MicroStrategy Snaps Up $139M in Preferred Stock Instead of Buying More BTC

Michael Saylor's MicroStrategy has repurchased $139.3 million worth of its own Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) using USD Cash. The transaction occurred between September 8 and September 13, with the company buying 1,420,467 shares at an average price of near $98 per share. This move is in line with the company's strategy to manage its balance sheet.

The repurchase comes as the company has maintained a flat Bitcoin position, with no purchases or sales made during the reporting period. The company still holds 845,050 BTC, which represents more than 4% of the total Bitcoin supply cap. The disclosed cost basis for this holding remains at $63.73 billion, including fees and expenses.

Meanwhile, MicroStrategy's common stock (MSTR) has tracked the broader market, closing Friday at $130.97 after a 4.7% weekly decline. Bitcoin also saw a 3.9% drop during the same period.