Strategy Sells $109M in Bitcoin as Dollar Reserve Tops $4.6B
Strategy sold 1,690 BTC for $108.6 million in the week to Aug. 9, reducing holdings to 840,447 BTC from 842,138. The sale price averaged $64,262 per coin, below Strategy’s aggregate cost basis of $75,385, leaving its total Bitcoin cost at $63.36 billion. All proceeds were used to repurchase 1,152,020 STRC preferred shares, the third buyback under its $1 billion repurchase program. Strategy also sold 6,585,682 common shares for $653.1 million net, sending $650 million to its dollar reserve, which rose to $4.65 billion. The company has shifted away from its “never sell” stance, using Bitcoin sales and stock sales to build cash for preferred dividends and buybacks. Its Bitcoin holdings are now 6,916 BTC below the June peak, and it has not bought Bitcoin since June.
