MicroStrategy Buys 250 BTC and Repurchases $192M in STRC

3-line summary

• Strategy Inc (MSTR) disclosed buying 250 BTC and repurchasing $192 million of its STRC preferred shares as of October 12, according to Investing.com. In the prior weeks, the company sold 1,638 BTC at an average of $63,957 (versus an average cost basis of $75,419) through the week ending August 2, then bought 4,603 BTC through the week ending September 1 partly funded by a $602.8 million common-stock sale, and bought 950 BTC for $75.7 million while repurchasing $174.0 million of STRC through the week ending September 20, bringing holdings to 846,000 BTC.
• The company adopted a "Digital Credit Capital Framework" on June 29 that includes USD reserves for dividend and interest payments and authorizes up to $1.25 billion in BTC sales; since July 20, through September 15, it had spent about $950.8 million on STRC repurchases — more than 2.5 times its bitcoin purchase spending over that period.
• MSTR closed at $154.34 on October 9 and traded at $155.16 in pre-market on October 12; bitcoin traded at $82,950 as of 8:50am ET the same day.

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