Strategy Ditches Bitcoin for STRC Share Buybacks Worth $139M

Strategy, led by Michael Saylor, has continued its streak of not buying Bitcoin for three straight weeks. Instead, it spent $139.3 million on its own STRC preferred stock, bringing back shares that are valued below par at $100.

The company's strategy is to retire these shares at a discount and cancel future dividend payments. The latest purchase was made from Strategy's USD Cash pool, which has $1.30 billion available for use.

This move is not surprising, given the recent trend of Strategy buying back STRC shares. In fact, it spent $176.3 million on 1,810,885 STRC shares just last week, with a total of $2 billion now available for preferred buybacks and MSTR common stock repurchases.

The company's Bitcoin stash remains unchanged at 845,050 BTC since its last purchase in August. However, Strategy continues to top the ranking of public companies accumulating Bitcoin, with a stash valued at around $66 billion.