Strategy Spent More on Stock Buybacks Than on Its $143 Million Bitcoin Purchase

In the week it spent about $143 million to buy 1,665 Bitcoin, Strategy set aside about $152 million to repurchase its own preferred shares.

According to a company update reported by Wu Blockchain, Strategy purchased 1,665 BTC between September 21 and 27. The total cost of the purchase was $142.7 million, at an average price of $85,681 per Bitcoin.

With these transactions, the company’s Bitcoin holdings reached 847,666 BTC as of September 27. The total acquisition cost was reported as $63.95 billion, with an average cost of $75,437 per Bitcoin. The company also holds $6.02 billion in cash.

Proceeds from stock sales were split in two

During the same period, Strategy raised $246.2 million in net proceeds by selling 1,469,165 MSTR shares through its at-the-market (ATM) program, which allows it to sell shares into the market. Of that amount, $142.7 million went toward Bitcoin purchases, while $103.5 million was allocated to repurchasing STRC shares.

STRC is one of the company’s preferred share classes. The notable detail this week was that total repurchases of these shares exceeded the amount spent on Bitcoin.

STRC buybacks reached about $152 million

Over the week, the company repurchased a total of 1,534,530 STRC shares for $151.7 million. This brought the amount spent on share buybacks to about $9 million more than its Bitcoin purchases during the same period.

The $103.5 million in proceeds from MSTR sales funded part of these buybacks. Strategy did not issue any new preferred shares during the same week.