Strategy Holds Off On Bitcoin Purchases As It Buys Preferred Stock

• MSTR
• BTC

Strategy (NASDAQ: $MSTR) did not buy or sell any <a href="https://xpertsstudio.com/bitcoin-forms-bullish-golden-cross/” title=”Bitcoin Forms Bullish Golden Cross”>Bitcoin (CRYPTO: $BTC) over the past week, according to a regulatory filing with the U.S. Securities and Exchange Commission.

Instead, the company led by Chairman Michael Saylor focused on repurchasing 1.81 million shares of its preferred stock (NASDAQ: $STRC) for $176.3 million U.S.

Strategy also increased the total allowable repurchase amount of its preferred stock to $2 billion U.S. from $1 billion U.S. under a previous share buyback program.

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The software company turned serial cryptocurrency acquirer kept its holdings of Bitcoin unchanged at 845,050 BTC, which was bought at a cost of $66.1 billion U.S.

Strategy owns more than 4% of Bitcoin’s 21 million supply and is sitting on a $2.4 billion U.S. paper gain with BTC’s price at $78,350 U.S. on Sept. 8.

The preferred stock purchases over the past week were funded from Strategy’s cash reserves, which currently sit at more than $6 billion U.S.

The pause in Strategy’s Bitcoin purchases comes after the company acquired 4,603 BTC for $369.7 million U.S. between Aug. 24 and Aug. 30 at an average price of $80,318 U.S.

Before the late August purchase, Strategy had paused its Bitcoin buying for 10 weeks while it built-up its cash reserves and improved its balance sheet.

MSTR stock has declined 57% over the past 12 months to trade at $142.80 U.S. per share.

Source: finance.yahoo.com