Strategy to sell bitcoin gives room as MSTR buyback lags new shares
Strategy Inc has set up a controlled way to sell bitcoin, but the big question for investors is how far the company will go with dilution as it discusses buybacks. The board's plan, out Monday, allows bitcoin sales, raising cash reserves, and buybacks of as much as $1 billion in both common and preferred shares. A number traders watch is the gap between new buyback headlines and last week’s share sales. Strategy sold 12.67 million MSTR shares for $1.152 billion net in the week ending June 28, according to a June 29 filing. The company did not buy any bitcoin in that span and still had $24.26 billion left it could raise through selling Class A common stock.