Strategy spends triple its weekly Bitcoin outlay on STRC buybacks

Michael Saylor’s Strategy spent more than three times as much buying back its STRC preferred shares as it did acquiring Bitcoin last week.Strategy repurchased $208.2 million in STRC and spent about $65.5 million buying 811 Bitcoin (BTC) at an average price of $80,846, according to a Monday 8-K filing with the Securities and Exchange Commission.Strategy sold about 1.18 million MSTR shares for net proceeds of $164 million. About $65.5 million funded its Bitcoin acquisition, while the remaining $98.5 million was allocated to the company’s USD Cash balance, according to the filing. The company held $132.7 million in USD Cash and $4.79 billion in its separate US dollar reserve as of Sunday.The latest purchases followed about $664 million in STRC buybacks between Oct. 1 and Oct. 25, compared with about $72 million in Bitcoin acquisitions over that period. Strategy’s STRC preferred stock rose 0.1% in pre-market trading on Monday, to $99.22, or about 0.8% below its $100 target price, according to Yahoo Finance. Strategy’s policy is not to issue new STRC shares below $100, limiting that source of funding while the stock trades below its target.Another Bitcoin treasury company, Japan’s Metap...