Strategy bought 1,036 Bitcoin for $81.9 million and repurchased $188.3 million of its STRC preferred stock, funding both through MSTR common-stock sales. Its holdings now stand at 850,364 BTC, just below their average acquisition price.
Strategy acquired 1,036 Bitcoin for $81.9 million between Nov. 2 and Nov. 8, at an average price of $79,012 per coin. The company also repurchased $188.3 million of STRC preferred shares during the same period.
Executive Chairman Michael Saylor had hinted at the move on Sunday, Nov. 8, with a chart post. On Monday he confirmed it, and Strategy reported holdings of 850,364 BTC bought at a combined cost of $64.16 billion, or an average of $75,456 per coin.
Bitcoin traded near $74,800 after the announcement. At that price, the treasury was worth approximately $63.6 billion, below what Strategy paid for it.
Stock sales fund both transactions
Strategy financed the purchases through its at-the-market common-stock program, selling 2,051,348 MSTR shares for approximately $283.8 million in net proceeds. Of that, $81.9 million went to Bitcoin and $188.3 million to the STRC buyback. The remaining $13.6 million went to general dollar cash.
The mix differed from the prior week. Then, Strategy used common-stock proceeds for Bitcoin and existing cash for STRC, according to crypto.news.
CoinGape noted that STRC reclaimed its $100 par value last week and then slipped slightly below it again, trading at around $99.7.
Dollar reserve and remaining capacity
Strategy reported approximately $4.9 billion in dollar assets: a $4.77 billion reserve and $146.2 million in general dollar cash. The reserve supports preferred dividends and debt interest, and Strategy drew $21.1 million from it for preferred dividends during the week.
The company still had $560.3 million available under its preferred-stock repurchase authorization as of Nov. 8.
Strive adds 29 BTC
Strategy was not the only Bitcoin treasury company reporting a purchase. Strive CEO Matt Cole announced that the company bought 29 BTC for approximately $2.2 million at an average price of $75,721 per coin, lifting its holdings to 43,153 BTC.
Sources: crypto.news, CoinGape
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