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Strategy trims bitcoin holdings, sells stock to fund cash and buybacks

The firm sold 1,638 bitcoin and raised $290.6 million through a common stock offering, then repurchased 912,143 STRC shares for $81.2 million.

Reported · Written up by our desk · Market Structure

Strategy sold 1,638 bitcoin last week, cutting its holdings to 842,138 BTC, according to CoinDesk. The company also issued 3.01 million MSTR shares to raise $290.6 million.

CoinDesk reports the new capital was used to fund preferred dividends, add $250 million to its USD reserve, and repurchase 912,143 shares of STRC for $81.2 million.

The SEC filing cited by CoinDesk said the bitcoin sold reduced Strategy’s BTC inventory acquired for $63.51 billion at an average price of $75,419.

CoinDesk adds that Strategy said it would maintain STRC’s annual dividend rate at 12%, saying it does not intend to recommend a reduction until the shares trade consistently near their stated $100 value. MSTR was down 1.9% pre-market as bitcoin fell to about $62,500 over the weekend.

Latest closeBitcoin $63,780.28 ▲0.5%

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