MicroStrategy Sells Bitcoin Holdings, Raises Cash
MicroStrategy's stock fell by 4.34% to $93.32 after the company sold about 1,637 Bitcoin for roughly $105 million and increased its USD reserve to $4 billion.
The sale reduced MicroStrategy's total holdings to 842,138 BTC, which were acquired at an average price of $75,419 per coin for a total of around $63.51 billion.
MicroStrategy raised an additional $290.6 million through the sale of 3.01 million MSTR shares and added $250 million to its USD reserve to support preferred stock dividends, interest payments, and other capital management needs.
The company has been shifting more attention towards liquidity after Bitcoin's decline put pressure on its balance sheet.