Crypto
MSTR Sells More Bitcoin, Buys Back Preferred Stock Amid Ongoing Bear Market
Nasdaq-listed company MSTR has sold another batch of Bitcoin, this time for $108.6 million, and used the proceeds to buy back its preferred stock STRC. The sale reduced its Bitcoin holdings to 840,447 coins from a previous 842,138.
The cash generated by the sale was used to purchase 1,152,020 STRC shares worth $109 million as part of a buyback program.
MSTR has maintained that it remains a long-term buyer of Bitcoin despite recent sales, which have boosted its cash buffer and USD reserve to $4.65 billion.