Strategy spent $204.9 million repurchasing 2,068,459 shares of its STRC preferred stock between Oct. 19 and Oct. 25 and bought no bitcoin over those seven days, the company disclosed in a Form 8-K on Monday.
It was the first full week since the board lifted the cap on its preferred buyback program to $3 billion from $2 billion. Strategy had repurchased $193.1 million of STRC the week before and $192.4 million the week before that.
The company’s holdings stayed at 848,517 BTC, acquired for a combined $64.02 billion at an average of about $75,446 each, fees included. Strategy also skipped stock sales under its ATM program this time, a week after selling MSTR shares to fund most of a 267 BTC purchase.
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Paid From USD Cash
All of the STRC repurchases were funded from what Strategy calls USD Cash, a balance management keeps for general purposes that can include buying bitcoin. It fell to $242.4 million as of Oct. 25, from $447.3 million on Oct. 18. The separate USD Reserve, which the company says is meant to support preferred dividends and debt interest, held at $4.83 billion.
Executive Chairman Michael Saylor put Strategy’s total dollar holdings at $5.1 billion in a post on X on Monday. He added in a follow-up post on X that “USD Duration is 3.4 yrs and STRC’s BTC Credit is 54 bps assuming 10% BTC ARR, 40% BTC Vol, and a BTC price of $81,200.”
Room Left to Repurchase
After the latest week, $956.8 million remains available under the digital credit securities repurchase program, down from $1.16 billion as of Oct. 18. STRC was the only security Strategy bought back. It repurchased none of its STRF, STRK or STRD preferred shares and no MSTR common stock, which has $1.0 billion still available under a separate program.
The board had already doubled the preferred program to $2 billion in September before last week’s increase.
On Oct. 28, common shareholders vote on switching STRC and Strategy’s three other U.S.-listed preferreds to daily dividend payments.
Related Listen: Why Lyn Alden Says Strategy Let Its Dollar Reserve Slip Too Far
