Strategy Pauses Bitcoin Purchases, Focuses on Preferred Stock Repurchases
Strategy (NASDAQ: MSTR) did not buy or sell any Bitcoin over the past week as it focused instead on repurchasing 1.81 million shares of its preferred stock for $176.3 million U.S., according to a recent SEC filing. The company, led by Chairman Michael Saylor, increased its allowable share repurchase amount under an existing buyback program from $1 billion to $2 billion U.S. Strategy's Bitcoin holdings remain unchanged at 845,050 BTC, with the total cost basis reaching $66.1 billion and a current paper gain of $2.4 billion as BTC trades near $78,350. The pause in Bitcoin purchases follows an acquisition of nearly 4,600 BTC for over $370 million during late August after a prior 10-week buying hiatus to strengthen its balance sheet.
Tickers: $MSTR