Strategy announced on November 2 that it had acquired 811 Bitcoin for approximately $65.5 million. The company also repurchased about $208.2 million of its STRC preferred shares. These transactions represent two distinct capital-allocation choices: increasing direct exposure to Bitcoin and reducing part of the preferred equity. Their implications will depend on the repurchase price, financing terms, obligations attached to the securities, and the balance between new issuance and subsequent buybacks.
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