MicroStrategy pivots to active Bitcoin balance-sheet optimization
TL;DR Summary
MicroStrategy says it will move beyond its long-time 'never sell' stance and actively manage its $61.81B Bitcoin stash (818,334 BTC, about 4% of the supply) to boost bitcoin per share, including selling BTC to raise dollars or to buy debt if accretive. The company funds purchases via equity and debt and now maintains a $2.25B USD reserve to cover dividends on preferred stock and interest on debt. It posted a $12.5B net loss in Q1 as Bitcoin’s price slump weighed on results, and executives say the goal is to increase bitcoin per share with a BTC yield around 9% year-to-date.
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