Strategy sells 1,690 bitcoin, raises $653 million from MSTR shares
Strategy has sold 1,690 bitcoin to raise $653 million, utilizing the proceeds to repurchase preferred stock and bolster its USD reserves. The company continues to maintain a significant bitcoin treasury while managing its capital structure through common and preferred stock buybacks.
Why it matters
The move highlights the ongoing financial balancing act of corporate bitcoin holders as they manage liquidity, debt obligations, and treasury reserves in a volatile crypto market.
The company used the bitcoin sale proceeds to repurchase 1,152,020 shares of its variable-rate preferred stock, STRC, for $108.6 million.
The bitcoin sales reduced Strategy’s holdings to 840,447 BTC, acquired for $63.36 billion at an average price of $75,385. The 1,690 bitcoin were sold at an average price of $64,262, net of fees and expenses.
Strategy directed $650 million of the proceeds from its common-stock sales to its USD reserve, lifting the balance to $4.65 billion as of Aug. 9. The remaining $3.1 million was added to the company’s cash balance.
Following the latest transactions, Strategy has $785.2 million remaining under its preferred-stock repurchase program and $1 billion available under its MSTR common-stock repurchase program.
MSTR and STRC are both up 0.5% in Monday pre-market trading, with bitcoin changing hands near $65,000.
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