No Bitcoin for Strategy This Week as Focus Remains on STRC Buybacks

STRC’s price remains inches below the coveted $100 par level.
ByJordan Lyanchev

It appears that last week’s <a href="https://xpertsstudio.com/320m-<a href="https://xpertsstudio.com/microstrategy-puts-its-bitcoin-identity-on-a-250-pair-of-nike-jordans/” title=”MicroStrategy Puts Its Bitcoin Identity on a $250 Pair of Nike Jordans”>bitcoin-hack-what-really-happened-to-liquid-network/” title=”$320M Bitcoin Hack: What Really Happened to Liquid Network?”>bitcoin purchase from the largest corporate holder of the cryptocurrency was an outlier, as the company has refrained from doubling down. Instead, its former CEO, Michael Saylor, announced minutes ago on X that the firm has repurchased another $176 million worth of STRC.

Moreover, it increased the size of the recently launched Digital Credit Securities Repurchase Program from $1 billion to $2 billion. Saylor’s post also reminded that the company currently holds 845,050 BTC and $6.5 billion in USD assets.

Strategy’s position recently turned green even after the minor correction in the past 24 hours. Its stash was bought at an average price of $75,412 per unit. Given BTC’s current trading price of $78,200, it means that the company stands on an unrealized profit of over $2 billion.

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It’s worth noting that Strategy’s purchase last week raised some eyebrows in the crypto community because it came at prices of over $80,000 while its sales were completed when the asset had tumbled to around $62,000. In other words, Strategy bought high after selling low.

Nevertheless, its STRC repurchasing program has benefited the underlying asset’s recovery. The shares, which are supposed to trade at par levels of $100, dumped to $75 earlier this summer, but have rebounded to almost $98 as of Friday’s close.

About the author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato’s Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.

Source: cryptopotato.com