Strategy Sells $2B in MSTR Stock, Boosts Fiat Reserves
MicroStrategy, now rebranded as Strategy, has sold $2 billion worth of its own stock, MSTR. The company used the funds to repurchase shares of its STRC perpetual preferred stock and expand its fiat reserves.
The stock sale took place between August 17 and August 23, with Strategy selling 18,261,118 MSTR shares during this time. According to an SEC filing, $136.4 million was allocated towards buying back shares of the STRC perpetual preferred stock.
Strategy has also boosted its USD Reserve by $300 million, bringing it to a total of $5.1 billion. The remaining $1.59 billion was used to establish a 'USD Cash' liquidity facility, which Strategy says can be deployed for various purposes, including purchasing Bitcoin and paying cash dividends on preferred shares.
The company's Bitcoin treasury remains at 840,447 BTC, acquired at an average price of $75,385 per coin. The total cost of this stash is approximately $63.4 billion, inclusive of fees and expenses.