STRATEGY SPENT $192.4 MILLION BUYING BACK STRC AND $21.5 MILLION ON BITCOIN — ITS USD CASH FELL FROM $833.4 MILLION TO $640.5 MILLION — $354.8 MILLION OF BUYBACK ROOM IS LEFT

Strategy bought 250 bitcoin from October 5 to 11 for $21.5 million, about $86,194 each. The same week it bought back 1,932,145 shares of its STRC preferred for $192.4 million, about $99.58 a share. That's nearly nine dollars on its own preferred for every dollar on bitcoin. The week before, it was about six. Strategy now holds 848,250 BTC.

The bitcoin came from $21.0 million of MSTR share sales and $0.5 million of USD Cash. The release doesn't say what paid for the buyback. Last week's filing said USD Cash did, and the balance points the same way this week. USD Cash fell $192.9 million, from $833.4 million to $640.5 million. That's the buyback plus the half million that went to bitcoin. The USD Reserve, the money set aside for dividends and interest, stayed at $4.88 billion.

Now look at what's left. Strategy had $1.00 billion of USD Cash on September 27. Two weeks later it's $640.5 million, and the preferred buyback program has $354.8 million of room. At this week's pace that runs out in under two weeks. Saylor's own gauge of how long the dollars last, which he calls USD Duration, went from 3.8 years in his September 28 post to 3.5 years in his October 12 post.

For coin holders it's a wash with a cost. Buying STRC back near its $100 face value trades a dollar of cash for a dollar less of preferred, so the claims ahead of common, net of cash, barely move. It doesn't add a coin. CEBE Tracker (cebetracker.io) still shows Strategy as of October 4, so this week isn't in its numbers yet. The coins grew by 250. The cash shrank by $192.9 million. At the time of this writing, bitcoin was $82,560.