Michael Saylor’s Strategy, the world’s largest public company holding Bitcoin, raised about $2 billion through common stock sales last week while making no new Bitcoin purchases.
The Bitcoin treasury company sold 18.26 million MSTR shares between Aug. 17 and Aug. 23 through its at-the-market (ATM) offering program, according to a Monday filing with the SEC, adding a new pool of cash to its balance-sheet toolkit as part of an effort to preserve flexibility.
Strategy repurchased about 1.43 million of its STRC preferred shares for $136.4 million, added $300 million to its US dollar reserve and directed the remaining proceeds to a newly launched US dollar cash account.
“The new USD Cash pool gives Strategy more time and optionality, but it does not remove those underlying obligations,” said Nicolai Sondergaard, a senior research analyst at Nansen.
The newly established USD Cash pool, which currently holds $1.59 billion, will sit alongside its existing reserve (which stands at $5.1 billion reserves) bringing total cash to $6.69 billion...
Strategy said the new cash account gives management more flexibility to respond to market conditions and can fund purposes including Bitcoin purchases, preferred-stock dividends, debt payments and securities repurchases.
USD Cash enhances our Digital Credit C
