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Strategy buys 1,036 more bitcoin for $81.9 million, but spends more than twice that buying back STRC
Summary
Strategy bought 1,036 BTC for $81.9 million at an average of $79,012 per coin between Nov. 2 and Nov. 8, lifting its holdings to 850,364 BTC, according to a Monday SEC filing cited by The Block, Decrypt, Cointelegraph and Bitcoin Magazine.
The company also repurchased about 1.89 million STRC preferred shares for $188.3 million, funding both moves by selling 2,051,348 MSTR shares for about $283.8 million, Decrypt and Bitcoin Magazine reported.
Its whole stack cost about $64.2 billion at an average of $75,456 per bitcoin, and Bitcoin Magazine noted bitcoin was trading near $74,800, slightly below that cost basis, at the time of writing.
Decrypt said the update comes two days before MSCI is due to publish which companies are affected by its new rules on firms dominated by a single asset, which could remove Strategy from its indexes.
Key facts
- The Block: Strategy bought 1,036 BTC for $81.9 million at an average of $79,012 between Nov. 2 and Nov. 8; holdings total 850,364 BTC, more than 4% of bitcoin's supply cap.
- Decrypt: total holdings were acquired for $64.16 billion at about $75,456 per coin; it was Strategy's second straight weekly purchase after 811 BTC the week before.
- Decrypt: Strategy bought back 1,887,464 STRC shares for $188.3 million, down from $208.2 million the previous week, and sold 2,051,348 MSTR shares for $283.8 million, with $13.6 million going to USD Cash.
- Bitcoin Magazine: the $188.3 million STRC repurchase was more than twice the $81.9 million bitcoin spend; about $560.3 million remains under the preferred buyback program and $1.0 billion under the MSTR buyback authorization.
- The Block: as of Nov. 8, the USD Reserve stood at $4.77 billion and USD Cash at $146.2 million; about $18.34 billion of MSTR remains available under the ATM program.
- Outlets differ on the dividend draw: Decrypt and Bitcoin Magazine said Strategy used $21.1 million of the USD Reserve for preferred dividends during the week, while The Block reported $2.1 million.
- Bitcoin Magazine: with bitcoin near $74,800 at the time of writing, about 0.9% under the $75,456 basis, the stack was roughly $550 million underwater on paper.
- Cointelegraph: Strategy bought $81.9 million in bitcoin last week while spending $188.3 million repurchasing STRC preferred shares, according to its latest SEC filing.
- Decrypt: MSCI is due in two days to publish the list of companies affected by its new rules on single-asset-dominated firms, which could remove Strategy from its equity indexes.
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