MSTR stock rises as Strategy holds Bitcoin, builds $1.59B cash pool
Market / Price
Strategy (formerly known as Microstrategy) MSTR did not buy any Bitcoin last week, but the company used a roughly $2 billion stock sale to strengthen its liquidity position as the cryptocurrency rallied sharply. Bitcoin rose nearly 25% over the past week and traded around $78,700 after coming near $80,000 on Monday. Strategy shares gained about 7.2% on Monday before losing most of the gains and was trading 2.5% higher. The shares were up 34% over the past week, outperforming other crypto-exposed stocks such as Coinbase and Robinhood. Strategy builds $1.59B cash pool According to a filing with the Securities and Exchange Commission, Strategy sold 18.26 million shares between Aug. 17 and Aug. 23, generating about $2 billion in proceeds.
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