Strategy skips Bitcoin buy to repurchase $176M of STRC preferred shares

Michael Saylor’s Strategy, the largest corporate Bitcoin treasury, skipped its weekly Bitcoin acquisition to repurchase $176 million of its preferred STRC stock.Strategy repurchased 1.8 million STRC shares for an aggregate $176.3 million between Aug. 31 and Sept. 7, according to a Tuesday filing with the US Securities and Exchange Commission.The company also doubled the size of its Digital Credit Securities Repurchase Program to $2 billion. With no new purchases, Strategy’s holdings sit at 845,050 Bitcoin (BTC), acquired for a total of $63.6 billion, at an average purchase price of $75,412 apiece.Last week, Strategy made its first BTC buy since mid June, with a $370 million purchase. While STRC’s share price was largely flat in premarket activity on Tuesday, trading at $97.70, or a 2.3% discount from its intended $100 par value, the company’s Nasdaq-traded MSTR common stock was down more than 3% at last look, according to Yahoo Finance.STRC is one of Strategy’s main vehicles to fund its Bitcoin accumulation. Trading below par limits Strategy’s ability to raise funds through STRC sales and may force the company to further increase its dividend rate.Strategy unveiled a capital framew...