Michael Saylor's Strategy Goes 3 Weeks Without Touching Bitcoin Stash, Keeps Buying STRC Stock

Strategy left its Bitcoin holdings unchanged at approximately 845,050 coins for a third consecutive week.

• Strategy repurchased about 1.42 million STRC preferred shares for $139.3 million during the latest week.
• The company has now spent roughly $455 million on STRC buybacks over the past three weeks.
• Strategy's flexible USD Cash pool has declined from $1.59 billion to $1.30 billion over the same period.

Michael Saylor’s Strategy (MSTR) announced on Monday that it held off buying or selling any Bitcoin (BTC) for a third consecutive week, while it continued to repurchase its STRC preferred stock.

According to the firm’s latest 8-K filing with the Securities and Exchange Commission (SEC), Strategy's Bitcoin holdings remain unchanged at approximately 845,050 coins, with an aggregate cost basis of $63.73 billion. That comes up to around $75,412 per coin. 

MSTR stock edged 0.8% higher in pre-market trade despite broader market weakness. 

Michael Saylor Buys Back More STRC Stock

While its Bitcoin stash remained untouched, Strategy used its USD Cash pool reserve to repurchase STRC preferred stock for the third straight week. It bought back around 1.42 million shares for $139.3 million over the past week.

That follows $176.3 million spent on the same purpose the week before, and $139.3 million the week before that.

The repeated buybacks are also reducing Strategy's flexible USD Cash pool.  The reserve stood at about $1.59 billion in late August before falling to $1.44 billion and then $1.30 billion over the following three weeks. That represents a decline of roughly $290 million, broadly matching the $454.9 million Strategy spent on STRC repurchases over the same period.

Strategy's separate USD Reserve, which is earmarked for preferred dividends and debt interest, has remained unchanged at $5.10 billion throughout the period. 

Bitcoin Watches $80,000 Ahead Of Fed Meeting

Bitcoin’s price gained around 1.3% in the last 24 hours, trading at approximately $77,700 at the time of writing with investors watching if the apex cryptocurrency would be able to breach $80,000 this week with the upcoming Federal Open Market Committee (FOMC) meeting on the docket come Wednesday.

On Stocktwits, retail sentiment around MSTR and Bitcoin trended in the ‘extremely bearish’ zone over the past day, dropping from ‘neutral’ territory over the past week. 

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