Strategy bought 811 BTC for about $65.5 million between Oct. 26 and Nov. 1, but spent more than three times that amount repurchasing its STRC preferred shares. Its holdings now total 849,327 BTC.
Strategy bought another 811 BTC for roughly $65.5 million at an average price of $80,846 per bitcoin between Oct. 26 and Nov. 1. The company disclosed the purchase in an 8-K filing with the Securities and Exchange Commission on Monday.
As a result, Strategy's total holdings now stand at 849,327 BTC, acquired at an average price of $75,451 per bitcoin. That represents more than 4% of bitcoin's total supply cap, according to The Block.
STRC buybacks outweigh bitcoin purchases
Strategy repurchased $208.2 million in STRC preferred shares last week, more than three times its bitcoin spending, according to Cointelegraph. The buyback used the company's USD Cash reserve, The Block reported.
The bitcoin purchase came from at-the-market sales of Class A common stock. Strategy sold about 1.18 million MSTR shares for net proceeds of $164 million. Of that, $65.5 million funded the bitcoin acquisition and the remaining $98.5 million went to its USD Cash balance.
Before that, Strategy made about $664 million in STRC buybacks between Oct. 1 and Oct. 25, against about $72 million in bitcoin acquisitions over that period.
Stock and bitcoin slip on the week
Strategy's stock dropped 9.6% last week, closing at $130.51 on Friday. Bitcoin fell 3.6% over the same period, amid the record $6.3 billion Binance hack, according to The Block.
The company also reported $19.5 billion in net income for Q3, up from $2.79 billion a year earlier. As of Nov. 1, its USD Reserve stood at $4.79 billion.
Sources: The Block, Cointelegraph
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