Michael Saylor, executive chairman of Strategy Inc. (Nasdaq: MSTR), once again drew the attention of the cryptocurrency market this Sunday (26). The executive published a chart showing the company's Bitcoin purchase history.
The image was accompanied by the phrase “We’ll need another color”. The chart brings together dozens of orange markers, which represent the BTC acquisitions made by Strategy since 2020.
According to the figures shown in the post, the company had accumulated 843.775 BTC, acquired in 113 operations. The position had an estimated value of US$ 54,36 billion.
The average price paid by Strategy was approximately US$ 75.653 per Bitcoin. The chart also indicated an unrealized loss of about US$ 9,47 billion on the company's holdings.
Saylor's posts with this chart are closely followed by investors. This is because the executive has used this format before updates on Strategy's Bitcoin reserves.
This time, however, the message was published after the company reported a relevant operation involving its shares. Between July 13 and 19, Strategy sold 2.732.318 MSTR shares and raised US$ 263,5 million.
Despite the fundraising, the company did not buy Bitcoin during the period. Instead, the resources helped increase its cash reserve to US$ 3,225 bilhões.
The strategy shows that the capital obtained from the sale of shares does not need to be directed immediately to new BTC purchases. The company can keep the resources in cash while managing its financial obligations and evaluating new acquisitions.
Strategy also has authorization to sell up to US$ 23,53 billion in additional common shares through its existing programs. The information appears in a document sent to the United States Securities and Exchange Commission (SEC) on July 20.
This amount represents the still available issuance capacity, and not an amount already raised. If new shares are sold, the resources may be allocated to the purchase of Bitcoin, to cash, or to other corporate needs.
The financial reserve gained importance after the company set a target of US$ 3 billion in cash to cover more than 20 months of dividends. With the current balance of US$ 3.225 billion, the estimated coverage reached approximately 1.8 years.
In addition, Strategy calculated that the market value of its Bitcoins corresponded to about 31 years of coverage for the dividends on its preferred shares. In this context, maintaining a larger reserve gives the company more freedom to determine the timing of its next Bitcoin operations.
