Strategy buys $22M in Bitcoin, repurchases $193M in STRC
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Michael Saylor’s Strategy, the world’s largest publicly traded corporate Bitcoin holder, bought $22.1 million of the crypto last week while spending nearly nine times as much repurchasing its STRC preferred stock. Strategy bought 267 Bitcoin at an average price of $82,900 between Oct. 12 and Oct. 16, bringing its holdings to 848,517 BTC, worth $64.02 billion at purchase cost, according to a Monday filing with the US Securities and Exchange Commission (SEC). Strategy also bought back 1.94 million shares of its Stretch (STRC) preferred stock for $193.1 million. The latest purchase follows Strategy’s acquisition of 250 Bitcoin for $21.5 million during the week ending Oct. 9, when it also spent $192.4 million repurchasing STRC shares. The company said its board increased the authorization for its digital credit securities repurchase program to $3 billion from $2 billion, leaving $1.16 billion available as of Sunday. The company funded its BTC purchases primarily through $22 million in proceeds from selling 140,872 shares of its common stock, MSTR. It used existing cash to fund the STRC repurchases.
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Strategy conditionally declares daily dividends as STRC hovers below $100
Michael Saylor’s Strategy, the largest corporate Bitcoin holder, declared daily dividends on its STRC preferred stock for November, subject to shareholder approval and related amendments taking effect. The company’s board declared cash dividends for each calendar day from Nov. 1 to Nov. 30, with payments beginning Nov. 2. Each dividend will be payable on the business day following its record date, according to a Form 8-K filing with the Securities and Exchange Commission. STRC’s annualized dividend rate would remain at 12% for November. Strategy said management would keep recommending that rate until the stock demonstrates “sustained, healthy trading near $100 per share.” Daily dividends could make STRC more appealing to investors and help it trade near its $100 par value. STRC is one of Strategy’s main fundraising vehicles for Bitcoin (BTC) purchases. STRC was down 0.2% on Friday at $99.32 as of 1:36 pm UTC, according to Yahoo Finance. Strategy added 250 Bitcoin for $21.5 million last week, bringing its total holdings to 848,250 BTC. During the week ending Oct.
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