MicroStrategy has now gone five straight weeks without buying Bitcoin, raising $544.5 million by selling 5.43 million shares instead. The company’s cash reserve stands at $3.75 billion, but this share dilution has sparked criticism, especially after earlier signaling it would avoid issuing stock below a 1.2x NAV. The firm shows an unrealized loss of $8.84 billion on its Bitcoin, acquired at an average price of $75,476 per coin, while Bitcoin now trades near $64,700. This cash reserve is designed precisely to avoid selling BTC at a loss to honor dividends on preferred shares, as happened in June when 3,588 BTC were sold at around $60,000 each.
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