Strategy Sells 1,690 Bitcoin as Saylor Reloads Its Cash War Chest
Strategy (formerly MicroStrategy) sold 1,690 Bitcoin for $108.6 million between August 3 and August 9, using the proceeds to repurchase 1,152,020 shares of its Series A perpetual Stretch preferred stock (STRC). The sale, executed at an average price of $64,262 per Bitcoin, marks a notable shift for a company renowned for its aggressive Bitcoin accumulation. After the transaction, Strategy holds 840,447 Bitcoin acquired at an aggregate cost of $63.36 billion, or an average of $75,385 per coin.
The company also raised $653.1 million in net proceeds from selling 6,585,682 MSTR common shares through its at-the-market offering program. Of that sum, $650 million was added to its U.S. dollar reserve, pushing the reserve to $4.65 billion, while $3.1 million went to its cash balance. Executive Chairman Michael Saylor said the moves increased the company’s “USD Duration” by 143 days to 2.7 years, providing a larger cash cushion to support preferred-stock dividend payments and interest on outstanding debt.
Saylor emphasized that the STRC repurchase “tightened STRC’s BTC Credit by 10 bps,” based on an internal credit model assuming 10% annual Bitcoin appreciation, 40% volatility, and a Bitcoin price of $64,915. The filing does not disclose the specific cost basis of the sold Bitcoin, so the realized gain or loss cannot be determined from this transaction alone.
This strategic repositioning converts a small portion of Strategy’s massive Bitcoin reserve into capital for stock buybacks while simultaneously issuing common stock to increase dollar reserves. Investors are watching whether this is a one-time balance sheet adjustment or a sign of greater willingness to use the Bitcoin hoard as an active financing tool alongside stock issuance and preferred securities. Strategy still has $785.2 million available under its broader preferred-stock repurchase program announced on June 29.