Michael Saylor's Strategy pauses Bitcoin buys for five weeks

Corporate ActionDigital Finance
โดย The Motley Fool·Read original
Summary · why it matters

Strategy, the world's largest Bitcoin treasury company, has not purchased any Bitcoin for five weeks, marking a significant shift in its approach. The company's last reported acquisition was during the week of June 15 through June 21, when it bought 520 BTC for $35 million at an average price of $67,068, which is above Bitcoin's price as of July 29. This pause follows Bitcoin sales in late May, late June, and early July, signaling that the flywheel strategy of issuing equity to buy Bitcoin no longer works because the stock trades at a discount to net asset value. Strategy now trades at 0.60 times its NAV, and issuing more stock would only lower its Bitcoin per share. The company is also maintaining cash reserves of $3.75 billion to cover at least 12 months of its $1.76 billion in annual dividend payments and interest expenses, including a 12% dividend on its Stretch perpetual preferred stock. CEO Phong Le stated that Strategy is evolving from one-way capital issuance to active capital management, but the company remains highly risky due to its reliance on Bitcoin and a complex financial structure.

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