Strategy skips Bitcoin purchases, spends $205M on STRC buybacks
Company spends $204.9 million on STRC preferred stock while maintaining Bitcoin holdings
Quick Look
- MicroStrategy refrained from Bitcoin purchases last week, instead allocating $204.9 million to repurchase 2.07 million STRC preferred shares.
- The company's total Bitcoin holdings remain at 848,517 BTC.
AI-generated summary
Why It Matters
MicroStrategy maintains a significant Bitcoin treasury strategy alongside its corporate equity management.
Michael Saylor’s Strategy refrained from buying or selling Bitcoin last week, choosing instead to spend $204.9 million on STRC preferred stock buybacks.
Strategy repurchased 2.07 million shares between Monday and Friday, reporting no Bitcoin (BTC) transactions or stock sales through its at-the-market offering program, according to its Monday filing with the US Securities and Exchange Commission.
The company said its Bitcoin holdings remained at 848,517 BTC, acquired for $64.02 billion at an average price of $75,446 per coin. At Monday’s US equities open, the biggest cryptocurrency was trading hands at roughly $79,992 apiece.
Strategy’s US dollar reserve remained unchanged from the previous week, at $4.83 billion, Its USD Cash balance fell around 46% to $242.4 million from $447.3 million after management used $204.9 million to repurchase STRC shares.
Since October began, Strategy has spent about $664 million repurchasing STRC preferred shares, compared with $72.3 million buying 851 BTC.
The pause came as Bitcoin fell toward $80,000 last week after reaching $84,777 on Wednesday, according to CoinGecko.
Strategy’s common stock (MSTR) fell 2.2% to $142.80 in Monday’s premarket activity, while its STRC preferred shares edged down 0.01% to $99.35, according to Yahoo Finance.
Open Questions
- Will the company resume Bitcoin purchases if prices stabilize?
- What is the long-term goal for the STRC preferred share buybacks?
