Strategy bought no bitcoin between 19 and 25 October, ending a five-week run of purchases, and spent about $204.9 million repurchasing its STRC preferred shares instead, The Block reports from an 8-K filed on Monday.
Holdings are unchanged at 848,517 BTC, acquired at an average cost of $75,446 each. With bitcoin hovering near $80,000, the position is only modestly in profit. The Block puts its value at about $67.9 billion against a cost of roughly $64 billion, both its own calculations.
The buyback retired around 2.07 million STRC shares and came out of the company’s cash balance, which stood at $242.4 million on 25 October. A separate USD reserve of $4.83 billion was reported alongside it.
The timing sits awkwardly with the share price. MSTR fell 6.9 percent last week to close Friday at $146.02. Earlier this month MSCI said it would adopt rules aimed at “non-operating” companies, which could ultimately see the stock dropped from its indexes.
Steve Lee of Neoclassic Capital told The Block that weaker index demand could pull MSTR towards the value of its bitcoin, which would make raising money through new share sales less attractive. That is one analyst’s prediction, not an observed effect.
Strategy has not said why it paused, or why it chose the buyback over more bitcoin. Nor has it said whether further STRC repurchases are planned.
A single quiet week is a rounding error against 848,517 coins. The filing shows what the company did, not what it intends, and the answer arrives with the next one.
