Strategy skips BTC purchase again, pays $139M to buyback its own STRC shares

Strategy has now gone three straight weeks since its last Bitcoin purchase, per the company’s 8-K filing. Instead, the bought $139.3 million of its own STRC preferred stock, per the document sent to the SEC on September 14, covering the week before. 

Strategy’s Bitcoin stash remains unchanged at 845,050 BTC since it disclosed a 4,603 Bitcoin purchase for nearly $370 million on August 31. Before that, the firm had gone 10 consecutive weeks without buying any BTC. 

Strategy is buying its own shares, not Bitcoins

The Michael Saylor-led world’s largest corporate Bitcoin holder continues to steer cash toward bringing its STRC preferred shares back to par at $100. The September 14 SEC filing covering the period between September 8 and 13, Strategy bought back 1,420,467 STRC shares. 

Google Finance had the STRC stock at $98.64 at the last close, below the $100 target the firm considers as par. Management treats purchases below the $100 mark as accretive, since retiring the shares at a discount cancels future dividend payments the company would otherwise owe. 

… Continue reading the full article at the original source below.