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Updated · Bloomberg · Jun 22Strategy Buys 520 Bitcoin for $39.4 Million, Using Common Stock for Third Straight Week
1 articles · Updated · Bloomberg · Jun 22Summary
- 520 Bitcoin bought between June 15 and June 21 cost Strategy $39.4 million, according to a regulatory filing released Monday.
- The entire purchase was funded by sales of Class A common stock, extending the company's reliance on equity issuance to a third consecutive week.
- Strategy, formerly MicroStrategy, made the latest buy despite earlier pledges to shift its fundraising toward perpetual preferred shares.
- The move shows Michael Saylor's company is still leaning on common-stock sales to keep adding to its Bitcoin holdings.
Insights
Why did Strategy abandon preferred shares, now diluting stockholders for its latest Bitcoin buy? Is Strategy Inc.'s massive debt a ticking time bomb for the entire Bitcoin market? Having sold Bitcoin for only the second time, is the company secretly preparing for a market crash?