Strategy, the largest corporate holder of bitcoin, refrained from purchasing the cryptocurrency last week. Instead, the Nasdaq-listed company repurchased 1.42 million of its preferred STRC shares for approximately $139.3 million. This transaction occurred between September 8 and September 13.
The firm currently holds 845,050 bitcoins, valued at $66.2 billion. Its cash reserves include $5.1 billion in a reserve account and $1.3 billion in cash. This year, the company shifted its strategy from consistent bitcoin acquisitions to stock buybacks and building cash reserves.
Despite a previous 10-week pause, the company resumed bitcoin purchases in late August, acquiring nearly $370 million worth of the asset. The company previously reported a quarterly loss of $8.22 billion in July. CEO Phong Le stated that the firm maintains a robust balance sheet.
Shares of the company, traded under the ticker MSTR, rose 3% on Monday. The stock price has declined by more than 75% since reaching a peak in November 2024. The company, formerly known as MicroStrategy, began its bitcoin treasury operations in 2020 to hedge against inflation.
