Michael Saylor’s Strategy Pauses Bitcoin Buys Again, Buys Back $176M in STRC Shares
Highlights
- Strategy paused its Bitcoin buys just as week after it resumed buying BTC.
- The company currently holds 845,050 BTC.
- Strategy bought back $176 million worth of STRC shares.
Michael Saylor’s Strategy has paused its weekly Bitcoin buys again, just a week after resuming BTC purchases. The Bitcoin treasury, however, has maintained its STRC stock buyback and bought more shares as the preferred security looks to reclaim its par value of $100.
Strategy Pauses Bitcoin Purchases Again After Just One Week
An SEC filing shows that the Bitcoin treasury firm did not buy or sell any BTC last week. The company still holds 845,050 BTC, which it acquired for $63.73 billion at an average price of $75,412.
This follows Strategy’s purchase of 4,603 BTC two weeks ago, marking the resumption of its weekly buys after more than two months without buying any BTC. However, the company sold some of its BTC holdings during these 2 months.
Meanwhile, the Bitcoin treasury firm also halted the at-the-market sale of its MSTR shares, which it has recently used to fund BTC purchases, buy back STRC stock, and build its USD reserve. It sold 4.53 million MSTR shares for $602 million two weeks ago under the ATM program.
The MSTR stock has notably surged 45% over the last month, mirroring Bitcoin’s rebound from a low of around $63,000 to as high as $82,000. However, the stock is still down over 7% year-to-date (YTD). The stock is also down more than 3% today, trading around $138 as BTC retraces.
STRC Buybacks Continue
Strategy also bought back more STRC shares last week, maintaining its weekly streak of repurchasing its preferred security. The SEC filing shows that the company bought just over 1.8 million STRC shares, worth over $176 million.
Furthermore, the Bitcoin treasury firm has also increased the size of its Digital Credit Securities Repurchase Program from $1 billion to $2 billion. This comes as it looks to drive the stock back to its par value of $100.
The STRC stock is currently trading at $97, just below the psychological $100 level. The stock has rebounded more than 5% over the last month and is up double digits from its yearly low of around $76, which it fell to in June.
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