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

On Oct. 19, Michael Saylor-led Strategy reported that its discretionary USD cash had fallen to $447.3 million after it spent a further $193.1 million on STRC buybacks and raised its preferred-stock repurchase authorization to $3 billion. The company also said it acquired $22.1 million of Bitcoin over the previous week at an average price of $82,900. The preferred-stock authorization limits how much of that class of shares Strategy may repurchase.