MSTR Shares Climb as Bitcoin Per Share Declines
Strategy Inc (NASDAQ:MSTR) shares have been on an upward trend in recent days. Despite this, Bitcoin per share has seen a decline of 4.3% from June 30 to August 2.
The company's most recent capital raise of $395.3 million was allocated towards reserves, dividends, and preferred stock repurchases, with no funds used to acquire Bitcoin. Strategy Inc's balance sheet has evolved to resemble that of a credit manager, with the company taking on characteristics beyond simply gathering Bitcoin.
Strategy's estimated diluted share count climbed nearly 4% after June 30, while its Bitcoin holdings decreased by 0.5% over the same timeframe. This resulted in a lower Bitcoin per estimated diluted share to 201,822 satoshis from around 210,824.
The company used the proceeds from the sale of common shares and preferred stock to bolster its USD reserves and cover preferred dividend payments. A total of $250 million was allocated towards USD reserves, while $81.2 million was spent on buying back Stretch preferred stock at an average price of approximately $89.02 each.