Strategy Skips Bitcoin Buying, Doubles Buyback Program to $2 Billion

Strategy Inc., the largest corporate holder of Bitcoin, has paused its Bitcoin buying strategy. Instead of acquiring more digital assets, the company deepened its commitment to repurchasing its own preferred stock and expanding a related buyback program.

Last week, Strategy repurchased $176 million worth of STRC shares and doubled the size of its Digital Credit Securities Repurchase Program from $1 billion to $2 billion. This move has coincided with a recovery in the preferred shares, which have rebounded to nearly $98 per share from a summer low around $75.

The company's core Bitcoin position has also turned profitable again, with an unrealized gain of more than $2 billion on its 845,050 BTC holdings. Strategy acquired these coins at an average cost of $75,412 per coin, and the current price is near $78,200.