Michael Saylor's firm, Strategy, has continued its trend of selling Bitcoin to bolster cash reserves. Last week, the company sold 1,690 BTC for $108.6 million, reducing its total holdings from 842,138 to 840,447 coins. This sale occurred at an average price of $64,262, approximately $11,100 lower than its purchase price of $75,385, indicating ongoing losses from Bitcoin sales.
Since June, Strategy has not made any Bitcoin purchases and has sold a total of about $1.9 billion in common stock. The proceeds from these sales have been directed towards repurchasing preferred stock, which has seen a rebound to $95. Strategy's cash reserves now stand at $4.65 billion, up from $4 billion, providing a cushion for meeting annual preferred dividends and debt obligations totaling $1.76 billion without necessitating further sales of Bitcoin or additional share issuances.
Saylor expressed confidence in making the STRC preferred stock a leading digital asset, stating, "We aim to make $STRC the iPhone of Digital Assets." Despite the dilution from stock sales and Bitcoin divestments, MSTR stock has shown resilience, stabilizing around $100 per share after dropping to a low of $81.81 in late June.
