Crypto
Strategy Ditches Bitcoin Purchases for $176M Stock Buyback
Strategy Chooses $176M Stock Buyback Over Bitcoin Purchases
Michael Saylor's Strategy has made a notable shift in its corporate strategy, opting to spend $176.3 million on buying back preferred stock rather than purchasing Bitcoin.
The company purchased 1.8 million shares of STRC preferred stock between Aug. 31 and Sept. 7, effectively doubling the size of its program for repurchasing digital securities to $2 billion.
This is significant because buying Bitcoin has been a major part of Strategy's strategy. The company currently holds 845,050 BTC, purchased for a total of about $63.6 billion at an average price of $75,412 per Bitcoin.