Strategy sells 1,690 bitcoin, raises $653 million from MSTR shares

MarketsStrategy sells 1,690 bitcoin, raises $653 million from MSTR sharesThe company increased its USD reserve to $4.65 billion while reducing its bitcoin holdings to 840,447 BTCBy James Van Straten|Edited by Shaurya Malwa50 min ago1 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowStrategy sold 1,690 bitcoin for $108.6 million and used the proceeds to repurchase 1.15 million STRC shares.The company raised $653.1 million through MSTR stock sales, directing $650 million to its USD reserve.Bitcoin treasury firm Strategy (MSTR) had raised $108.6 million last week through the sale of 1,690 bitcoin and an additional $653.1 million from the sale of 6.59 million shares of common stock, according to a Monday filing. The company used the bitcoin sale proceeds to repurchase 1,152,020 shares of its variable-rate preferred stock, STRC, for $108.6 million.The bitcoin sales reduced Strategy’s holdings to 840,447 BTC, acquired for $63.36 billion at an average price of $75,385. The 1,690 bitcoin were sold at an average price of $64,262, net of fees and expenses.Strategy directed $650 million of the proceeds from its common-stock sales to its USD reserve, lifting the balance to $4.65 billion as of Aug. 9. The remaining $3.1 million was added to the company’s cash balance.Following the latest transactions, Strategy has $785.2 million remaining under its preferred-stock repurchase program and $1 billion available under its MSTR common-stock repurchase program.MSTR and STRC are both up 0.5% in Monday pre-market trading, with bitcoin changing hands near $65,000.Bitcoin NewsLatest Crypto News 1Crypto exchange Coinsbuy loses $8 million in coordinated two-blockchain attack1 hr ago2Why the UK financial watchdog is drafting new rules for tokenized gold1 hr ago3Bitcoin's BIP-110 episode is free-market capitalism in purest form1 hr ago4Bitcoin steadies above $65,000 as Iran-Oman deal talk eases Hormuz concerns, lift…

Strategy sells 1,690 bitcoin, raises $653 million from MSTR shares

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