Strategy Doubles Its Preferred Buyback Authorization to $2 Billion After a $176 Million Week of STRC Repurchases

Strategy‘s board approved doubling the aggregate authorization under its Digital Credit Securities Repurchase Program from $1 billion to $2 billion, the company disclosed in an 8-K filed Tuesday. As of Sept. 7, $1.19 billion remained available under the expanded program.

The company bought back 1,810,885 shares of STRC, its variable rate perpetual preferred stock, for $176.3 million between Aug. 31 and Sept. 7. That works out to roughly $97 per share, below the $100 par value the instrument is engineered to hold. No STRF, STRK, STRD, or MSTR shares were repurchased during the week. Strategy funded the buybacks entirely from USD cash.

Strategy sold no shares under its at-the-market program and neither purchased nor sold bitcoin during the period, leaving holdings flat at 845,050 BTC bought for $63.73 billion, an average of $75,412 per coin.

Cash reserves stood at $5.10 billion in the USD Reserve, which backs preferred dividends and debt interest, plus $1.44 billion of general purpose USD cash.

The program traces to the financing overhaul Strategy announced on June 29, which authorized up to $1.25 billion in bitcoin sales alongside separate $1 billion buyback authorizations for preferred and common stock. The full $1 billion remains untouched on the MSTR side. The program follows struggles STRC has faced in recent months.

Related Listen: A Technical Strategist Sees Opportunity in Bitcoin’s Quiet Market

{"@context":"http:\/\/schema.org\/","@id":"https:\/\/unchainedcrypto.com\/strategy-doubles-its-preferred-buyback-authorization-to-2-billion-after-a-176-million-week-of-strc-repurchases\/#arve-youtube-35zhrajbj5e","@type":"VideoObject","embedURL":"https:\/\/www.youtube-nocookie.com\/embed\/35ZHRajBJ5E?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=1&autoplay=0"}

The post Strategy Doubles Its Preferred Buyback Authorization to $2 Billion After a $176 Million Week of STRC Repurchases appeared first on Unchained.