Strategy now holds more bitcoin than it did before it began selling coins in late June, after adding to its position for a second straight week.
In a Form 8-K filed Monday, the company said it purchased 1,665 BTC between Sept. 21 and Sept. 27 for $142.7 million. The average purchase price, including fees, was $85,681 per bitcoin.
The latest purchase lifted Strategy’s total holdings to 847,666 BTC, just above the 847,363 BTC the company reported as of June 21.
Holdings move back above the pre-sale level
Earlier filings dated July 6, Aug. 3 and Aug. 10 showed that Strategy sold a combined 6,916 BTC between June 29 and Aug. 9. The company used those proceeds to fund preferred dividends, replenish its dividend reserve, and repurchase its STRC preferred stock.
Strategy said its full bitcoin stack was acquired for $63.95 billion, or an average of $75,437 per coin. Last week’s average purchase price was about 14% above that level.
MSTR share sales resumed
The company said last week’s bitcoin buy was financed through sales of MSTR Class A shares under its at-the-market program.
Strategy sold 1,469,165 shares for $246.2 million in net proceeds. It split the proceeds into two uses: $142.7 million went to bitcoin purchases, while $103.5 million was used to repurchase STRC.
Before that, Strategy had not sold MSTR since the week of Aug. 24 to Aug. 30. During that period, it raised $602.8 million and directed $369.7 million of the total toward the purchase of 4,603 BTC, its first bitcoin buy since June.
The company made no bitcoin purchases in the following two weeks. It then added 950 BTC for $75.7 million during the Sept. 14 to Sept. 20 period, using funds from its USD Cash account.
STRC buybacks edged closer to par
Strategy said its STRC repurchases covered 1,534,530 shares for $151.7 million, which works out to about $98.86 per share. That compares with roughly $98.24 in the prior week and $97.36 in the week ended Sept. 7.
Management has said it will recommend that the board keep STRC’s dividend at 12% annually until the preferred stock shows sustained, healthy trading near $100 per share.
The company also drew $48.1 million from its USD Cash account for the buybacks. After doubling the repurchase authorization to $2 billion this month, Strategy said it had $723.5 million remaining under that program.
Its USD Cash account ended the week at $1.00 billion, down from $1.59 billion when the account was established in late August.
Shareholder vote scheduled for Oct. 28
On Friday, Strategy asked shareholders to approve daily dividends on STRC and three other preferred stocks at a special meeting set for Oct. 28.