The strategy adds $525 million to cash reserves, and skips Bitcoin buying for a fifth week

Bitcoin Treasury Company strategy Went for the fifth week in a row without buying BitcoinAdding $525 million to its cash reserve instead and raising the balance to $3.75 billion.

The strategy sold 5,429,160 shares of MSTR common stock through its on-market program between July 20 and July 26, generating net proceeds of $544.5 million, the company said in a statement. advertisement. Her Bitcoin holdings remain at 843,775 BTC, unchanged since purchasing 520 BTC for $35 million. It has been detected On June 22.

The reserve covers 2.1 years of dividend payments, versus the $1.76 billion it owes each year in preferred dividends and debt interest, the strategy said.

the Deposit It also revealed Strategy’s first buyback of its preferred stock, 288,930 shares of Stretch stock (STRC) for $25 million. The purchase relied on a $1 billion digital credit securities repurchase program approved by the board on June 29, leaving $975 million available, along with a $1 billion warrant for common stock.

At STRC Trade below The “face value” of $100 since mid-May, Reaching record lows Earlier this month. per Yahoo! financeSTRC is trading for $88.61 in pre-market trading, up 1.99%.

The conversion dates back to Capital management framework The company adopted it weeks ago, which allowed the sale of up to $1.25 billion worth of Bitcoin to increase reserves, cover dividends and buy back funds. The strategy has since raised cash by selling MSTR shares instead of coins, increasing the reserve to $100. 3 billion dollars And then $3.225 billion While diluting common shareholders. It has $22.98 billion of MSTR capacity remaining.

In the prediction market Myriad, owned by DecryptionParent company of Dastan, users only place a 12% chance Strategy owns more than 1,000,000 BTC By the end of the year, down from 14% a month earlier.

New scale

The Bitcoin buying pause is the strategy’s longest in two years. Last week the company Overhauled investor metricsdebuting “Net Bitcoin Per Share,” which strips out $22.2 billion in debt and preferred claims to show what holders of common stock own.

The strategy also redefined mNAV against this number, with the accumulation threshold fixed at 1.0x. Under the old aggregate metric, the stock was looking to trade at a discount; In the new version, the stock price itself reads 1.02x, right at the line below which issuing shares to purchase coins dilutes one bitcoin per share.

Bitcoin traded at around $65,000 on Monday per CoinGecko dataWhich makes Strategy Stack worth $8.5 billion less than the $63.69 billion it paid. The company reports second-quarter earnings on Thursday.