- Strategy went five weeks without buying Bitcoin, raising $525 million in cash instead and repurchasing its own STRC preferred stock for the first time.
- The company’s Bitcoin holdings remain frozen at 843,775 BTC, which is now $8.5 billion underwater against its purchase price.
- Strategy overhauled its metrics to introduce “net Bitcoin per share,” redefining its mNAV to 1.02x, just above the point where issuing shares to buy coins would shrink Bitcoin per share.
Strategy CEO Michael Saylor paused Bitcoin purchases for a fifth consecutive week, instead padding the company’s cash reserve by $525 million through an at-the-market stock offering. This marks the company’s longest buying hiatus in two years, leaving its Bitcoin stack frozen at 843,775 BTC since a minor 520-coin purchase on June 22.
However, the company used part of that cash to repurchase $25 million of its own STRC preferred stock, its first buyback under a $1 billion authorization approved by the board in late June. STRC has traded below its $100 par value since mid-May and hit record lows this month, prompting Saylor to prop up the preferred shares while diluting common shareholders by selling MSTR shares at 80% off their all-time high.
Consequently, Strategy’s Bitcoin holdings are now $8.5 billion underwater against the $63.69 billion the company paid. The firm also overhauled its internal metrics last week, introducing “net Bitcoin per share” that strips out $22.2 billion in debt and preferred claims, and redefining its mNAV to 1.02x—just above the threshold where issuing shares to buy coins would actually shrink Bitcoin per share.
Meanwhile, the broader crypto market saw major selloffs, with Bitcoin falling 3% to $63,400 while altcoins like HYPE dropped 9% to $54.45 amid a memory stock selloff and South Korean market slide. The U.S. Senate put off the Kraken-parent-payward-acquires-magic-labs-embedded-wallet-business” data-wpel-link=”external” rel=”nofollow external noopener”>CLARITY Act for now, missing its August window despite weeks of last-minute negotiations, while Circle bought nearly 1,000 blockchain patents from IBM to defend its stablecoin position against growing competition.
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