MicroStrategy Skips Bitcoin for Fifth Straight Period

MicroStrategy, formerly known as Strategy, has opted out of buying Bitcoin for the fifth consecutive period. Instead, it repurchased $25 million worth of its preferred stock, Stretch (STRC). This move comes after the company sold 5,429,160 MSTR shares via an at-the-market program between July 20 and July 26, generating $544.5 million in net proceeds.

The firm still holds a substantial amount of Bitcoin on its balance sheet, with 843,775 BTC valued at over $55 billion at today's price of $65,576 per coin. MicroStrategy's buyback plan is aimed at strengthening its balance sheet, according to the company.

This marks a shift from the firm's aggressive purchasing strategy that defined much of its history. MicroStrategy has leaned on dollar accumulation over fresh Bitcoin buys in recent weeks, retaining $3.75 billion in cash that will not be used for repurchases.