Cryptoupdated 1h ago2 min read
Archive photo · 30 October 2021Strategy And Strive Buy 935 BTC Through November 1, With Strategy Buying 811 BTC
4 Other3 Western AlternativePhoto: Shixart1985, CC BY 2.0 · Cropped for layout
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Strategy/Strive bought 811 BTC for $65.5 million in week ended Nov 1. STRC buybacks totaled $208.2 million, over three times BTC outlay.
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Strategy keeps buying BTC
Strategy and Strive together bought 935 BTC in the week through November 1, with Strategy buying 811 BTC at an average price of $80,846 and Strive buying 124 BTC for $10 million at an average of $80,526. Bitcoin changed hands at $77,948 on Monday, down 0.5% on the day, and it held above its October 30 low of $76,326 for three sessions.
Glassnode’s chart, labeled "Profit Taking Is Slowing Down," showed losses clustering near $63,000 in mid-August, when bitcoin bottomed at $62,535 on August 14. Glassnode wrote in its Monday note, "A hold above $75k would fit that pattern," as support ran from $76,510 to $76,326 and another key level sat at $74,968, the September 15 low.
STRC buybacks dwarf BTC
Strategy spent $208.2 million buying back STRC preferred shares while allocating $98.5 million to its USD Cash balance, and it spent about $65.5 million buying 811 Bitcoin. Strategy sold about 1.18 million MSTR shares for net proceeds of $164 million, and the filing allocated $65.5 million of that to bitcoin and $98.5 million to USD Cash.
Michael Saylor’s Strategy spent more than three times as much buying back its STRC preferred shares as it did acquiring Bitcoin last week, according to the Monday 8-K filing with the Securities and Exchange Commission. Strategy’s STRC preferred stock rose 0.1% in pre-market trading on Monday to $99.22, or about 0.8% below its $100 target price, and Strategy’s policy was not to issue new STRC shares below $100.
Saylor confirms the buy
Michael Saylor confirmed the buy on X, writing that "Strategy has acquired 811 $BTC and repurchased $208M of $STRC."
“Strategy has acquired 811 $BTC and repurchased $208M of $STRC.”
Strategy’s stack stood at 849,327 BTC after the week ended Nov. 1, and the company said it acquired the 811 BTC for $65.5 million at an average of $80,846 per coin.
Unchained reported that Strategy sold 1,178,552 MSTR shares for $164.0 million after commissions, and it directed $65.5 million to bitcoin and $98.5 million to USD Cash.
Unchained also said Strategy paused STRC sales in June after the preferred fell below its intended $100 level, and Saylor said in a follow-up post that STRC’s "BTC Credit tightened to 59 bps" under assumptions that included a bitcoin price of $76,700.