TLDR
Strategy bought 1,036 Bitcoin for $81.9 million last week, its second straight weekly buy.
It spent $188.3 million on Stretch preferred share buybacks in the same week.
Buybacks since October total about $1.06 billion, versus $219.7 million spent on Bitcoin.
Holdings now stand at 850,364 Bitcoin, about 4.05% of the maximum supply.
Strategy common stock fell about 3% in Monday premarket trading.
Strategy spent more on buying back its own preferred shares than on Bitcoin last week. The company shared the details in a Monday filing with the US Securities and Exchange Commission. The filing also lists how it paid for both moves.
It bought 1,036 Bitcoin for $81.9 million, at an average price of $79,012 per coin. It also paid $188.3 million to repurchase its Stretch preferred shares. Both figures come from the same weekly filing.
This was the company’s second weekly Bitcoin purchase in a row. The week before, it bought 811 Bitcoin for $65.5 million. Before the latest buy, Strategy held 849,328 Bitcoin.
Michael Saylor hinted at the latest buy on Sunday in his usual post on X. He posts a hint most Sundays before the company files its report. The filing confirmed it the next day.
Where the Money Came From
Strategy sold about 2.05 million shares of its common stock through its at-the-market offering program. Strategy uses this program to sell new shares on the open market over time. The sales raised net proceeds of $283.8 million.
Of that total, $188.3 million went to preferred share buybacks and $81.9 million went to Bitcoin. Another $13.6 million was added to the company’s US dollar cash balance. The three amounts match the $283.8 million raised.
The buyback covered about 1.89 million Stretch shares. The preferred shares are a separate security from the company’s common stock. The week before, Strategy spent $208.2 million on the same program.
Since the start of October, Strategy has spent about $1.06 billion on these buybacks. Over the same period, it spent $219.7 million on Bitcoin, so buybacks were nearly five times larger.
Strategy Inc, MSTR
Holdings and Reserves
Strategy now holds 850,364 Bitcoin. It paid a total of $64.16 billion for them, or an average of $75,456 per coin. The total cost is based on all of its purchases to date.
Those holdings equal about 4.05% of Bitcoin’s maximum supply of 21 million coins. At the current count, the company’s holdings sit above 850,000 coins. The latest purchase came in above the company’s average cost per coin.
Strategy also keeps a separate US dollar reserve. It fell to $4.77 billion from $4.79 billion after the company drew $21.1 million to pay dividends on its preferred stock. The reserve is separate from the USD cash balance.
The USD cash balance rose about 10% to $146.2 million from $132.7 million. Shareholders have also approved daily dividends for four of the company’s preferred stocks.
The Stretch preferred shares reclaimed their $100 par value last week. Strategy kept buying the shares even after they reached par. They have since slipped slightly below it.
The shares trade at about $99.7, according to market data. They are up over the last one and three months after rebounding from a yearly low of around $75.
Strategy common stock fell about 3% to roughly $125 in premarket trading on Monday. Other market data showed the stock near $124. The stock is down more than 16% over the last month
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