Strategy buys $22M in Bitcoin, repurchases $193M in STRC

Strategy, the world's largest publicly traded corporate Bitcoin holder, bought $22.1 million worth of Bitcoin while spending $193.1 million repurchasing its STRC preferred stock last week. The company acquired 267 Bitcoin at an average price of $82,900 between Oct. 12 and Oct.

The company also repurchased 1.94 million shares of its Stretch (STRC) preferred stock for $193.1 million. This follows Strategy's acquisition of 250 Bitcoin for $21.5 million during the week ending Oct. 9, when it also spent $192.4 million repurchasing STRC shares.

Repurchase Program Expansion

Strategy's board increased the authorization for its digital credit securities repurchase program to $3 billion from $2 billion, leaving $1.16 billion available as of Sunday. The company funded its Bitcoin purchases primarily through $22 million in proceeds from selling 140,872 shares of its common stock, MSTR.

Strategy reported a $4.83 billion US dollar reserve dedicated to preferred stock dividends and debt interest payments, alongside $447.3 million in separate cash holdings. The company used existing cash to fund the STRC repurchases.

Market Response

Ahead of Monday's Nasdaq open, MSTR shares were trading more than 2.5% higher in premarket activity. The shares closed Friday down about 9.6%, at $138.83 apiece.