Odaily Planet Daily reports that Bitcoin treasury company Strategy repurchased a total of $3.687 million worth of STRC between September 28 and October 11, acquiring only 584 bitcoins during the same period—the repurchase amount was approximately seven times the amount spent on buying bitcoins. During this time, Strategy repurchased 3,705,947 shares of STRC, while spending $50.2 million on bitcoin purchases.
Strategy's variable-rate Series A perpetual preferred stock, STRC, closed at $99.88 on October 12, marking its highest closing price since May and a significant rebound from its June low of $71.25. Between October 5 and October 9, Strategy repurchased approximately 30% of STRC’s trading volume during that period.
On September 30, Strategy disclosed that the STRC annual dividend rate will remain at 12%, and management intends to recommend maintaining this rate until STRC trades consistently and healthily near $100. The aforementioned buyback is expected to reduce annual dividend expenditures by approximately $44.5 million.
As of October 11, $354.8 million remained under Strategy’s preferred share repurchase program. October 15 is the record date for STRC dividends, and a special shareholder meeting will be held on October 28 to vote on the daily dividend distribution arrangement. (Bitcoin.com News)