Michael Saylor has hinted that Strategy may have made its first bitcoin purchase since June 22, as bitcoin approached $79,000.
Bitcoin was up nearly 1% over the previous 24 hours and more than 2.5% from Friday’s low, following Federal Reserve Chair Kevin Warsh’s hawkish speech at Jackson Hole.
Strategy executive chairman Saylor posted “We’re Back” on X, suggesting that the company may have resumed its bitcoin purchases after a two-month pause.
Strategy shifts focus back to bitcoin purchases
The bitcoin accumulation company had spent the past few months, beginning in May, selling part of its bitcoin holdings to strengthen its balance sheet. More recently, Strategy stopped selling bitcoin and instead sold MSTR shares to increase its U.S. dollar reserves. It also began buying back its preferred stock, STRC.
Strategy now has nearly four years of preferred-dividend coverage. As a result, any new capital raised is likely to support additional bitcoin purchases and further STRC preferred-stock buybacks rather than increase the company’s U.S. dollar reserves.
STRC climbed as high as $98 on Friday, but Strategy is likely to continue its buybacks in an effort to help the preferred stock return to $100.
Read more: Strategy cuts net leverage to near zero as cash nearly matches convertible debt
Source: cryptonews.net
