Strategy Buys Back Stock, Skips Bitcoin Purchase

Bitcoin Magazine

Strategy Buys Back Stock, Skips Bitcoin Purchase 

Bitcoin treasury Strategy held off buying bitcoin again last week. The Nasdaq-listed company said it instead bought $139 million of its preferred stock STRC.

A Monday filing with the Securities and Exchange Commission on Monday showed that the company repurchased 1.42 million STRC preferred shares for around $139.3 million between September 8 and September 13.

The company still owns 845,050 bitcoins worth $66.2 billion at today’s prices, and has two cash balances: USD Reserve and USD Cash, holding $5.1 billion and $1.3 billion, respectively.

Strategy, which is the largest corporate holder of bitcoin, this year switched from predictably buying the biggest cryptocurrency this week to buying back its stock and building a cash reserve.

On some occasions, the company even sold small bits of its BTC stash — despite founder and chairman Michael Saylor famously preaching to “never sell your bitcoin.”

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