Strategy sold 1,638 bitcoin for $104.73 million last week, cutting its holdings to 842,138 BTC. The company also raised $290.6 million selling common stock, lifting its dollar reserve to $4 billion and helping fund an $81.2 million buyback of STRC preferred shares.
The bitcoin sale, disclosed in an SEC filing Monday morning, cut Strategy's total stack to 842,138 BTC. The company said the coins sold at an average of $63,957 apiece between July 27 and Aug. 2.
Those coins leave Strategy with an average cost basis of $75,419 per bitcoin, for a total of $63.51 billion. Bitcoin itself traded around $62,600 on Monday, down 1% on the day.
Stock sale funds part of the STRC buyback
Alongside the bitcoin sale, Strategy sold common stock to raise $290.6 million. The $104.73 million bitcoin sale funded $52.4 million of preferred dividends and $52.3 million toward the STRC repurchase, while the stock sale added $250 million to the dollar reserve and covered the remaining $28.9 million of that buyback.
The company said it will hold STRC's annual dividend rate at 12%, adding it does not intend to recommend a reduction until the shares trade consistently near their stated $100 value. It was Strategy's second buyback under a $1 billion program announced in June, leaving $893.8 million of authorization outstanding.
A shift from the firm's old buy-and-hold approach
Strategy shifted away from its long-standing buy-and-hold approach at the end of May, when it disposed of 32 BTC for $2.5 million — its first bitcoin sale since a tax-loss trade in December 2022. A capital framework adopted in June now guides those disposals; this week's sale brings the amount used under that framework to $321 million.
Saylor captioned the chart "Bitcoin Drive engaged" when he posted it to X on Sunday, a phrase The Block says has previously preceded acquisition announcements, though its tone has grown more cryptic as the firm's approach shifted. MSTR shares fell 1.9% in pre-market trading alongside the weekend pullback in bitcoin's price.
Sources: CoinDesk, Decrypt, The Block
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