TLDR
- Strategy (MSTR) stock traded at $142.80 in Monday premarket, down 2%, after a 7% drop last week to $146.02.
- The company bought no Bitcoin from Oct. 19 to Oct. 25, ending a five-week buying streak.
- Holdings remain at 848,517 BTC, bought at an average price of $75,446 per coin.
- Strategy spent $204.9 million buying back 2.07 million STRC preferred stock, cutting its USD Cash balance by 46% to $242.4 million.
- MSCI’s new rules for “non-operating” companies could lead to MSTR being dropped from its indexes.
Strategy (MSTR) stock traded at $142.80 in Monday premarket, down 2%. That follows a Friday close of $146.02.
The stock fell 7% last week. Bitcoin slipped 1.1% over the same stretch.
Strategy did not buy or sell any Bitcoin between Oct. 19 and Oct. 25. That ended a five-week buying streak, according to an 8-K filing with the SEC on Monday.
Holdings stay at 848,517 BTC. The coins were bought for about $64.02 billion at an average price of $75,446 each.
Bitcoin traded near $79,992 at Monday’s US equities open. At that price, the holdings are worth about $67.9 billion, or more than 4% of Bitcoin’s total supply.
Cash Went to STRC Buybacks
It was a quiet week on the Bitcoin front, but the checkbook was busy elsewhere. Strategy spent $204.9 million repurchasing 2.07 million STRC preferred stock between Monday and Friday.
The money came from the USD Cash balance. That fell 46% to $242.4 million from $447.3 million.
The separate USD reserve was unchanged at $4.83 billion. STRC edged down 0.01% to $99.35 in premarket trading.
October has been lopsided so far. Strategy has spent about $664 million on STRC buybacks, compared with $72.3 million to buy 851 BTC.
The pause came as Bitcoin fell toward $80,000 last week. It had reached $84,777 on Wednesday, according to CoinGecko.
MSCI Index Risk
Earlier this month, MSCI said it will adopt new rules for “non-operating” companies. The rules could ultimately lead to MSTR being excluded from its indexes.
Exclusion could make it harder for Strategy to raise money to buy more Bitcoin. Steve Lee, co-founder of Neoclassic Capital, previously told The Block that less demand from index investors could push the stock closer to the value of its Bitcoin holdings.
That would make raising funds through new stock sales less attractive. Strategy still dominates the roughly 200 public companies that use some form of Bitcoin acquisition model.
Metaplanet, Twenty One, Strive and MARA round out the top five. They hold 44,000 BTC, 43,514 BTC, 43,000 BTC and 35,577 BTC, respectively, according to Bitcoin Treasuries data.
Bitcoin briefly dropped below $80,000 earlier on Monday. MSTR was trading at $142.80 in premarket activity.
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