Strategy Inc Unloads More Bitcoin and Common Shares to Boost Cash Reserve
Michael Saylor's Strategy Inc has continued its efforts to bolster its cash reserve by selling more bitcoin and common shares. The company, which holds a significant amount of bitcoin, sold $108.6 million worth of the digital asset in the seven days ending August 9.
In addition to the bitcoin sales, Strategy also offloaded 6.6 million common shares worth around $653 million during the same period. This move is part of the company's capital structure revision aimed at increasing its cash reserve.
Strategy has sold a total of $432 million worth of bitcoin since Saylor pivoted to capital management in late May, which has helped increase the company's reserve to approximately $4.6 billion. The preferred shares, known as Stretch or STRC, were repurchased for $108.6 million during this period.
Saylor had previously suggested that investors buy bitcoin and has urged them to do so in the past. Strategy owns a significant amount of bitcoin, with holdings valued at around $58 billion.