Strategy buys 1665 BTC for $142.7 million last week. The Bitcoin treasury firm also continued its STRC stock buyback. Specifically, it repurchased nearly $152 million worth of shares.
Why Strategy buys 1,665 BTC matters
An SEC filing shows the purchase. The average price was $85,681 per BTC. Consequently, Strategy now holds 847,666 BTC. The company bought these for $63.95 billion. That equals an average price of $75,437 per BTC.
This marks Strategy’s second consecutive weekly Bitcoin purchase. It followed a brief pause earlier this month. For example, last week the firm announced a $75 million buy. Then, it acquired 950 BTC.
Meanwhile, Strategy again sold MSTR shares. Therefore, it used the proceeds to fund this purchase. Specifically, it sold over 1.46 million shares for $246.2 million. The company has relied on MSTR stock since STRC fell below $100. That happened earlier this year.
Despite these sales, MSTR stock is now up for the year. Bitcoin’s rally to $84,000 helped. The stock has climbed over 285% in the past month. In addition, it is up over 2% year-to-date.
STRC stock buyback continues
Strategy also bought back more STRC shares last week. It acquired just over 1.5 million shares for $151.7 million. The company continues buying back its preferred security. This happens as STRC trades below its par value.
STRC rebounded massively from its low of around $70. That low occurred earlier this year. According to TradingView data, it now trades just below $100. The stock is also up nearly 2% in the last month. Moreover, it climbed alongside BTC.
Strategy used net proceeds from MSTR sales to fund this repurchase. The remaining sum came from its USD Cash Pool. Thus, the company still holds a USD Cash reserve of $1 billion. It also holds a USD reserve of $5.02 billion.
