Strategy Skips Bitcoin Buy to Repurchase Preferred Stock

Strategy, the largest corporate Bitcoin treasury, made an unexpected move last week. Instead of buying more BTC, it repurchased $176 million worth of its preferred STRC stock.

The company acquired 1.8 million STRC shares between Aug. 31 and Sept. 7, according to a filing with the US Securities and Exchange Commission (SEC). The total cost was $176.3 million.

Strategy's Digital Credit Securities Repurchase Program has also been increased to $2 billion, doubling its previous size.

This move comes after Strategy made its first BTC buy since mid-June, purchasing $370 million worth of BTC. However, the company's STRC stock price was flat in premarket activity on Tuesday, trading at $97.70 or a 2.3% discount from its intended par value.