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How is Strategy building a $4.8 billion cash pile without touching its Bitcoin?
Michael Saylor’s Strategy [MSTR] is building up its cash reserves… without moving away from Bitcoin [BTC]. In fact, it looks like while there’s a focus on liquidity and financial flexibility right now, the long-term BTC play is still…
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Michael Saylor’s Strategy [MSTR] is building up its cash reserves… without moving away from Bitcoin [BTC]. In fact, it looks like while there’s a focus on liquidity and financial flexibility right now, the long-term BTC play is still very much in place.
Here’s what you need to know.
Strategy pauses BTC sales, raises cash reserves
Strategy ended a big series of weekly sales recently, a series that has been historically used to fund dividends and share buybacks. The firm did not buy or sell any Bitcoin last week.
Source: Strategy
Instead, the company raised about $333.7 million by selling MSTR shares. Of that, roughly $149.1 million was added to its dollar reserve, taking the total cash buffer to $4.8 billion.
Another $132.2 million went towards buying back STRC preferred stock. Additionally, $52.4 million was used for STRC dividends.
As far as its Bitcoin holdings were concerned, they remained unchanged at 840,447 BTC at press time. They were bought at an average price of $75,385.
Are Bitcoin ETFs in the green?
As per data from SoSoValue, Spot Bitcoin ETFs saw about $389.7 million in net outflows at the time of writing. Total net assets were at about $76.6 billion.
Source: SoSoValue
The greater trend’s been choppy, with outflows since May interrupted by occasional inflows.
However, this might help explain explain why keeping a larger cash reserve may be useful for Strategy. Rather than relying heavily on Bitcoin sales during harder times, the company now has more flexibility to meet its obligations using dollar reserves.
Has Bitcoin’s recovery been convincing?
Bitcoin’s price registered a hike of about 2.35% to hit $64,314 at press time, bouncing from lows near $62,700.
The RSI was above the neutral 50-level, implying that the buying pace was improving. However, the MACD was still below zero and alluded to cautious traders across the board.
Source: TradingView
For Strategy, this kind of market is worth watching. Bitcoin may be healing, but the picture isn’t strong enough to confirm a move higher just yet.
That makes a larger cash cushion useful while the company continues to hold.
Final Summary
Strategy raised its cash reserves to $4.8 billion while its 840,447 BTC holdings have been untouched.
Company is now allowing for more flexibility as ETF flows stay inconsistent.
