Strategy has $785 million left to close STRC’s final $5 gap after selling $213 million in Bitcoin

Strategy’s preferred stock STRC is steadily moving back toward its $100 target as the Bitcoin treasury company increases its purchases of the shares.

Data from STRC.live showed that STRC traded around $95 on Monday, extending a recovery from its late-June low of about $74 as Strategy combined open-market repurchases with a 12% annualized dividend to narrow the security’s discount.

Over the past three weeks, Strategy has acquired roughly 2.3 million STRC shares worth approximately $214.8 million. Its latest purchase was also the largest, with the company spending $108.6 million on 1.1 million shares during the week ended Aug. 9.

That followed earlier purchases of $25 million and $81.2 million.

Strategy still has $785.2 million available under the $1 billion Digital Credit Securities Repurchase Program it authorized in June.

Bitcoin sales increasingly fund STRC buybacks

In the past weeks, Strategy has increasingly turned to its Bitcoin treasury to finance Read from Source · cryptoslate.com ↗