Strategy halts Bitcoin buying, allocates $205M to STRC share repurchases
Strategy, led by Michael Saylor, made zero Bitcoin purchases during the past week, instead directing $204.9 million toward repurchasing STRC preferred stock.
Michael Saylor's Strategy made the decision to abstain from purchasing or offloading Bitcoin during the previous week, opting to allocate $204.9 million toward buying back STRC preferred stock instead.
The company bought back 2.07 million shares throughout the Monday through Friday period, disclosing zero Bitcoin (BTC) transactions or equity sales via its at-the-market offering program, based on the Monday filing submitted to the US Securities and Exchange Commission.
According to the company's disclosure, its Bitcoin position stayed at 848,517 BTC, purchased for a total of $64.02 billion at an average acquisition price of $75,446 per coin. When US equity markets opened on Monday, the leading cryptocurrency was changing hands at approximately $79,992 per unit.
The US dollar reserve held by Strategy showed no change compared to the prior week, standing at $4.83 billion. Meanwhile, its USD Cash balance decreased by approximately 46% to $242.4 million from $447.3 million following management's deployment of $204.9 million for STRC share repurchases.
From the beginning of October, Strategy has directed approximately $664 million toward repurchasing STRC preferred shares, while spending $72.3 million acquiring 851 BTC.
This buying pause occurred as Bitcoin declined in the direction of $80,000 during the previous week following its climb to $84,777 on Wednesday, based on data from CoinGecko.
The common stock of Strategy (MSTR) dropped 2.2% to $142.80 during Monday's premarket trading session, whereas its STRC preferred shares declined 0.01% to $99.35, based on data from Yahoo Finance.