Strategy Says It May Sell Up to $1.25 Billion of Bitcoin

Strategy Says It May Sell Up to $1.25 Billion of Bitcoin Michael Saylor’s Strategy Inc. said it may sell up to $1.25 billion of Bitcoin to bolster its cash reserve and established two repurchase programs of up to $1 billion each for common and preferred shares. Strategy said in statement Monday that its reserve is now approximately $2.55 billion. The fresh funds will be used to finance preferred stock dividends and interest expense as they become payable, or to replenish the reserve after such payments, when management determines that it is more advantageous than issuing Class A common stock or other capital markets transactions. The board has also established a policy of maintaining a minimum reserve equal to at least 12 months of current expected annual preferred stock dividend payments and interest expense. The dividend on the STRC preferred was raised to 12%.