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Crypto

MicroStrategy Buys Dollars, Not Bitcoin, With August Stock Sale Proceeds

Guavy AI Editorial Team
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MicroStrategy, a company known for its Bitcoin holdings, took an unexpected turn in August. Instead of buying more coins, it raised $3.28 billion by selling its own stock and used that money to buy US dollars.

The company's cash reserves have grown significantly since then. The USD Reserve now holds $5.10 billion, while a new pool called USD Cash has accumulated $1.59 billion. This brings the total amount of dollars held by MicroStrategy to $6.69 billion.

It's worth noting that MicroStrategy has not used its option to buy Bitcoin with the funds in USD Cash. The company has been sitting on this cash, even though the price of Bitcoin has risen by 22% in just seven days, according to BeInCrypto data.

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