—
00:00
Money for You
Money for You
USD/RUB—
EUR/RUB—
Cryptocurrency

Strategy adds 1,036 Bitcoin and buys back $188.3M in STRC

Strategy acquired 1,036 Bitcoin for $81.9 million and repurchased $188.3 million of its STRC preferred stock in the week to Nov. 8. The purchase lifted its holdings to 850,364 BTC, even as Bitcoin traded below the company’s average acquisition price.

Strategy adds 1,036 Bitcoin and buys back $188.3M in STRC

A Nov. 9 filing put the purchase price at an average $79,012 per coin, including fees and expenses. Strategy’s total Bitcoin holdings have cost $64.16 billion, or an average of $75,456 per BTC. At about $74,800 after the announcement, the holdings were worth approximately $63.6 billion.

Executive Chairman Michael Saylor had hinted at another purchase on Nov. 8, posting the words “Connecting the dots” with Strategy’s familiar Bitcoin-buying chart. The previous reporting week, the company bought 811 BTC for $65.5 million. Saylor confirmed the latest acquisition on Monday, also reporting $4.9 billion in dollar assets.

Strategy funded both the Bitcoin purchase and the STRC buyback by selling 2,051,348 MSTR shares through its at-the-market offering program, raising about $283.8 million net. It allocated $81.9 million to Bitcoin, $188.3 million to repurchasing 1,887,464 STRC shares and the remaining $13.6 million to general dollar cash. The company did not sell new preferred shares or buy back shares in its other preferred-stock classes.

The $4.9 billion in dollar assets comprised a $4.77 billion reserve and $146.2 million in general cash. The reserve supports preferred dividends and debt interest; Strategy used $21.1 million from it to pay preferred dividends during the week. As of Nov. 8, $560.3 million remained available under its STRC repurchase authorization, while its separate $1 billion common-stock buyback authorization was unused. The company also had $18.34 billion available through its MSTR share offering program.

Strive also reported a Bitcoin purchase on Monday. CEO Matt Cole said the company acquired 29 BTC for about $2.2 million, at an average $75,721 per coin, bringing its reported holdings to 43,153 BTC. Cole did not provide details of the financing for the purchase.

Share

Comments (0)

Leave a comment

No comments yet. Be the first!