CoinScoopMicroStrategy prioritizes stock buybacks over additional Bitcoin purchases
MicroStrategy (MSTR), the world's largest institutional holder of Bitcoin (BTC), has doubled its stock repurchase authorization to $2 billion. The company aims to repair a key funding channel by buying back its preferred shares, which are currently trading below their $100 stated value. Between August 31 and September 7, the firm spent $176.3 million to repurchase 1.81 million shares, bringing total buybacks since July to approximately $811.5 million.
Summaries are written by AI from the original article. Not investment advice.