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Strategy spent about three times more on buybacks of its preferred stock than on Bitcoin purchases over the past five weeks, according to a Santiment analysis.
Citing an 8-K filing, Santiment said Strategy spent about $290 million on BTC purchases and about $890 million on preferred stock buybacks between Sept. 14 and Oct. 18. The board on Oct. 19 raised the cap for the preferred stock buyback program to $3 billion from $2 billion. Santiment added that accumulation by BTC whale addresses was led mostly by investors other than Strategy. Between Sept. 19 and Oct. 19, addresses holding 10 to 10,000 BTC accumulated about 88,987 BTC, while Strategy bought 2,516 BTC between Sept. 21 and Oct. 18, less than 3% of the amount accumulated by those addresses.