Strategy Buys More BTC, Bolsters Cash Reserves Amid Pressure on Preferred Shares

Strategy, a company led by Michael Saylor, made two significant moves last week. It sold about 2.7 million shares of its common stock for $335.5 million and used some of that money to buy an additional 520 BTC at an average price of $67,068 per coin.

The remaining $300 million went into the company's cash reserve, bringing that total to $1.4 billion. This move comes as Strategy's STRC preferred shares continue to face pressure from investors who are uneasy about whether the company can fund its dividend payments.

STRC has traded below its par value of $100 and last week fell to a record low below $83 before recovering some ground. According to Samson Mow, a Bitcoin advocate, STRC has a self-repairing mechanism that limits supply when the stock trades below $100.