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Crypto

MicroStrategy Ditches Bitcoin for Stock Buybacks

Guavy AI Editorial Team
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BTC
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MicroStrategy, the Nasdaq-listed enterprise software company, has opted to buy back its preferred stock rather than invest in Bitcoin. The company's strategy, or 'treasury,' bought $139 million worth of STRC shares between September 8 and 13.

The purchase comes after a brief respite from buying Bitcoin, which the company started scooping up again in August following a 10-week hiatus. However, it hasn't made any Bitcoin purchases since then.

MicroStrategy still holds over $66 billion worth of BTC, with two cash balances: USD Reserve and USD Cash, totaling $6.4 billion. The company has defended its recent Bitcoin sales, with CEO Phong Le stating that the firm now has a 'bullet-proof balance sheet.'

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