Strategy’s discretionary cash falls 72% as buyback authorization rises to $3 billion

Strategy's discretionary USD Cash fell to $447.3 million as the company spent another $193.1 million on STRC buybacks and raised its preferred-stock repurchase authorization to $3 billion.The Michael Saylor-led company disclosed on Oct. 19 that it bought Bitcoin for $22.1 million at an average price of $82,900 over the previous week. The acquisitions increased its holdings to 848,517 BTC, accumulated for approximately $64.02 billion.During the same period, Strategy spent another $193.1 million repurchasing nearly 1.94 million shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), extending an aggressive campaign to support the security's trading price near its $100 stated value.The firm's discretionary USD Cash holdings declined about 72% to $447.3 million as of Oct. 18, down from $1.61 billion on Aug. 30. The latest weekly decline of $193.2 million comprised $193.1 million in STRC repurchases and $100,000 in Bitcoin purchases.Chart Showing How Strategy's Flexible USD Cash Shrank in the Past WeeksStrategy financed $22 million of its latest Bitcoin acquisitions through the sale of 140,872 common shares, using just $100,000 of USD Cash for the remainder.Meanwh...