MicroStrategy Reaches $3.75 Billion Cash Reserve Without Selling a Single Bitcoin
MicroStrategy's cash reserve has reached $3.75 billion after the company raised $544.5 million through a common stock sale, according to an SEC filing on Monday.
The funds were not used to purchase or sell any Bitcoin, with the firm's holdings remaining unchanged at 843,775 coins.
Michael Saylor, Executive Chairman of MicroStrategy, stated that the cash reserve is sufficient to cover 2.1 years' worth of preferred stock dividend payments.
The company also allocated $25 million from the raise towards repurchasing 288,930 shares of its STRC high-yielding preferred stock.
Markets responded positively to the news, with both MSTR and STRC rising approximately 2.5% in pre-market trading, coinciding with Bitcoin's price increase to $65,000 over the weekend.