 years of preferred stock dividends. Approximately $25 million was used to repurchase about 288,930 shares of STRC stock. Roughly one month after the last BTC purchase announcement, Strategy again did not add to its BTC holdings; total BTC position stands at approximately 843,775 coins, with an average cost of about $75,476. 👀 Investor focus has shifted to: When will Saylor deploy these billions in cash for the next major BTC purchase. ---Michael Saylor's strategy once again raised hundreds of millions of dollars, but surprisingly, none of it was used to purchase new Bitcoin (BTC). Instead, the company continued to expand its cash position. At this point, the world's largest corporate Bitcoin holder appears to be deliberately hitting the brakes, while investors await the next large-scale purchase. Strategy Builds Multi-Billion Dollar ReservesA new SEC filing shows that Strategy sold 5.43 million MSTR shares last week through its so-called at-the-market program. The company raised approximately $544.5 million in net proceeds. Michael Saylor stated that dollar reserves have increased to $3.75 billion. He noted that this amount is sufficient to cover the company's preferred stock dividend obligations for about 2.1 years. Strategy has increased its dollar reserves by $525 million, achieving 2.1 years of dividend coverage. As of July 26, 2026, we hold 843,775 BTC and $3.75 billion in dollar reserves. $MSTR $STRC — Michael Saylor (@saylor) July 27, 2026 A small portion of the raised funds ($25 million) was used to repurchase 288,930 shares of STRC stock. This is also evident from the official SEC filings. Bitcoin Purchase Fails to Materialize AgainWhat investors had been primarily waiting for did not happen again. Strategy did not purchase any additional Bitcoin last week. This brings the total reserves to 843,775 BTC, for which the company paid approximately $63.69 billion in total, at an average purchase price of $75,476 per Bitcoin. Approximately one month has passed since Strategy last announced a new Bitcoin purchase. Since then, the focus appears to have shifted toward strengthening the cash position. This shift comes after the preferred stock STRC, which Strategy used to raise funds earlier this summer, came under considerable pressure. The price fell well below the $100 issue price at the time, prompting the company to first increase its liquidity buffer. STRC has since partially recovered, but the share price remains below the original issue price. With $3.75 billion in cash reserves, Strategy now possesses considerable financial strength. Therefore, the biggest question facing investors is not whether Michael Saylor will buy Bitcoin again, but when he will decide to deploy the billions in reserves for the next purchase.

MicroStrategy's Michael Saylor Raises $3.75 Billion Without Buying New Bitcoin

Circle CEO Jeremy Allaire declared that "the spectacle era of cryptocurrency has ended," defining the next chapter of blockchain as a technology that will quietly blend into the background of everyday financial life. Allaire stated: "The most important technologies in history eventually fade into the background." He described blockchain as "invisible infrastructure" that will operate silently behind consumer and financial applications in the future, without requiring users to interact directly with the underlying network. This statement was shared by CoinMarketCap in a post on the X platform on September 19, coinciding with a rapid rise in institutional industry activity and reflecting Allaire's core philosophy, which he has continued to advocate throughout 2026. <img src="https://static2.fansone.co/images/a1a6c371-4a11-483a-93fe-3578f9d70fa1.avif" />- <h2>From Spectacle to Infrastructure</h2>Allaire's remarks continue his consistent core message. In a July interview, the Circle CEO stated that stablecoins are evolving from cryptocurrency trading tools into "foundational channels that quietly move funds behind the scenes," adding that "every major institution, every large bank, every capital markets company" can now view blockchain assets as digital cash. In early September, Circle launched its Arc blockchain, which Allaire called "the most impactful major platform release in our history," describing it as a universal "economic operating system" for payments, tokenized finance, and commercial interactions between AI agents, according to CoinDesk. This positioning of "invisible infrastructure" comes one week after Allaire commented on CNBC regarding the Clarity Act's failure to pass a Senate procedural vote, once again highlighting that cryptocurrency regulation remains a moving target even as the industry actively moves toward mainstream integration. - <h2>Industry Echoes at EBC12</h2>Allaire's remarks align with the overall tone of the 12th European Blockchain Conference (EBC12), held September 16-17 in Barcelona. In the two-day panels, speakers from Fidelity Digital Assets, Citi, BlackRock, and LSEG all described a market that has moved from proof-of-concept pilots to actual deployment. Citi's Nadine Teychenne emphasized the importance of real-time settlement and programmable assets, while LSEG's Darko Hajdukovic outlined plans for 24/5 trading and digital securities depositories. "This technology has largely proven its capabilities," EBC12 organizers stated. "The focus is now shifting toward creating measurable real-world value." - <h2>The Gap Between Vision and Scale</h2>Despite strong momentum, EBC12 speakers acknowledged that conviction among large asset allocators remains uneven. LO:TECH's Radoslav Poljasevic described traditional investor participation as "present at a certain scale, but still relatively limited compared to inflows into equities and artificial intelligence." Europe's MiCA regulatory framework is also currently under review, with a consultation open until September 30, 2026, to test whether existing rules can keep pace with an industry increasingly integrating into institutional finance. Allaire's vision of blockchain "fading into the background" may well be the shared pursuit of the entire industry. However, whether this vision becomes reality depends on how quickly infrastructure, the regulatory environment, and institutional demand can align. -other source: <a href="https://www.vox.com/2017/7/31/16069680/transcript-blockchain-bitcoin-circle-currency-money-exchange-jeremy-allaire-too-embarrassed-to-ask" rel="noopener noreferrer" target="_blank">《Full Transcript: Blockchain Expert and Circle CEO Jeremy Allaire on Too Embarrassed to Ask》</a>

Circle CEO Says the 'Spectacle Era' of Cryptocurrency Has Ended

根據鏈上分析公司 Glassnode 的資料,先前在較高價位買進的比特幣投資人,目前正認賠賣出。該公司指出,在 2025 年漲勢中進場的投資人,貢獻了每日賣壓中最大的比例。Glassnode 在 X 上發布了這項數據,加密貨幣媒體 Odaily 與 PANews 則於 10 月 3 日報導。這波賣壓顯示,部分買家選擇停損出場,而不是等待價格回升;至於在後續回檔時進場的交易者,則仍持幣不賣。<h2>兩批買家目前都處於虧損狀態</h2>數據顯示，目前有兩批投資人處於虧損。第一批是在一到兩年前以約 97,000 美元買進；第二批則是在六到十二個月前以約 89,000 美元買進。根據 Yahoo Finance 的價格紀錄，比特幣在 10 月初的交易價約為 84,000 美元，低於這兩個買進價位。Glassnode 指出，在 2025 年漲勢中進場的投資人，是目前每日賣出比特幣最多的族群。至於在市場下跌時逢低買進的投資人，則展現出較高的持有意願，並未大量賣出。<h2>漫長熊市後的復甦</h2>比特幣在 2025 年 10 月衝上 12.6 萬美元以上的高點,隨後在 2026 年初跌至約 6 萬美元。2025 年 10 月 3 日,比特幣收盤價高於 12.2 萬美元。今年以來,持幣者在虧損狀態下賣出,持續為市場帶來壓力。Glassnode 在 7 月初指出,長期持有者(即持幣超過 155 天者)的停損賣出規模已達每日約 2.8 億美元,為 2022 年 12 月以來的最高水準,這些虧損占已實現總價值的 43%。 同月稍後,該公司表示這些虧損已見頂並開始回落。該公司也補充說,若要確認築底,必須有強勁的現貨買盤,把價格推升至短期持有者的成本基礎之上,而當時該成本基礎接近 6.9 萬美元。此後比特幣已大幅站上該價位。不過,最新數據顯示出現了一批新的賣家:在較高價位進場、如今處於帳面虧損的買家。 Glassnode 在 7 月曾警告,接近損益兩平的投資人往往最可能賣出:「第一次回到該價位時,很可能會引發強烈反應,因為最想賣出的人,正是那些即將解套的人」。

Glassnode:2025 年上漲行情進場的比特幣買家正在虧損賣出

兩批買家目前都處於虧損狀態

漫長熊市後的復甦

Creator other post

MicroStrategy's Michael Saylor Raises $3.75 Billion Without Buying New Bitcoin

Circle CEO Says the 'Spectacle Era' of Cryptocurrency Has Ended

Random Post

🌿【Missing Out Isn't Losing, Letting Go Is the Real Win】Leave Regrets in Yesterday, Bring Yourself Back to the Center of Your Life 🪷✨

Wanli Jin Tang Hot Spring Resort - 24-hour affordable hot spring paradise, soak for less than $300 per person with free parking, highly recommended for couple dates and family outings!

章記林森北路魷魚羹，台北林森北路平價宵夜首選推薦，必吃魚酥羹!份量多又大塊

[Yilan](Eat-Food) Sihai Ju Snacks Inherited Three Generations Market Popular Delicacy