Saylor's Strategy sells again, swapping BTC reserve balance for cash
Strategy (NASDAQ: MSTR) entered yet another week without announcing a Bitcoin purchase. Instead, the leading corporate Bitcoin holder sold 1,638 Bitcoins (BTC) for about $104.7 million during the week of July 27 and August 2.
Strategy sold the latest batch at around $63,957 per coin, more than $10,000 below the almost $75,500 it paid on average to build its stash, which is now down to 842,1338 BTC.
Saylor’s Virginia-based firm also raised about $290.6 million by selling 3,011,361 shares of its Class A common stock (MSTR). $29 million of the remaining funds from the common stock sale went into more STRC buybacks. The rest was deposited into Strategy’s cash balance.
Why did Strategy sell Bitcoins this time around?
The Form 8-K the company filed with the U.S. Securities and Exchange Commission (SEC) on Monday confirmed that the $104.7 million raised from Strategy’s third Bitcoin sale of the year was split between preferred-stock dividends and a $4 billion reserve.
- $52.4 million went to dividends on Strategy’s preferred stock
- $52.3 million funded buybacks of its STRC shares
USD reserve retains priority
Strategy’s founder and executive chairman, Michael Saylor, confirmed that the firm has continued to double down on its dollar reserve, with the latest injection of $250 million beefing it up to $4 billion.
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