Strategy Halts Bitcoin Buying After Just One Week

Strategy, the Bitcoin treasury company, made headlines last week by purchasing $370 million worth of BTC at an average price of $80,318 per coin. However, it appears that this buying spree was short-lived. According to a recent filing, Strategy bought no new Bitcoin in the week leading up to September 7.

Instead of adding to its BTC holdings, Strategy repurchased 1,810,885 shares of its own preferred stock, known as STRC, for $176.3 million. This represents the majority of its spending during this period, which was funded from its USD Cash pool.

The company's board has doubled the authorization behind its digital credit securities repurchase program, lifting it from $1 billion to $2 billion. As of September 7, $1.19 billion of this remained available for use.

Strategy currently holds 845,050 BTC, acquired at an average price of $75,412 per coin including fees. With Bitcoin trading around $77,760 at the time of writing, Strategy's stack is worth roughly $65.7 billion against the $63.7 billion paid, resulting in an unrealized gain of about 3%.