Michael Saylor’s Strategy Sells $466M in MSTR Stock, Keeps Bitcoin Reserve Unchanged

Michael Saylor’s Strategy has generated around $466.7 million in proceeds from the Class A common stock sale. On the other hand, it has maintained its Bitcoin reserves for a week after the recent sales. The most recent fundraising effort reveals the company’s ongoing need to raise capital on the capital markets, despite avoiding new purchases of BTC.

Michael Saylor-led Strategy Continues Selling MSTR Stock

From July 6 through July 12, Strategy transacted 4,818,781 shares of its MSTR stock through its at-the-market (ATM) program. It registered $466.7 million in net proceeds, according to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC).

After the sale, the company has approximately $23.79 billion of authorized stock under its MSTR stock issuance program. Further, in the filing, the company said it had no Bitcoin in its possession during the reporting period.

Accordingly, the company’s holdings stayed the same at 843,775 BTC. This stack was acquired at a total price of $63.69 billion with an average cost per Bitcoin of $75,476, excluding fees and expenses.

Michael Saylor’s Strategy also revealed that it had $3 billion of U.S. dollars in reserve as of July 12. The reserve is used to pay the dividends on the company’s preferred stock and to pay interest on the company’s debt. The reported balance reflects expected proceeds from ATM share sales that were not settled by the reporting date.

Meanwhile, the firm didn’t repurchase any shares in its established share repurchase programs in the week ended July 12.

The Humongous BTC Sale That Shook The Market

The update comes after Strategy sold about $216 million worth of BTC last week. It marked the second time in the history of the company that they have sold Bitcoin.

The money raised went towards paying out STRC preferred stock and other digital credit securities dividends, the company said. The transaction left Strategy with 843,775 BTC, which was the same amount in this week’s filing. Also, the probability of Bitcoin sales worth $1.25 billion under its BTC Monetization Program has left the market in awe.