Strategy, the largest corporate holder of Bitcoin, suspended its weekly acquisition of the cryptocurrency to focus on capital management. Between August 31 and September 7, the company repurchased 1.8 million STRC preferred shares for a total of $176.3 million, as disclosed in a filing with the US Securities and Exchange Commission.
Alongside the share buyback, the company doubled its Digital Credit Securities Repurchase Program to $2 billion. Strategy currently holds 845,050 Bitcoin, which were acquired for a total of $63.6 billion at an average price of $75,412 per coin. The company previously made a $370 million Bitcoin purchase in mid-June.
The STRC preferred stock traded at $97.70, reflecting a 2.3% discount from its $100 par value. Trading below par restricts the company's ability to raise funds through new STRC sales. In June, the firm established a framework to fund dividends through Bitcoin sales and set the annual dividend rate for STRC preferred shares at 12%.
Other corporate entities continued their Bitcoin accumulation. Strive, the fifth-largest corporate holder, purchased 1,375 Bitcoin for $109 million, bringing its total holdings to 24,531 Bitcoin. Additionally, the French company Capital B acquired $25 million worth of Bitcoin, marking its largest purchase in nearly a year.
