Strategy Sells Big Chunk of Bitcoin, Shares Amid Capital Overhaul
Strategy Inc., led by Michael Saylor, is making significant moves to overhaul its financing model. After announcing a pivot from aggressively buying Bitcoin in June, the company has sold $105 million worth of the digital asset and offloaded three million shares worth $291 million.
The sale was part of Strategy's efforts to shore up its capital structure by increasing its reserve via sales of Bitcoin and its own shares. This move is a departure from the company's years-long strategy of accumulating Bitcoin, which had underpinned its financing model.
Strategy still holds $56 billion in Bitcoin, making it the largest corporate holder of the token. The company has also repurchased some $81 million of its STRC preferred shares, which are trading at a discount.