MicroStrategy Invests $370 Million in Bitcoin Amid Market Recovery
Strategy, the company behind the MicroStrategy stock ticker MSTR, has made its first Bitcoin purchase since June. The firm invested $369.7 million to acquire 4,603 BTC for its corporate treasury, boosting its total holdings to 845,050 BTC.
The acquisition was funded through proceeds from Strategy's at-the-market (ATM) stock offering program, which generated $602.8 million from the sales of MSTR Class A common stock. The company allocated $369.7 million towards Bitcoin purchases.
Strategy also repurchased 1.5 million shares of its STRC preferred stock for $151.8 million and funded dividends on STRC stock with $50.7 million. Additionally, it added $30 million to its USD Cash liquidity account.
The purchase marks Strategy's first acquisition since late June, when it acquired 520 BTC. Between then and this purchase, the company sold roughly 6,916 BTC for $432.5 million, with two sales recorded in early August and its largest sale of 2,225 BTC in early July.