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BTC Strategy increased its U.S. dollar reserves to US$3 billion without selling Bitcoin
Strategy increased its U.S. dollar reserves to US$3 billion without selling additional bitcoin (BTC), easing market concerns about the company's massive sell-off.
Key Points
Strategy added US$450 million to its U.S. dollar reserves through a public offering of common shares at market price.
The company still holds 843,775 bitcoins, worth approximately US$53 billion at a bitcoin price of nearly US$63,000.
A larger cash buffer may reduce the need to sell Bitcoin in the near future to pay preferred stock dividends.
Strategy Company Cash Reserves
Strategy Co-founder and executive chairman Michael Saylor said on Monday that the company raised another $450 million through a market-to-market public offering of common stock, raising its U.S. dollar reserves from $2.55 billion to $3 billion. The company has not announced new Bitcoin purchases, but it has avoided additional sales after last week's sell-off upset traders. Strategy continues to hold 843,775 bitcoins, which are traded at close to $63,000 and worth just over $53 billion. The expanded reserves allow the company to cover potential dividends in future years, depending on future payment levels and other obligations. The announcement came after Siler posted a mysterious message on X (formerly Twitter) that attracted attention because similar messages often signal Bitcoin purchases. But this time, the company strengthened its cash position through equity issuance rather than increasing its exposure to cryptocurrencies.
Bitcoin price impact
The move could reduce the risk of short-term selling because strategy companies can use cash to pay preferred stock dividends and other payments instead of immediately drawing on their bitcoin reserves. However, the company's financing options remain important to shareholders because duplicate stock offerings dilute common stock equity. Strategy sold 3,588 bitcoins last week for approximately $216 million, the largest bitcoin sale to date, bringing its position to current levels. Bitcoin initially fell thousands of dollars after the disclosure, then rebounded, while MSTR shares briefly broke through $100 and gave up gains. STRC, a preferred security for Strategies, rebounded from below $75 and closed above $87 on Friday as investors assessed the company's larger dollar cushion. Market reaction suggests that some investors view the additional liquidity as support for future dividend payments. Strategy began building its corporate bitcoin reserves in 2020 and subsequently funded purchases through debt, common stock and preferred securities. Its latest shift suggests that cash management is now even more important as Bitcoin prices fall, dividend commitments and shareholder dilution reshape the company's reserve model.
