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Strategy pauses new Bitcoin buys to repurchase $176.3M in STRC preferred
The SEC filing says Strategy bought back 1.8 million STRC preferred shares from Aug. 31 to Sept. 7 and raised its digital credit securities repurchase program to $2 billion.
Strategy paused its weekly Bitcoin accumulation while executing a sizable preferred stock buyback, according to a US Securities and Exchange Commission filing covered by Cointelegraph.
The company repurchased 1.8 million shares of its STRC preferred stock for an aggregate $176.3 million between Aug. 31 and Sept. 7. Strategy also doubled its Digital Credit Securities Repurchase Program to $2 billion.
With no new purchases, Strategy’s reported holdings stood at 845,050 Bitcoin, acquired for a total $63.6 billion at an average purchase price of $75,412 per Bitcoin.
Cointelegraph also notes that STRC shares trade below par, which can limit Strategy’s ability to raise funds through STRC sales and may pressure the company to increase its dividend rate. Strategy’s annual dividend on STRC preferred stock was previously raised to 12%, and it unveiled a June 29 capital framework to allow Bitcoin sales to fund dividends.
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