Strategy Continues To Sell Bitcoin And Common Stock

Serial cryptocurrency acquirer Strategy (NASDAQ: $MSTR) continued to sell both Bitcoin (CRYPTO: $BTC) and its common stock over the past week. 

The company led by Chairman Michael Saylor 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 Bitcoin proceeds to buyback 1,152,020 shares of its variable-rate preferred stock (NASDAQ: $STRC) at a cost to the company of $108.6 million U.S.

The latest Bitcoin sales reduced Strategy's holdings to 840,447 BTC, acquired for $63.36 billion U.S. at an average price of $75,385 U.S. 

The 1,690 Bitcoin were sold over the past week at an average price of $64,262 U.S., meaning the company continues to sell BTC at a loss. 

Strategy is prioritizing building up its cash reserves and ensuring that it has enough money to cover dividend payments on its preferred stock, which yields 12%. 

Strategy directed $650 million U.S. of the proceeds from its common-stock sale to its cash reserves, increasing the balance to $4.65 billion U.S. 

Following the latest transactions, Strategy has $785.2 million U.S. remaining on its preferred stock repurchase program. 

Bitcoin is trading at $64,800 U.S. on Aug. 10. MSTR stock has declined 75% over the last 12 months to change hands at $100.01 U.S. per share.