Strategy bought $22 million of Bitcoin last week, its sixth purchase since August, and authorised an additional $1 billion for preferred-share buybacks.
01Summary
- 01Strategy added 267 Bitcoin to its holdings, now worth about $64 billion.
- 02The company spent roughly $193 million buying back shares of its preferred stock STRC.
- 03The board approved an extra $1 billion for preferred-share buybacks, bringing the total to $3 billion.
- 04Bitcoin’s price swung between roughly $80,000 and $84,000 last week, amid tensions over oil and tech stock sell-offs.
- 05Strategy had sold Bitcoin on four occasions earlier this year when prices fell as low as $58,000.
02Why it matters
This matters because Strategy’s continued buying signals confidence in Bitcoin despite recent volatility, and its large share buyback programme may affect the company’s stock price and dividend payments.
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