Strategy spent more than three times as much on repurchasing STRC preferred shares as it did on buying Bitcoin last week.
In an 8-K filing submitted Monday to the US Securities and Exchange Commission, the company said it repurchased $208.2 million of STRC and spent about $65.5 million to buy 811 Bitcoin at an average price of $80,846.
Most of the week’s capital went to STRC repurchases
The filing said Strategy sold about 1.18 million MSTR shares for net proceeds of $164 million. Of that amount, about $65.5 million was used for the Bitcoin purchase, while the remaining $98.5 million was allocated to the company’s USD Cash balance.
As of Sunday, Strategy held $132.7 million in USD Cash and $4.79 billion in a separate US dollar reserve.
The latest activity followed roughly $664 million in STRC buybacks between Oct. 1 and Oct. 25, compared with about $72 million in Bitcoin acquisitions over the same period.
STRC remained below its $100 target price
According to Yahoo Finance, Strategy’s STRC preferred stock was up 0.1% in pre-market trading on Monday at $99.22, leaving it about 0.8% below its $100 target price.
Strategy’s policy is not to issue new STRC shares below $100, which limits that funding source while the stock remains under the target level.
Metaplanet also reported share buybacks
Another Bitcoin treasury company, Japan-based Metaplanet, also disclosed common share buybacks on Monday. The company said it spent about 25.27 billion yen ($160 million) to repurchase 96.45 million shares between Oct. 14 and Saturday, equal to roughly 7.1% of its issued shares.
