Strategy spent more than twice as much on preferred buybacks as Bitcoin last week
The November 9 filing shows common-stock proceeds funding Bitcoin purchases and a larger STRC buyback during November 2-8. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Bitcoin treasury company Strategy funded its Bitcoin purchases and a larger STRC preferred-stock buyback with common-stock sales during Nov. 2-8, while recording no sales through its four preferred-stock at-the-market programs, according to its Nov. 9 filing.
The company raised $284 million in net proceeds by selling 2,051,348 MSTR common shares. It directed $188 million to STRC repurchases, $82 million to Bitcoin and $14 million to its USD Cash balance.
Common shareholders financed both more Bitcoin and fewer preferred shares outstanding. The repurchases can reduce future preferred-dividend requirements, while issuing MSTR increases the number of common shares. STRC's prospective return as a funding source had yet to produce disclosed sales during that week.
CryptoSlate's Nov. 5 analysis described a possible reopening of STRC funding following its price recovery.