Key facts
- Strategy repurchased $208.2 million of STRC preferred shares, more than triple its $65.5 million bitcoin outlay, per the 8-K filing.
- Strategy sold about 1.18 million MSTR shares for $164 million in net proceeds, with $98.5 million going to its USD Cash balance.
- Strategy's STRC traded at $99.22 in pre-market trading on Monday, about 0.8% below its $100 target, per Yahoo Finance.
- Metaplanet spent about 25.27 billion yen ($160 million) to buy back 96.45 million shares, roughly 7.1% of its issued shares.
Michael Saylor's Strategy spent more than three times as much buying back its STRC preferred shares as it did acquiring Bitcoin in the week covered by a Monday 8-K filing with the Securities and Exchange Commission. The company repurchased $208.2 million of STRC and spent about $65.5 million buying 811 Bitcoin at an average price of $80,846, according to the filing.
Strategy sold about 1.18 million MSTR shares for net proceeds of $164 million. About $65.5 million of that funded the Bitcoin purchase and the remaining $98.5 million went to the company's USD Cash balance, the filing said. Strategy held $132.7 million in USD Cash and $4.79 billion in a separate US dollar reserve as of Sunday.
The buybacks followed about $664 million of STRC repurchases between October 1 and October 25, against about $72 million of Bitcoin acquisitions over that period. Strategy's STRC preferred stock rose 0.1% in pre-market trading on Monday to $99.22, about 0.8% below its $100 target price, according to Yahoo Finance. Strategy's policy is not to issue new STRC shares below $100, which limits that funding source while the stock trades below target.
Separately, Japan's Metaplanet reported buybacks of its common shares on Monday, spending about 25.27 billion yen ($160 million) on 96.45 million shares between October 14 and Saturday, roughly 7.1% of its issued shares.
Earlier reporting said Strategy bought 811 BTC for $65.5 million between October 26 and November 1, resuming purchases after a one-week pause, per an SEC filing, and that Strive added 124 BTC over the same period.