Strategy spent more than twice as much on preferred buybacks as Bitcoin last week
Summary
Strategy raised $284 million by selling 2.05 million MSTR shares during Nov. 2–8. It used $188 million to repurchase 1.89 million STRC preferred shares, $82 million to buy 1,036 Bitcoin at an average $79,012 each, and $14 million to add to USD Cash. The filing reported no sales through any of the company’s four preferred-stock ATM programs. Strategy also used $21 million from its USD Reserve for preferred dividends. As of Nov. 8, it held $4.77 billion in the reserve and $146 million in USD Cash. The transactions reduce preferred shares and potential dividend obligations but increase the common-share count, so their effect on value per share depends on the terms and use of proceeds.
