MicroStrategy acquired another portion of bitcoin while directing larger sums toward repurchasing its preferred shares, according to the company report.

Recent purchase and current holdings

MicroStrategy purchased an additional 950 BTC for $75.7 M, at an average price of $79,670 per coin. This marks the first purchase in three weeks.

The company now holds exactly 846,000 BTC, acquired for a total of $63.8 billion, with an average cost of $75,416 per bitcoin. MicroStrategy also keeps $6.09 billion in dollar reserves.

Shift in capital allocation

During the same week, MicroStrategy spent $174 M on repurchasing its perpetual preferred shares, ticker STRC, which exceeded the amount used to buy bitcoin by more than two times.

STRC are perpetual preferred shares with a floating dividend and a $100 par value; buying them below par reduces the company’s future dividend obligations.

Recent buyback and trading patterns

Between 20.07–13.09, the company spent $950.8 M on repurchasing STRC, while spending $369.7 M on bitcoin in the same period, with that bitcoin amount representing a single purchase in late August.

• During the summer MicroStrategy sold 1,638 and 1,690 bitcoin to fund dividends and preferred share buybacks.
• On 08.09 the company raised its buyback limit to $2 billion.

Financial engineering over accumulation

The latest data indicate that more funds have been allocated to supporting MicroStrategy’s capital structure than to expanding its bitcoin reserve. The repurchases reduce cash outlays tied to ongoing dividend payments on STRC.

By prioritizing repurchases, MicroStrategy appears to be managing its payout profile while continuing selective additions to its bitcoin position, according to the company disclosures.