Strategy didn't buy any $BTC from 19 to 25 October, which ends a five-week run of purchases, and it still holds 848,517 coins bought for $64.02B at an average $75,446. It bought its own preferred instead... $204.9M of $STRC, about 2.07 million shares at roughly $98.99 a share, a point or so under the $100 par.
That buyback only works while the preferred trades below par, and the cash comes from selling common stock, the same pipe that used to fund the coin buying. So for one week $MSTR pointed that money at its own paper instead of Bitcoin. I think it saw the preferred under par as the better use of the cash, and I wouldn't read much more into a single week.
When it reports Q3 I'm watching whether it gives any timetable for buying coins again.
#Bitcoin #MSTR #Crypto #Stocks
That buyback only works while the preferred trades below par, and the cash comes from selling common stock, the same pipe that used to fund the coin buying. So for one week $MSTR pointed that money at its own paper instead of Bitcoin. I think it saw the preferred under par as the better use of the cash, and I wouldn't read much more into a single week.
When it reports Q3 I'm watching whether it gives any timetable for buying coins again.
#Bitcoin #MSTR #Crypto #Stocks