MicroStrategy Bought US Dollar in August, Not Bitcoin
MicroStrategy raised $3.28 billion in August by selling its own stock. It spent none of that money on Bitcoin (BTC).
The company bought dollars instead, and is poised to close the month with more cash, fewer coins, and a heavier dividend bill.
What MicroStrategy Did With the Money Instead of Bitcoin
Four weekly filings show that MicroStrategy sold 31.3 million shares so far across August. Not one dollar became Bitcoin.
The cash went into two piles:
- The USD Reserve grew from $4.0 billion to $5.10 billion.
- A brand new pool called USD Cash holds another $1.59 billion.
That is $6.69 billion sitting in dollars. The reserve has one job, which is covering dividends and debt interest. USD Cash is far looser.
"a separately designated pool of U.S. dollar liquidity that the Company may retain for future deployment for general Bitcoin Treasury Company purposes, which may include acquiring Bitcoinโฆ" the latest Strategy filing says.
So the option to buy is funded and written down. The company simply has not used it.
โฆ Continue reading the full article at the original source below.
