(Bloomberg) — Michael Saylor’s Strategy Inc. spent another week revising the company’s capital structure by selling more Bitcoin and common shares to bolster its cash reserve.
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The largest corporate holder of the digital asset on Monday said that in the seven days ended Aug. 9 it sold $108.6 million of Bitcoin, offloaded 6.6 million common shares worth around $653 million and repurchased $108.6 million of its Stretch, or STRC, preferred shares. Strategy owns about $58 billion in Bitcoin.
The company, which grew to prominence with its years-long Bitcoin-accumulation tactic, has sold around $432 million of Bitcoin since Saylor pivoted to capital management at the end of May amid rising concern over its financing scheme. The Bitcoin sales have helped to increase Strategy’s reserve to around $4.6 billion.
Saylor had earlier sought to ease concern over dilution to the common shares by making sales of STRC the company’s main source of funding. STRC hasn’t traded above the $100 par amount needed to make issuance of the securities profitable since early May. The preferred were currently trading at around $95.
Saylor — the co-founder and executive chairman of the enterprise software maker turned cryptocurrency accumulator — had urged investors in the past to do just about anything to buy Bitcoin.
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