Strategy spent more than three times as much buying back its STRC preferred shares as it did purchasing Bitcoin last week, according to a Monday filing with the US Securities and Exchange Commission.
The company repurchased $208.2 million in STRC and acquired 811 Bitcoin for about $65.5 million, paying an average of $80,846 per coin. Strategy funded the Bitcoin purchase by selling approximately 1.18 million MSTR shares, which generated $164 million in net proceeds.
The remaining $98.5 million from the share sale was allocated to Strategy’s USD Cash balance. The company held $132.7 million in USD Cash and $4.79 billion in a separate US dollar reserve as of Sunday.
The latest activity follows roughly $664 million in STRC buybacks between October 1 and October 25, compared with approximately $72 million spent on Bitcoin acquisitions during the same period.
STRC rose 0.1% in pre-market trading on Monday to $99.22, around 0.8% below its $100 target price, according to Yahoo Finance. Strategy’s policy prohibits issuing new STRC shares below $100, limiting that funding source while the preferred stock trades under the target.
Japan-based Bitcoin treasury company Metaplanet also reported common-share buybacks on Monday. It spent about 25.27 billion yen ($160 million) to repurchase 96.45 million shares between October 14 and Saturday, representing approximately 7.1% of its issued shares.
Sources: Cointelegraph.