Strategy Ditches Bitcoin Buying Spree After Just One Week

Strategy, the Bitcoin treasury company, has made its return to buying BTC short-lived. After a two-month BTC purchasing drought ended last week, Strategy spent $176.3 million on buying back its own preferred stock instead of adding to its stack. The company repurchased 1,810,885 STRC shares for this amount in the week to September 7.

Strategy's board has doubled the authorization behind spending from its USD Cash pool by lifting the digital credit securities repurchase program from $1 billion to $2 billion. As of September 7, $1.19 billion remained available under this program.

The company bought no Bitcoin in the week to September 7 and sold no shares under its at-the-market offering program either. Strategy's stack remains unchanged with 845,050 BTC, bought for $63.73 billion at an average of $75,412 each including fees.