Strategy Doubles Credit Repurchase Cap Amid Unchanged Bitcoin Stash

Strategy, the corporate treasury company led by Michael Saylor's MSTR (NASDAQ), has disclosed its latest SEC filing. The company spent $176.3 million repurchasing its STRC preferred shares, bringing the total to about $1.19 billion available as of September 7.

The funds for this buyback came out of the firm's USD Cash account. Strategy also doubled the authorized total for the Digital Credit Securities Repurchase Program to $2 billion from $1 billion.

Meanwhile, its Bitcoin stash remains unchanged at around 845,050 BTC, worth approximately $66.1 billion at current prices, showing roughly $2.4 billion in paper gains since its purchase price of $75,412 per coin.

The company's CEO, Phong Le, has defended selling Bitcoin four times over the summer to meet obligations, saying it was 'the right trade at the time' to fund preferred dividends and cut net debt from around $7 billion to zero while building about $7 billion in cash.