By cryptoadmin Michael Saylor hinted at Strategy’s first bitcoin purchase since June 22 as Bitcoin neared $79,000, up almost 1% over the past 24 hours and more than 2.5% from Friday’s low, followed by Federal Reserve Chair Kevin Warsh’s hawkish Jackson Hole speech.
Strategy’s MSTR$127,36·À la clôture executive chairman posted “We’re Back” on X, most likely implying that the company has purchased bitcoin for the first time in two months.
The new post comes after the bitcoin accumulation company spent the last few months, starting in May, selling some of its bitcoin stash to help bolster its balance sheet. Most recently, however, it halted the sale of its bitcoin and sold MSTR shares instead to increase its U.S. dollar reserves and began buying back its preferred stock, Stretch or STRC
Given that Strategy now has almost four years of preferred-dividend coverage, any new capital raised is likely to fund bitcoin purchases and further its STRC (preferred stock) buybacks rather than bolster its U.S. dollar reserves. Its preferred stock climbed as high as $98 on Friday, but the company will likely continue buybacks to help STRC return to $100.
Read more: Strategy cuts net leverage to near zero as cash nearly matches convertible debt
Bitcoin News Related Stocks Market Closed Strategy Inc$127.367.31%