Key Takeaways
Bitcoin treasury company Strategy held off on buying bitcoin last week, instead purchasing $139 million of its preferred stock.
According to Bitcoin Magazine, Bitcoin treasury company Strategy held off on buying bitcoin last week. A Monday filing with the Securities and Exchange Commission showed that the Nasdaq-listed company instead repurchased 1.42 million of its preferred stock, STRC, for approximately $139.3 million between September 8 and September 13.
Strategy still owns 845,050 bitcoins, valued at $66.2 billion, alongside two cash balances holding $5.1 billion in a USD Reserve and $1.3 billion in USD Cash. As the largest corporate holder of bitcoin, the company shifted this year toward buying back its stock and building cash reserves, and previously sold small portions of its bitcoin holdings. After a 10-week hiatus, Strategy resumed buying nearly $370 million in bitcoin in the final week of August, but has not made any further cryptocurrency purchases since.
Strategy's Nasdaq-listed shares, MSTR, traded 3% higher on Monday. The stock has experienced a decline of over 75% from its record high in November 2024. Formerly known as MicroStrategy, the enterprise software company pivoted to holding bitcoin in 2020. CEO Phong Le defended previous bitcoin sales by stating the company maintains a strong balance sheet.
Source & Fact-Check Note
This report is synthesized from coverage by Bitcoin Magazine. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at Bitcoin Magazine ↗
