News analysis
Strategy's discretionary cash falls to $447.3 million as preferred buyback limit rises to $3 billion
· By MyCryptoSignal Editorial · 328 words
CryptoSlate reports that Strategy's discretionary cash fell to $447.3 million after the company spent $193.1 million on STRC buybacks and raised its preferred-stock repurchase authorization to $3 billion. The Michael Saylor-led firm also disclosed a $22.1 million Bitcoin purchase at an average price of $82,900.
According to CryptoSlate, the buyback spending cut discretionary USD cash by 72%, and the repurchase authorization for preferred stock now stands at $3 billion. The disclosure came on Oct. 19, the same day the company reported buying Bitcoin worth $22.1 million at an average price of $82,900 over the previous week. CryptoSlate states that the acquisitions increased the company's holdings, though the summary does not give the resulting total. The report presents the cash drawdown and the larger buyback authorization as two parts of one capital decision at a company led by Michael Saylor.
Our own collected data, as of 21:16 UTC, shows Bitcoin at $81,979, up 1.30% over 24 hours. The coin traded between $81,152 and $83,035 in that window, which leaves the last price nearer the low end of the range. Over seven days Bitcoin is down 1.00%, and over 30 days it is up 0.77%. Its 14-period RSI reads 47, with a flat trend. Support sits at $81,849.1 and resistance at $81,960.6, both within a few hundred dollars of the last print.
The broader market carries a total capitalization of $2.588 trillion, up 1.48% over 24 hours, with Bitcoin dominance at 63.7%. Bitcoin's own 24-hour gain of 1.30% is slightly smaller than that market-wide move, and its 30-day change of 0.77% is smaller still.
Strategy's discretionary cash now stands at $447.3 million against a $3 billion preferred repurchase authorization, while Bitcoin trades at $81,979, close to the $82,900 average price the company reported paying. Those two figures sit alongside a market that has moved 0.77% over 30 days and a Bitcoin price resting near its 24-hour support level of $81,849.1.
Read the full story at CryptoSlate: https://cryptoslate.com/strategys-discretionary-cash-falls-72-as-buyback-authorization-rises-to-3-billion
Data, not advice.
Source: CryptoSlate — see our editorial policy.