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Strategy narrows STRC discount as it buys $214.8M in shares

Strategy spent $108.6 million on 1.1 million STRC shares in the week ended Aug. 9, leaving $785.2 million capacity under its $1 billion Digital Credit Securities Repurchase Program.

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Strategy increased its open market purchases of its preferred stock STRC, pushing the security back toward its $100 target as the Bitcoin treasury company used proceeds from Bitcoin sales to fund buybacks, according to CryptoSlate.

Data from STRC.live showed STRC traded around $95 on Monday, after falling to about $74 in late June. Over the past three weeks, Strategy acquired roughly 2.3 million STRC shares valued at approximately $214.8 million, including a week ended Aug. 9 purchase of $108.6 million for 1.1 million shares.

CryptoSlate reported that Strategy still had $785.2 million available under the $1 billion Digital Credit Securities Repurchase Program it authorized in June. To finance the STRC purchases, Strategy sold 1,690 BTC for $108.6 million during the week ended Aug. 9, after a prior week sale of 1,638 BTC for $104.7 million.

Across the two weeks, Strategy sold 3,328 BTC for about $213.3 million and spent $189.8 million on STRC. The latest sale reduced its Bitcoin holdings to 840,447 BTC from 842,138 BTC, while Strategy also raised $653.1 million through common stock issuance to add to US dollar reserves, bringing that reserve to $4.65 billion.

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