Strategy Inc Shares Surge After Bitcoin Acquisition and Cash Reserve Boost

Strategy Inc's shares rose 3.5% on Monday after the company announced it had acquired 520 bitcoin for $34.9 million at an average cost of $67,068 per token.

The firm also raised $335.5 million through the sale of approximately 2.7 million MSTR shares, with the proceeds going towards funding its cash reserves and supporting its preferred stock dividend obligations.

The company's cash reserves increased by $300 million to a total of $1.4 billion, which is intended to alleviate concerns about the sustainability of STRC's preferred stock dividend commitments.