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Strategy Boosts Cash Reserve by $747.8 Million Last Week via Stock Sales
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Strategy (MSTR) increased its cash reserves by $747.8 million last week through sales of common stock, according to an SEC filing. The company's USD reserve now stands above $2.2 billion and is intended to fund dividends on its preferred shares. At this level, the reserve can cover about 32 months of dividend payments.
This move was led by Executive Chairman Michael Saylor. MSTR is the largest publicly traded holder of bitcoin, with 671,268 BTC purchased for just over $50 billion. With bitcoin trading near $90,000, the value of MSTR's BTC holdings is about $60.4 billion.
MSTR stock was up about 3% in premarket trading as bitcoin traded above $90,000. However, the stock is down more than 40% year-to-date.
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