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2 hours ago: Strategy Sells $105 Million of Bitcoin
Strategy, the bitcoin-hoarding firm founded by Michael Saylor, said it sold 1,638 bitcoin last week to fund preferred stock dividends and repurchases.
The sale, which raised about $105 million, comes on the heels of a turnaround plan unveiled last month, aimed at shoring up investor confidence.
After the recent sale, Strategy still holds 842,138 bitcoin, worth about $53 billion at current prices. Last week, the company reported a net loss of $8.2 billion for the second quarter, driven by a steep decline in the value of its bitcoin holdings.
Under its turnaround plan, Strategy said that it might sell bitcoin to raise up to $1.25 billion to help cover the dividend payments on its preferred stock and the interest on outstanding debt and to fund its share-repurchase program.
Strategy has faced mounting pressure amid a softer crypto market. Its common and preferred stock sold off sharply in recent weeks, while bitcoin dipped below $60,000 before reversing some losses.
Shares of Strategy fell about 1% in premarket trading.
https://www.wsj.com/livecoverage/stock- … 7IFQjWcsqF
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.,Re: 2 hours ago: Strategy Sells $105 Million of Bitcoin
MSTR has become nothing more than a legalized gambling racket. You're just betting on something that has no value and will go up or down based on current sentiment.
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VP_Spiro_T_CheneyRe: 2 hours ago: Strategy Sells $105 Million of Bitcoin
., wrote:
MSTR has become nothing more than a legalized gambling racket. You're just betting on something that has no value and will go up or down based on current sentiment.
Plus a capital structure that only works in a rising market. The huge variable dividend on their preferred stock acts like a quarterly margin call… as the stock price goes down, the amount of the dividend increases and they bleed even more cash, forcing more Bitcoin sales at depressed prices.
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Re: 2 hours ago: Strategy Sells $105 Million of Bitcoin
., wrote:
MSTR has become nothing more than a legalized gambling racket. You're just betting on something that has no value and will go up or down based on current sentiment.
No, you could borrow money and bet on bitcoin on your own. In the case of MSTR you're paying Saylor to YOLO that shyt into oblivion.
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