Strategy Spent 3 Times More on STRC Buybacks Than Bitcoin

Strategy repurchased $208.2 million of its STRC preferred shares last week and spent $65.5 million buying 811 Bitcoin at an average price of $80,846, according to a Monday filing with the U.S. Securities and Exchange Commission.

The company sold about 1.18 million MSTR common shares for net proceeds of $164 million. It used $65.5 million of that amount to buy Bitcoin and added the remaining $98.5 million to its USD Cash balance.

Strategy held $132.7 million in USD Cash and $4.79 billion in a separate U.S. dollar reserve as of Sunday.

Between Oct. 1 and Oct. 25, Strategy repurchased about $664 million in STRC, compared with roughly $72 million spent acquiring Bitcoin during the same period.

STRC rose 0.1% in premarket trading Monday to $99.22, about 0.8% below its $100 target price. Strategy’s policy bars it from issuing new STRC shares below $100, limiting its ability to raise funds through those shares while the price remains below that level.

Japan-based Bitcoin treasury company Metaplanet also reported a share repurchase Monday. It spent about 25.27 billion yen, or approximately $160 million, buying back 96.45 million common shares between Oct. 14 and Saturday. The repurchased shares represented about 7.1% of Metaplanet’s issued shares.