Strategy Adds Another 267 Bitcoin, October Outlay Reaches $73M

Strategy, the top corporate bitcoin holder, purchased an additional 267 BTC last week. That raised its total stash to 848,517 coins, currently valued at $69.5 billion.

In a filing on Monday, the software firm disclosed it paid just over $22 million to acquire those tokens.

The most recent purchase was marginally larger than the prior week's deal, when Strategy also spent $22 million but for 250 BTC. For October to date, its total bitcoin expenditure stands at $73 million.

Shares of Strategy (MSTR) were up roughly 2% in Monday morning New York trading at about $139. The stock has fallen 17% over the last month and is down 11% so far this year.

The same filing revealed that Strategy bought back $193.1 million worth of its STRC preferred shares.

The company has been repurchasing its own shares this year because its STRC preferreds have been trading under their $100 par value, pushed down by market swings and index adjustments.

The firm, previously named MicroStrategy, first acquired bitcoin in August 2020, aiming to deliver stronger returns to its investors.

Since then, Strategy has invested roughly $64 billion in bitcoin, cementing its status as the biggest corporate holder. Its stock offers investors a way to get exposure to the top cryptocurrency without directly owning it.

Strategy is also concentrating on instruments that generate yield for investors, such as its STRF, STRC, STRK, and STRD preferred shares.

However, the firm may face challenges after Morgan Stanley Capital International last week stated it is pushing ahead with a proposal "to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes."

If implemented, that change could eventually see Strategy excluded from the index, potentially reducing institutional ownership of its shares.