Strategy skips Bitcoin purchases, spends $205M on STRC buybacks
Strategy made no Bitcoin purchases or sales last week, as its STRC preferred stock buybacks reduced its USD Cash balance by 46% to $242.4 million.
Last week, Strategy's focus remained on Strategic Capital (STRC) preferred stock buybacks, as it refrained from purchasing or selling Bitcoin altogether. The company spent $204.9 million on STRC preferred stock buybacks, resulting in a 46% reduction of its USD Cash balance from $447.3 million to $242.4 million. Michael Saylor's Strategy aimed to keep its Bitcoin holdings at 848,517 BTC, acquired for $64.02 billion at an average price of $75,446 per coin.
At the opening of US equities on Monday, Bitcoin was trading at approximately $79,992 each. Strategy's US dollar reserve remained steady at $4.83 billion. Over the past month, the company has allocated around $664 million towards repurchasing STRC preferred shares, compared to $72.3 million spent on acquiring 851 BTC. The decision to limit Bitcoin transactions came as the cryptocurrency fell toward the $80,000 mark last week, following its peak of $84,777 on Wednesday, as reported by CoinGecko.
In Monday's premarket trading, Strategy's common stock (MSTR) declined by 2.2% to $142.80, while its STRC preferred shares decreased marginally by 0.01% to $99.35.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
