Strategy Company, the largest corporate holder of Bitcoin, missed another opportunity to buy Bitcoin last week, instead repurchasing its shares for $139 million. On Monday, the company reported to the SEC that from September 8 to 13, it repurchased 1.42 million preferred shares of STRC for approximately $139.3 million. Currently, Strategy holds 845,050 Bitcoins worth $66.2 billion at the current rate and has two cash balances: USD Reserve of $5.1 billion and USD Cash of $1.3 billion. According to the company, the total USD assets amount to $6.4 billion.
This year, Strategy shifted its focus from predictable Bitcoin purchases to repurchasing its own shares and accumulating cash reserves. In some cases, the company even sold small amounts of BTC – despite the fact that founder and chairman Michael Saylor is known for his mantra of "never sell your Bitcoins." After a 10-week hiatus, Strategy resumed purchases in the last week of August, acquiring nearly $370 million worth of Bitcoin. Since then, it has not bought any more.
Shares of Strategy (ticker MSTR) rose by 3% on Monday. However, the stock has lost more than 75% of its value since its peak in November 2024 – a month before Bitcoin first crossed the $100,000 mark. Strategy, formerly known as MicroStrategy, began buying Bitcoin in 2020 to protect shareholders from inflation and later transitioned to actively accumulating the asset.
The company defended its recent Bitcoin sales: CEO Fong Lee stated that Strategy now has an "unbreakable balance sheet." In its quarterly report in July, Strategy reported a loss of $8.22 billion, but Lee assured investors that the current paper loss is not a cause for concern. "We are the J.P. Morgan of the crypto economy, so selling 1,000 Bitcoins out of 840,000 is insignificant to me," he said in an interview.
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