Strategy's STRC inches closer to $100 as Saylor continues to sell BTC for USD

Dragging its Stretch (STRC) preferred shares back to par value at $100 remained the priority for chief executive Michael Salor and Strategy (NASDAQ: MSTR) as the firm reported that it allocated 100% of the $108.6 million it raised from selling 1,690 Bitcoins last week to buying back STRC. 

Strategy raised another $653.1 million by selling 6,585,682 MSTR shares through its at-the-market program. The firm split the raise between its USD reserve and cash accounts at a $650 million to $3.1 million ratio. The USD reserve is now up to $4.65 billion from $4 billion in one week.

Even with the sale confirmed in the Form 8-K filed with the SEC on Monday, Strategy lead as the largest corporate holder of Bitcoin remains safe, with the firm’s current 840,447 BTC stash lightyears ahead of Twenty One Capital’s 43,514 in second place.

Every dollar of the Bitcoin sale went back into STRC

As Cryptopolitan reported at the time, Strategy laid out the framework for what is its third STRC buyback when it released its $1 billion Digital Credit Securities Repurchase Program as part of its Digital Credit Capital Framework on June 29.

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