Strategy Lifts Preferred Securities Repurchase Authorization to $3 Billion

Strategy Inc. raised its preferred securities repurchase authorization to $3 billion and bought more Bitcoin (BTC), while its shares partly recovered from Friday’s steep decline in Monday premarket trading.

The board increased the authorization from $2 billion. The cap covers preferred securities and is separate from Strategy’s common stock repurchase program, which had $1 billion remaining. As of Oct. 18, $1.16 billion remained available under the preferred securities authorization.

During the week of Oct. 12-18, Strategy repurchased 1,938,780 STRC preferred shares for $193.1 million. It did not repurchase MSTR common shares during that period.

Strategy also bought 267 BTC for $22.1 million, including fees, at an average price of $82,900 per coin. The purchase brought its holdings to 848,517 BTC. The company’s total purchases cost $64.02 billion, including fees and transaction expenses, for an average of $75,446 per bitcoin.

Strategy shares rose 2.09% to $139.69 in Monday premarket trading. They had closed at $136.83 on Friday, Oct. 16, after falling 9.56% that day. As of Oct. 18, the company held $4.83 billion in its dollar reserve and another $447.3 million in cash for corporate purposes.