MicroStrategy Sells $100M+ in BTC, Bolsters Cash Reserves Amid Market Uncertainty

MicroStrategy has continued its Bitcoin-focused strategy by selling over $100 million in BTC and using the proceeds to bolster its cash reserves. In a recent filing with the SEC, it was revealed that the company sold approximately 1,638 BTC between July 27 and August 2 at an average price of $63,957.

This move follows a larger trend by MicroStrategy to strengthen its balance sheet and reduce its reliance on Bitcoin sales during market downturns. The company has been working to expand its cash reserves, which now stand at $4 billion, up from $3.75 billion previously.

As part of this effort, MicroStrategy also repurchased around $81 million worth of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). This move is seen as a way for the company to tighten its BTC credit and increase its USD duration by 57 days.