MicroStrategy Ditches Bitcoin for Stock Repurchases

MicroStrategy, an enterprise software company and the largest corporate holder of Bitcoin, has continued its shift in strategy from buying BTC to repurchasing its own stock. In a recent SEC filing, the Nasdaq-listed company revealed that it purchased $139 million worth of STRC preferred shares between September 8 and 13.

This move comes after the company started buying Bitcoin again in late August, scooping up nearly $370 million in BTC. However, since then, MicroStrategy has not made any further purchases of the cryptocurrency.

The company's decision to repurchase its own stock is a significant shift from its previous strategy of aggressively buying and holding Bitcoin. According to CEO Phong Le, MicroStrategy now has a 'bullet-proof balance sheet', and he reassured investors that the firm's current paper loss was nothing to worry about.