Saylor teases Strategy Bitcoin buying after ending September with STRC buybacks
Investors will have to wait an extra day to find out if and how much Strategy added to its Bitcoin treasury in the first week of October.
Strategy chair Michael Saylor hinted to investors on Sunday that the company may add more Bitcoin to its reserves, tweeting "There's always room for more orange" in a post on X. However, any official confirmation through a filing with the US Securities and Exchange Commission is expected to arrive on Tuesday, as government offices will be closed on Monday for Columbus Day.
In September, Strategy purchased 334 Bitcoin (BTC) worth $28.7 million, increasing its holdings to 848,000 BTC, as per an Oct. 5 8-K form SEC. During the same timeframe, the company bought roughly 1.77 million shares of its STRC preferred stock for $176.3 million. Analyst Shanaka Anslem Perera suggested that Strategy raised $5.41 billion from new common shares in Q3 and ended the period with 1,666 more BTC than the end of June.
Perera's monthly Bitcoin and crypto newsletter noted that 9.5% of the raise was specifically allocated to Bitcoin purchases, which included funds for a cash reserve, dividends, and preferred share buybacks. While raising capital does not necessarily mean acquiring Bitcoin, retained cash can be used for future purchases, and strengthening the balance sheet benefits shareholders.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
