Funding
Strategy Buys Bitcoin and Repurchases STRC Preferred Stock
Bitcoin treasury firm Strategy has spent $21.5 million on 250 Bitcoin, bringing its total holdings to 848,250 BTC. This purchase was made to support its existing Bitcoin holdings. Additionally, Strategy has repurchased $192.4 million worth of STRC preferred stock, increasing its STRC holdings. The company raised $21 million by selling MSTR common stock and used $500,000 in cash to cover the remaining cost. Strategy's CEO, Phong Le, defended the Bitcoin sales as the 'right trade' in September, shortly after setting a new holdings record of $143 million in Bitcoin. Despite the recent buying, traders on prediction market Myriad predict a 95% chance that Strategy's Bitcoin holdings will not surpass one million BTC by the end of the year.