MicroStrategy
Strategy raises cash reserves to $1.4 billion with MSTR sales
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Strategy sold 2.71 million shares of its common stock last week to raise $335.5 million, directing most of the proceeds into cash reserves rather than Bitcoin purchases. The move lifted the company's US dollar holdings to $1.4 billion while adding only 520 Bitcoin. The action followed a sharp drop in the price of its STRC preferred shares.
Michael Saylor's firm Strategy now controls a record 65 billion dollars worth of Bitcoin.
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MicroStrategy, the largest public holder of Bitcoin, will pause cryptocurrency purchases this week. Executive Chairman Michael Saylor announced the break on Sunday via X, as the company prepares for its first-quarter earnings report on Tuesday. Wall Street anticipates a quarterly loss.
MicroStrategy, now known as Strategy, asserts that its bitcoin holdings provide a strong buffer against debt even if the cryptocurrency's price falls sharply to $25,000. This statement comes amid a 49% decline in its stock price and potential exclusion from MSCI indices. The company highlights its overcollateralized balance sheet to demonstrate financial resilience.