Strategy, the company formerly known as MicroStrategy, raised $466.7 million through common stock sales between July 6 and July 12, bringing its cash reserves to $3 billion. The notable part isn’t the capital raise. It’s what the company didn’t do with the money.
For the second consecutive week, Michael Saylor’s firm purchased zero Bitcoin.
The cash pile grows, the BTC stack doesn’t
Strategy’s Bitcoin holdings remain parked at 843,775 BTC, acquired at a total cost of roughly $63.69 billion, which works out to an average price of about $75,476 per coin. At the time of the announcement, Bitcoin was trading between $62,500 and $63,000, meaning the company’s entire position is currently underwater on an average cost basis.
The $3 billion cash reserve is earmarked for dividends and interest payments on its preferred stock obligations.
