Strategy made no Bitcoin purchases or sales over the past week, according to a regulatory filing, instead spending $176.3 million to repurchase preferred stock. The company's Bitcoin holdings stayed at 845,050 BTC while it raised its preferred-stock buyback allowance to $2 billion.
Strategy made no Bitcoin purchases or sales over the past week, according to a regulatory filing with the U.S. Securities and Exchange Commission. The company, led by Chairman Michael Saylor, instead used its cash to repurchase 1.81 million shares of its preferred stock for $176.3 million.
The company also raised the total allowable repurchase amount for that preferred stock to $2 billion from $1 billion under an existing buyback program. The purchases were funded from cash reserves that currently sit at more than $6 billion.
The company's Bitcoin holdings stayed unchanged at 845,050 BTC, bought at a total cost of $66.1 billion. That stake equals more than 4% of Bitcoin's 21 million-coin supply and sits on a $2.4 billion paper gain with BTC trading at $78,350 on Sept. 8.
The pause follows a 4,603 BTC purchase for $369.7 million between Aug. 24 and Aug. 30 at an average price of $80,318, which itself ended a 10-week gap in Bitcoin buying while Strategy built up its cash reserves and balance sheet.
MSTR shares have declined 57% over the past 12 months to $142.80 per share.
Source: CryptoProwl
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