Bitcoin Magazine

Strategy Keeps Buying: Third Purchase This Month Brings October Spending to $73 Million

The largest corporate holder of bitcoin, Strategy, bought another 267 BTC last week, bringing its holdings to 848,517 digital coins — worth $69.5 billion at today’s prices. 

According to a Monday filing, the software company said it spent slightly more than $22 million on buying the new bitcoins. 

The latest buy allowed Strategy to snap up slightly more coins than its transaction the previous week, when it spent again $22 million on 250 BTC. So far in October, Strategy has spent $73 million on buying bitcoin. 

Strategy stock (NASDAQ: MSTR) was trading nearly 2% higher Monday morning New York time at about $139 per share. Over the past month, MSTR has dropped by 17%. Year-to-date, it’s down 11%. 

Monday’s filing also shows that Strategy also repurchased $193.1 million of its STRC preferred stock. 

Strategy has bought back its stock this year as its STRC preferred shares have traded below their $100 face value due to market volatility and index changes.

Strategy — formerly MicroStrategy — started buying Bitcoin in August 2020 as a way to generate better returns for its shareholders. 

It has since spent around $64 billion on BTC, making it the largest corporate holder of the asset. Investors can buy its shares to gain exposure to the leading cryptocurrency without having to buy bitcoin themselves. 

The company is now also focusing on products that pay investors yield via its STRF, STRC, STRK, and STRD preferred shares. 

Strategy could face trouble soon though after Morgan Stanley Capital International last week said it was moving ahead with a proposal “to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes.” 

Such a move could eventually remove Strategy from the index, leading to fewer institutional investors holding the stock. 

This post Strategy Keeps Buying: Third Purchase This Month Brings October Spending to $73 Million first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

  [[{“value”:”Bitcoin Magazine

Strategy Keeps Buying: Third Purchase This Month Brings October Spending to $73 Million
The bitcoin treasury company notched its third buy of October last week.
This post Strategy Keeps Buying: Third Purchase This Month Brings October Spending to $73 Million first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.”}]]  Read More   Bitcoin Magazine