Strategy Increases Cash Reserves Without Changing Bitcoin Holdings
Cryptocurrency treasury firm Strategy (NASDAQ: MSTR) has increased its cash reserves to $3.75 billion by raising an additional $544.5 million through the sale of over 5.4 million shares of common stock. The company, led by Chairman Michael Saylor, stated that this amount provides coverage for preferred dividends for approximately two years. A small portion of the funds was used to buy back high-yielding preferred shares worth $25 million. Strategy has chosen not to alter its Bitcoin holdings, which remain at 843,775 coins. Despite these financial moves, MSTR's stock price has dropped by 77% over the past year and is currently trading at $91.67 per share.
Tickers: $MSTR
Topics: cash reserves preferred stock buyback stock issuance