Strategy Skips Bitcoin Again, Buys Back $25M of STRC Stock
Strategy, the company formerly known as MicroStrategy, has announced that it will not be buying Bitcoin for now. Instead, it will use $25 million to buy back its own preferred stock, Stretch (STRC). This decision marks the fifth time in a row that Strategy has skipped buying Bitcoin.
The company still holds 843,775 Bitcoins on its balance sheet, worth over $55 billion at today's price of $65,576 per coin. It generated $544.5 million in net proceeds by selling 5,429,160 shares of MSTR common stock through its at-the-market program between July 20 and July 26.
Strategy has leaned on dollar accumulation over fresh Bitcoin buys across recent weeks, a shift from the aggressive purchases that defined much of its history. The firm now has $3.75 billion in cash that will not be used to fund repurchases, according to a filing.