MicroStrategy, the largest corporate holder of bitcoin, repurchased $139.3 million in preferred stock last week rather than adding to its digital asset holdings. According to an SEC filing, the company bought 1.42 million preferred shares between September 8 and September 13.
The company currently holds 845,050 bitcoins valued at $66.2 billion at current market prices, along with $5.1 billion in USD reserves and $1.3 billion in cash.
The stock buyback represents a continued shift in the company's treasury strategy. MicroStrategy, formerly an enterprise software firm that pivoted to bitcoin accumulation in 2020, has moved away from its earlier pattern of consistent cryptocurrency purchases. After a 10-week pause, the company resumed bitcoin buying in late August, acquiring approximately $370 million in the asset. It has made no bitcoin purchases since then.
This year has brought notable changes to MicroStrategy's approach. The company has also sold portions of its bitcoin holdings—a move that contrasts with founder Michael Saylor's historical stance against selling the cryptocurrency. CEO Phong Le has characterized the company's current financial position as having a "bullet-proof balance sheet."
MicroStrategy shares traded 3% higher on the announcement. The stock has declined more than 75% since reaching record levels in November 2024.
