Strategy bought Bitcoin, but spent far more buying back its own shares

Strategy bought 250 Bitcoin in the week ended October 11 and spent almost nine times as much repurchasing its STRC preferred shares. The purchases show the company’s Bitcoin treasury and its financing structure making competing claims on capital. A share buyback can support a financing instrument without making a new Bitcoin purchase disappear, and the source of each dollar matters more than the comparison alone. The October 12 company disclosure is unusually revealing when its transactions are read together. Strategy acquired BTC with proceeds from MSTR common share sales and a small amount of existing cash.

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