Strategy Adds 334 Bitcoin for $28.7M, Lifting Its Total to 848,000 BTC
Strategy bought a third week of bitcoin in a row, paying about $28.7 million, while also putting $176 million toward buying back its STRC preferred shares.
Strategy, the company once called MicroStrategy, bought another 334 bitcoin for about $28.7 million. The outlets say the average price was $85,838.80 per coin. After the purchase, the company holds 848,000 bitcoin as of October 4.
The Block reports the buy was paid for with money from selling the company's Class A common stock, known as MSTR, plus its cash reserve in US dollars.
CryptoPotato says this was the third weekly purchase in a row. It called the buy small next to some of the company's huge purchases from several months ago.
The company also spent $176 million this week on buying back its STRC preferred stock, according to Crypto Briefing and BeInCrypto. According to Crypto Briefing, the share repurchases belong to a plan that the board signed off on, which is meant to handle the price gap on STRC shares.
BeInCrypto points out that the buyback spending was about six times larger than the bitcoin purchase. The Block also reports that the 848,000 coins make up close to 4% of the 21 million maximum bitcoin supply and have a value of around $73 billion.
Key facts
- Strategy bought 334 bitcoin for about $28.7 million.
- The average price was $85,838.80 per bitcoin.
- By October 4, the company's combined bitcoin stash had grown to 848,000 BTC.
- This was the third weekly purchase in a row, says CryptoPotato.
- The company spent $176 million on STRC buybacks this week.
- Holdings equal about 4% of the 21 million bitcoin cap, says The Block.
Why it matters
Strategy is one of the best-known companies that holds bitcoin on its balance sheet, so its weekly moves are closely watched. The story shows that a company can split its money between several goals at once. Everyday investors should remember that bitcoin prices move up and down, and a company's purchases do not guarantee any price direction.
What happens next
The notes do not say what Strategy will do next. Investors will see the company's next update on its holdings when it reports again.
Sources
- Strategy buys 334 bitcoin and holds 848,000 BTC as of October 4 – Investing.com Crypto
- ‘More orange than ever’: Michael Saylor’s Strategy buys 334 bitcoin for $28.7 million as total holdings top 848,000 BTC – The Block
- Strategy boosts bitcoin holdings to 848,000 BTC, spends $176M on STRC buybacks – Crypto Briefing
- 3 in a Row: Strategy Ramps Up Bitcoin Purchases as Holdings Hit 848,000 BTC – CryptoPotato
- MicroStrategy Buys Just 334 Bitcoin, Spends 6x More on Buybacks: What Changed? – BeInCrypto
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