Bitcoin Magazine Strategy (MSTR) Pauses Bitcoin Buying and Spends $205 Million on Preferred Stock
Strategy reported no bitcoin purchases or sales during the week of October 19 through 25. The company continues to hold 848,517 BTC, acquired for $64.02 billion at an average price of $75,446 per bitcoin.
Its cash went toward repurchasing $204.9 million of STRC preferred stock, and the firm kept a $4.83 billion cash reserve, according to a company release.
Michael Saylor’s company built its treasury into the largest corporate bitcoin holdings in the world through stock sales and convertible debt, using the proceeds to buy coins. That pattern has changed somewhat this year. The company has paused purchases several times and directed money toward buybacks of its preferred shares.
The company has had stints of pauses, from a week when the company halted its bitcoin buys to a stretch in which it sold bitcoin after five weeks without buying.
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