Reporting · markets
Strategy spends $188.3M on STRC buyback, more than twice its bitcoin purchase
Strategy's preferred buyback outpaced its bitcoin purchases in the week ended November 8, according to a regulatory filing.
Quick take
- Strategy spent $188.3 million repurchasing STRC preferred stock during the week ended November 8.
- That buyback was more than twice the $81.9 million spent on bitcoin, funded by MSTR share sales.
- The preferred buyback program still has $560.3 million left under its raised cap.
Unchained reported that Strategy put $188.3 million into repurchasing its STRC preferred stock, and it disclosed the activity in a Form 8-K filing on Monday.
That repurchase amount was more than twice the $81.9 million the company spent buying bitcoin. The money came from at-the-market sales of MSTR common stock totaling $283.8 million, with 2,051,348 shares sold after commissions. The filing shows 66% of those at-the-market proceeds went to STRC repurchases.
On the bitcoin side, the company bought 1,036 BTC at an average price of $79,012 per coin. After that purchase, it holds 850,364 BTC, which it carries at a total cost of $64.16 billion. STRC closed at $99.98 on November 4 and briefly touched $100.00 during trading that day.
The preferred buyback program has $560.3 million remaining, after the board raised its cap to $3 billion in October. Those figures cover only the week ended November 8, so they describe a single week of activity rather than a longer trend.
Sources
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