The Bitcoin treasury company kicks off its $1 billion digital credit securities repurchase program by buying back preferred stock trading well below par value.
Strategy raised $544.5 million through the sale of 5.43 million Class A shares under its at-the-market (ATM) program during the week ended July 26, while making no Bitcoin purchases and increasing its US dollar reserve to $3.75 billion, according to a filing on Monday.
The company also repurchased 288,930 shares of its STRC preferred stock for $25 million. Strategy said $975 million remains authorized for preferred share repurchases and $1 billion for common stock buybacks.
The company remains the world’s largest corporate Bitcoin holder, with holdings worth around $55 billion.
Shares of Strategy (MSTR) rose about 2% in premarket trading on Monday, though the stock remains down nearly 40% year-to-date.
