Strategy Lifts Preferred Stock Buyback Authorization to $3 Billion

Strategy's board raised the company's authorization for repurchases of digital credit securities to $3 billion from $2 billion. During Oct. 12-18, Strategy spent $193.1 million buying STRC preferred stock, a pace that continues the buyback activity covered in TokenPost's earlier report on the $2 billion authorization.

The company spent $22.1 million on Bitcoin (BTC) during the same period, making STRC repurchases about 8.7 times larger. Strategy added 267 BTC at an average price of $82,900 each.

The purchase brought Strategy's Bitcoin holdings to 848,517 as of Oct. 18. The company financed the purchase through the sale of 140,872 common shares.