Between September 14 and October 18, Strategy spent nearly $888 million buying back its preferred stock, compared with about $290 million to acquire 3,466 bitcoins. Weekly BTC purchases fell from 1,665 to 267, while cash reserves dropped from $1.3 billion to $447.3 million. Over the same period, large holders accumulated 88,987 bitcoins, far more than Strategy. After expanding its buyback program to $3 billion, including $1.84 billion already used, Strategy must balance financing for further bitcoin purchases with the payment of a 12% annualized dividend on its STRC security.
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