MSTR Sells Bitcoin at Loss, Adds Proceeds to USD Reserve
MicroStrategy (MSTR) has resumed selling Bitcoin after a four-week pause, ending its streak of not selling any coins. The company's latest sale involved disposing of 1,638 BTC at an average price of $63,957, which is significantly lower than the $75,419 cost per coin when MSTR acquired them.
The sale generated $104.73 million in proceeds, with Strategy using a portion to fund preferred stock dividends and repurchase STRC shares under its Digital Credit Securities Repurchase Program.
Additionally, the company raised $290.6 million through its at-the-market (ATM) equity program, adding most of the funds to its USD Reserve. MSTR's USD Reserve now stands at $4.0 billion after using a portion for STRC share repurchases and general cash balance increases.
MSTR shares have underperformed Bitcoin's price year-to-date, with the stock declining nearly 40% compared to a 30% drop in BTC's value since mid-June.