Bitcoin treasury company Strategy on Monday announced that it again sold Bitcoin last week, and used the cash to buy back its preferred stock.
In a filing with the Securities and Exchange Commission, the Nasdaq-listed company said it sold 1,690 coins for $108.6 million, bringing its holdings to 840,447 coins, down from 842,138 it had the week before.
The cash, Strategy said, went to buying 1,152,020 STRC shares worth $109 million as part of a buyback program. STRC in June fell far below the $100 stated amount.
Strategy, which went from being an enterprise software company to buying Bitcoin in 2020, hasn’t bought any Bitcoin since June.
The company has reassured investors that selling Bitcoin is just part of its plan to grow its cash buffer. Strategy said Monday that it now holds $4.65 billion in cash.
Strategy’s stock (Nasdaq: MSTR) was trading nearly 3% lower on Monday. The stock has taken a hit since the price of Bitcoin nosedived last year. Investors buy MSTR to get amplified exposure to the biggest digital asset.
