STRC Buybacks Remain Top Priority for Strategy Amid Stronger BTC Price
Strategy's focus remains on buying back shares of STRC, its underlying asset, rather than investing in Bitcoin. The company's current stash of BTC stands at 845,050 units, acquired at an average price of $75,412 per unit. This means that Strategy currently holds an unrealized profit of over $2 billion, given the current trading price of BTC.
Strategy's repurchase program for STRC has been successful in boosting its underlying asset's recovery. The shares were previously trading around par levels of $100 but had dumped to $75 earlier this summer. However, they have now rebounded to almost $98 as of Friday's close.
Last week's purchase of BTC by the company was an outlier, and it appears that Strategy has refrained from doubling down on its investment in Bitcoin. Instead, the firm has repurchased another $176 million worth of STRC under its Digital Credit Securities Repurchase Program. The program size has also been increased from $1 billion to $2 billion.