Bitcoin Holds Near $82,000 as Strategy Expands Stock Buyback Program

Bitcoin holds — Bitcoin traded near $82,000 on Wednesday as the Nasdaq index rebounded, while corporate bitcoin holder Strategy announced an expansion of its stock repurchase program.

Strategy, the largest corporate holder of bitcoin, announced it had repurchased an additional $193 million of its Series A preferred stock (STRC). The company also increased the total authorized amount for its buyback program to $3 billion from a previous $2 billion.

The buyback initiative began earlier this year after the price of STRC fell sharply. In recent weeks, the security has traded close to its $100 par value, leading to some public criticism from observers questioning the strategy of buying at near-full price.

Meanwhile, Bitcoin’s price held steady as traditional equity markets showed strength. The tech-heavy Nasdaq Composite index was up more than 1% during the session.