Strategy repurchases $208.2M STRC and buys $65.5M in Bitcoin

According to Mars Finance, an 8-K filing disclosed by the U.S. Securities and Exchange Commission on Monday revealed that Michael Saylor’s Bitcoin treasury company, Strategy, repurchased $208.2 million in STRC preferred shares last week and spent approximately $65.5 million to acquire 811 bitcoins at an average price of $80,846. The amount spent on STRC repurchases exceeded three times the expenditure on bitcoin purchases. The filing showed that Strategy sold approximately 1.18 million shares of MSTR, generating $164 million in net proceeds; $65.5 million of which was used to purchase bitcoins, while the remaining $98.5 million was added to its U.S. dollar cash balance. As of Sunday, the company held $132.7 million in U.S. dollar cash and an additional $4.79 billion in U.S. dollar reserves. Between October 1 and October 25, Strategy repurchased approximately $664 million in STRC, with bitcoin purchases during the same period totaling around $72 million. Ahead of Monday’s market open, STRC rose 0.1% to $99.22, about 0.8% below its $100 target price. Strategy’s policy prohibits issuing new STRC shares below $100, which restricts this financing channel when STRC trades below its target price. On the same day, another Bitcoin treasury company, Japan’s Metaplanet, disclosed that between October 14 and last Saturday, it repurchased 96.45 million ordinary shares for approximately ¥25.27 billion ($160 million), representing about 7.1% of its outstanding shares.