Strategy bought 811 BTC for $65.5 million and repurchased STRC for $208 million

Strategy, the largest public holder of Bitcoin, resumed purchases after a week-long pause. Between October 26 and November 1, the company acquired 811 BTC for $65.5 million at an average price of $80,846 per coin, it reported on November 2. The total stock increased to 849,327 BTC, purchased for $64.08 billion at an average of $75,451 per coin.

The purchase was financed by selling 1,178,552 shares of MSTR – the ticker for Strategy's shares – for $164 million in net proceeds. Of this amount, $65.5 million went to Bitcoin, and $98.5 million went into the cash reserve USD Cash, which is used for Bitcoin purchases and other treasury operations.

Buyback of STRC and reserves

Simultaneously, Strategy repurchased 2,092,035 preferred shares of STRC for $208.2 million – more than $204.9 million a week earlier when the company paused Bitcoin purchases. STRC is a preferred stock with a variable rate and regular dividends. The buyback was financed from USD Cash, and it accounted for more than three times the funds allocated to Bitcoin.

USD Cash decreased from $242.4 million to $132.7 million. A separate USD Reserve, from which dividends on preferred shares and interest on debt are paid, amounted to $4.79 billion after paying $43.4 million in dividends. The preferred stock buyback program has $748.6 million remaining. The company estimated its total dollar assets at $4.9 billion, with a "USD Duration" of 3.3 years.

Strive and the market

Another treasury company, Strive, purchased 124 BTC for approximately $10 million, bringing its stock to 43,124 BTC. A week earlier, it acquired 6,182 BTC at an average of $82,732 – the largest single transaction at that time, increasing its stock from 36,818 to 43,000 BTC. The purchase was mainly financed from existing funds: cash reserves decreased from $504.4 million to $490.4 million. Strive still holds 505,000 shares of STRC, maintaining exposure to the competitor's preferred stock. Together, both companies bought 935 BTC for approximately $75.5 million.

On November 2, Bitcoin traded around $77,700 – below the average purchase prices of both companies, after falling below $80,000 due to the Binance hack on October 29.