Strategy CEO Phong Le Says Bitcoin Accumulation Will Continue Later This Year. Is It Time to Give MSTR Stock Another Chance?
Strategy is no longer buying Bitcoin. That should concern investors.
Overview
The first thing you need to know about Strategy (NASDAQ: MSTR) -- the company currently doing little else besides buying and hoarding Bitcoin (CRYPTO: BTC) -- is that it has not purchased any new Bitcoin since June 22. Since then, the company has instead sold Bitcoin four different times.
So just how concerned should investors be? According to Strategy CEO Phong Le, Bitcoin accumulation will continue later this year, as soon as the company builds a stronger balance sheet and props up the value of its STRC (NASDAQ: STRC) preferred stock offering.
Details
In June, Strategy (the company formerly known as MicroStrategy) announced a brand-new capital management plan designed to put the company on a stronger financial footing, given that the price of Bitcoin continues to drift downwards. The strategy relies on a newfound willingness to sell Bitcoin when necessary, something the company previously said it would never do.
Source
Originally published at www.fool.com.