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Strategy CEO Says Bitcoin Holdings Will Grow By Year’s End

Publicado hace 16 horas 1 min de lectura
Strategy CEO Says Bitcoin Holdings Will Grow By Year’s End

Strategy CEO Says Bitcoin Holdings Will Grow By Year’s End Yahoo Finance

Strategy (NASDAQ: $MSTR) CEO Phong Le is seeking to reassure investors that the company's Bitcoin (CRYPTO: $BTC) holdings will grow again this year.

Le said that Strategy intends to continue growing its Bitcoin holdings even after multiple sales in recent weeks that reduced the company's ownership to 840,447 BTC.

In an interview with Fox Business, Le said the company will return to accumulating Bitcoin once it finishes building up its U.S. dollar reserves and supports its preferred stock (NASDAQ: $STRC) that pays a bi-monthly dividend that yields 12%. 

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"When Stretch gets back to par, we'll issue more. We'll buy more Bitcoin," Le said.

Le's comments come after Strategy raised $108.6 million U.S. last week through the sale of 1,690 BTC and an additional $653.1 million U.S. from the sale of 6.59 million shares of its common stock.

The company used the proceeds to buyback 1,152,020 shares of its preferred stock at a cost of $108.6 million U.S. 

Strategy is trying to get the preferred stock's share price back to its $100 U.S. par value. The preferred stock is currently trading at $95.32 U.S. per share. 

The company is also trying to build its cash reserves to ensure that it has enough cash on hand to pay the dividend on the preferred stock. 

Strategy's cash reserves currently stand at $4.65 billion U.S.

The average purchase price of Strategy's Bitcoin holdings is $75,385 U.S., meaning the company continues to sell BTC at a loss.

Le told Fox Business that liquidity is Strategy's main priority right now. 

MSTR stock has declined 76% over the last 12 months to trade at $95.46 U.S. per share. 

Attribution

Originally reported by Yahoo Finance

#bitcoin#crypto

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