Michael Saylor’s Bitcoin treasury firm Strategy completed a sale of 1,690 BTC for $108.6 million in the week ending August 9, according to regulatory filings submitted on Monday. The transaction brought the firm’s Bitcoin holdings down to 840,447 from 842,138 BTC held the previous week. The coins were sold at an average price of $64,262 per unit, net of fees.
The proceeds from the Bitcoin sale were directed entirely toward repurchasing preferred stock. Strategy repurchased 1,152,020 STRC shares for $108.6 million under its $1 billion Digital Credit Securities Repurchase Program, which was announced on June 29. Following this transaction, the firm had $785.2 million remaining in authorization capacity. In the prior week, the firm had split Bitcoin proceeds between preferred dividends and equity buybacks.
Beyond the Bitcoin transaction, Strategy executed a larger equity sale, disposing of 6,585,682 common shares for $653.1 million in net proceeds—more than double the 3,011,361 shares sold in the previous week. Of this amount, $650 million was directed to the firm’s dollar reserve and $3.1 million to cash operations. The dollar reserve reached $4.65 billion as of August 9, up from $4 billion the prior week.
Strategy shifted away from its historical “never sell” policy at the end of May, when it sold 32 BTC to fund preferred distributions—the first sale since December 2022. A capital framework introduced in June established parameters for up to $1.25 billion in potential Bitcoin disposals. With the current week’s sale included, the firm has utilized approximately $429 million of that capacity. The company has not acquired Bitcoin since June and is building reserves against $1.76 billion in annual dividend obligations primarily through stock sales rather than Bitcoin purchases.
At Monday’s trading level of approximately $65,100, where Bitcoin was up 0.4% on the day, Strategy’s remaining Bitcoin holdings were valued at roughly $54.6 billion against the $63.36 billion aggregate cost basis—a difference of $11.12 billion in unrealized losses.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI