Strategy buys $370M Bitcoin in first corporate purchase since June
Strategy added to its BTC treasury for the first time in two months, while continuing to bolster its cash reserves and buy back its perpetual STRC preferred stock.
In a significant move, Strategy acquired 4,603 Bitcoin for $370 million, marking its first corporate Bitcoin purchase since June. The acquisition brought Strategy's total Bitcoin holdings to 845,050 BTC, valued at $63.3 billion at an average price of $75,413 per BTC. This move was funded by net proceeds from the sale of 602 million shares of MSTR common stock, with $30 million allocated to increase the company's USD Cash reserve and $151.8 million to repurchase its preferred STRC stock.
The announcement comes after Michael Saylor, Strategy's co-founder and executive chairman, tweeted "We’re Back," signaling a resumption of Bitcoin accumulation. Saylor has previously used cryptic weekend posts to hint at major treasury moves. Strategy's perpetual preferred stock, STRC, saw a slight increase in pre-market activity, trading at $97.33, a 2.67% discount to its $100 par value.
The company's capital framework now allows Bitcoin sales to fund dividends, and the annual dividend rate on STRC was increased to 12%. Strategy disclosed a Bitcoin sale of 32 BTC in early June, its first reported Bitcoin sale since a 2022 tax-loss transaction.
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