Michael Saylor’s Strategy Boosts STRC Buyback Program To $3B, Keeps BTC Buying Muted

• An analyst said STRC’s return to its $100 par value could be important for Strategy’s ability to resume larger Bitcoin purchases through its ATM offering.
• Other crypto treasuries also announced new purchases of their underlying assets on Monday. 
• Tom Lee’s Bitmine announced it had bought $30 million worth of Ethereum over the past week, while Strive said it purchased 1,223 BTC at an average price of $81,734.

Strategy (MSTR), the Bitcoin treasury company backed by Michael Saylor, expanded its digital credit securities repurchase program to $3 billion from $2 billion on Monday, even though its latest Bitcoin purchase totaled just 267 BTC.

The company said it had repurchased $193 million of its STRC preferred stock and acquired 267 Bitcoin. Its total holdings reached 848,517 BTC, alongside $5.3 billion in U.S. dollar assets.

MSTR stock gained nearly 2% in pre-market trade, with retail sentiment around the shares on Stocktwits trending in ‘bearish’ territory over the past day. Chatter stayed at ‘normal’ levels.

Meanwhile, Bitcoin’s price edged 0.8% higher in the last 24 hours, holding ground above $82,500. The apex cryptocurrency saw retail sentiment trending in the ‘extremely bearish’ zone over the past day. 

Strategy Expands STRC Buyback Program To $3B

The expanded authorization gives Strategy more room to repurchase its digital credit securities, including STRC, its variable-rate preferred stock. The program’s size does not mean the company will spend the entire $3 billion, but it increases the amount available for potential repurchases.

VanEck’s head of digital assets research, Matthew Sigel, wrote on X that STRC briefly traded at $99.90 last week before retreating to $97.72 following MSCI’s finalized rules to remove MSTR from its indexes.

According to him, MSCI has limited representation in preferred-stock indexes, making STRC’s return to its $100 par value an important level to watch. Trading around par could help Strategy resume larger Bitcoin purchases funded through its at-the-market (ATM) offering, the analyst said.

Tom Lee’s Bitmine Adds $30.3M In Ethereum

Elsewhere in the digital asset treasury sector, Tom Lee’s Bitmine Immersion Technologies (BMNR) purchased $30.3 million worth of Ethereum (ETH) over the past week, bringing the value of its reported holdings to $14.65 billion.

Meanwhile, Strive (ASST) purchased another 1,223 BTC last week at an average price of $81,734 per Bitcoin, bringing its total holdings to 36,818 BTC. The company said the purchases took place from Wednesday through Friday.

BMNR stock gained around 2% in pre-market trade, while ASST stock rallied around 2.7%. On Stocktwits, retail sentiment around both companies trended in the ‘bearish’ territory over the past day. 

MSTR Retail Investors Debate Bitcoin Vs. Dilution

Retail investors on Stocktwits were divided over how to assess Strategy’s capital strategy, with some focusing on its growing Bitcoin holdings and others questioning how financing decisions affect common shareholders.

Strategy on Friday responded to the change in MSCI rules, urging the agency to withdraw its proposal. The updated framework is scheduled to take effect with the November index review.

Read also: Black Monday Calls, $110 Oil, A Chip Rout: 3 Charts to Watch This Week

For updates and corrections, email newsroom[at]stocktwits[dot]com.<