Cash Moves Beat Bitcoin for a Crypto Company

The company’s chief has chosen to add $525 million in cash rather than buy Bitcoin for a fifth straight week, the longest pause in two years. Its liquid assets now total $3. 75 billion, enough to cover more than two years of dividends and interest payments that the firm owes each year. During July 20‑26, the firm sold 5. 4 million shares of its own stock to raise that cash while keeping its Bitcoin stash at 843, 775 coins, unchanged since a June purchase. The same chief also bought back $25 million of preferred stock, the first use of a new $1 billion budget approved in late June. Because that preferred stock has been trading below its $100 par value since mid‑May, the firm is using shareholder money to support a share class that has been dragging down its overall value. The chief is now selling shares at roughly 80 % below their all‑time high to buy preferred stock that is about 12 % under its peg, instead of adding more Bitcoin. Shareholders feel the strain: for five weeks the chief has been diluting common shares to build cash and now to buy back preferred. Last week the firm also changed its own metrics, adding a “net Bitcoin per share” figure that removes $22. 2 billion of debt and preferred claims, and redefining mNAV so the stock now sits at 1. 02×.

This tweak means issuing more shares to buy coins would actually lower Bitcoin per share. The firm’s Bitcoin position is now $8. 5 billion below the purchase price of $63. 69 billion, but earnings are due this Thursday and the chief is known for having tricks up his sleeve. We may learn more about his next move later this week. In the broader market, major cryptocurrencies are down: Bitcoin is at $63. 4 k, Ethereum at $1, 875, and a meme coin called HYPE is down 9 %. Oil fell 2 % to $81, gold dipped 1 % to $4, 030, and stock futures are mixed with the Dow up 0. 7 % and Nasdaq down 0. 9 %. A U. S. Senate bill aimed at crypto regulation was postponed, and a new patent deal sees a stable‑coin company buying nearly 1, 000 patents from IBM. Other news includes a prediction‑market platform winning a pause on a Minnesota ban, and a sports‑merch giant buying into the prediction‑market space. On the token front, a major exchange added a “Launches” tab to its DEX, letting users spot new tokens instantly. A popular app reported its highest weekly revenue and fees yet, while a meme‑coin platform has already burned 22 % of its token supply. A stable‑coin network saw a 700 % jump in transaction volume over two days, stressing its infrastructure but still running normally.

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