After a one-week pause, Strategy bought $65.5 million worth of Bitcoin, bringing its total holdings to 849,327 BTC, while its weekly transactions included both share sales and preferred stock repurchases.
Strategy, chaired by Michael Saylor, has resumed accumulating Bitcoin. According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, as reported by The Block, the company purchased 811 BTC between October 26 and November 1. The average purchase price was $80,846 per Bitcoin.
After making no purchases the previous week, the company’s total Bitcoin holdings reached 849,327 BTC with these transactions. Accumulated at a cost of approximately $64.1 billion, these holdings have an average purchase price of $75,451. Strategy holds more than 4% of Bitcoin’s maximum supply of 21 million.
Repurchased preferred shares while buying Bitcoin
The latest Bitcoin purchases were funded with proceeds from the sale of MSTR shares on the market. During the same period, Strategy raised approximately $164 million by selling 1,178,552 shares. The remaining amount of MSTR shares available for sale under the current program was $18.62 billion.
The company also repurchased approximately 2.1 million STRC preferred shares for $208.2 million. It used its USD Cash account for this transaction and spent $43.4 million from a separate USD Reserve account to pay dividends on its preferred shares. As of November 1, the balances in these two accounts were reported as $132.7 million and $4.79 billion, respectively.
New purchase follows Saylor’s bullish outlook
In its third-quarter results announced the previous Thursday, Strategy reported net income of $19.5 billion. The figure was $2.79 billion in the same period last year. A $20.9 billion gain resulting from the increase in value of its Bitcoin holdings was a key factor in the financial results.
When the results were announced, Saylor argued that Bitcoin was at the start of a new bull market, citing adoption by banks and a return of institutional demand. After Saylor signaled the new transaction with a Bitcoin purchase chart he shared on Sunday, the weekly purchase was confirmed in Monday’s filing.
Not investment advice.