Strategy Buys Back $139M in STRC Shares, Avoids Buying Bitcoin
Strategy, a company led by Michael Saylor and known for holding over $63.73 billion worth of Bitcoin, has gone three weeks without buying any BTC. Instead, it spent $139.3 million on STRC preferred shares, bringing the total to 1,420,467 shares purchased in this round.
The company's purchase is part of its effort to bring its STRC preferred shares back to par at $100. As Google Finance shows, the current price of STRC stock stands at $98.64, below the target. Strategy views purchases below this mark as accretive, meaning it saves on future dividend payments.
The latest buyback was covered from Strategy's USD Cash pool, which has a balance of $1.30 billion as of September 13. The company also has a reserve set aside for preferred dividends and debt interest, standing at $5.10 billion on the same date.