Michael Saylor’s Strategy Buys 1,665 BTC, Repurchases STRC Stock
Highlights
- Strategy bought 1,665 BTC last week for $142.7 million.
- The Bitcoin treasury firm now holds 847,666 BTC.
- The company also bought back nearly $152 million STRC shares.
Bitcoin treasury firm Strategy has made another Bitcoin purchase, acquiring 1,665 BTC last week. The firm also continued its STRC stock buyback, repurchasing nearly $152 million worth of shares last week as it looks to drive the stock back to its par value of $100.
Strategy Buys 1,665 BTC for $142 Million
An SEC filing shows that the Bitcoin treasury firm bought 1,665 BTC last week for $142.7 million at an average purchase price of $85,681 per BTC. The company now holds 847,666 BTC, which it bought for $63.95 billion at an average purchase price of $75,437 per BTC.
This marks Strategy’s second consecutive weekly Bitcoin purchase after a brief pause earlier this month. Last week, the Bitcoin treasury firm announced a $75 million buy, acquiring 950 BTC.
Meanwhile, it is worth noting that Strategy again sold MSTR shares to fund this latest Bitcoin purchase. It sold just over 1.46 million shares for $246.2 million. The company has relied on the MSTR stock to fund its BTC purchases since the STRC stock fell below its par value of $100 earlier this year.
Despite these at-the-market (ATM) sales, the MSTR stock is now up for the year, following Bitcoin’s rally to as high as $84,000. The stock has climbed over 285 in the past month and is up over 2% year-to-date (YTD).
STRC Stock Buyback Continues
Strategy again bought back more STRC shares last week, acquiring just over 1.5 million shares for $151.7 million. The company has continued to buy back its preferred security as it trades below its par value.
STRC has notably rebounded massively from its low of around $70 earlier this year and is trading just below $100, according to TradingView data. The stock is also up nearly 2% in the last month, climbing alongside BTC.
Strategy also used the net proceeds from its MSTR stock sales last week to fund the repurchase of these STRC shares, while the remaining sum for the buyback came from its USD Cash Pool. The company still holds a USD Cash reserve of $1 billion and a USD reserve of $5.02 billion.
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