Strategy sells $395 million in Bitcoin and MSTR stock to buyback $81 million in STRC and build cash reserve to $4 billion
Strategy sold 1,638 BTC for $104.7 million and issued about 3.01 million MSTR shares for $290.6 million, but used none of it to buy Bitcoin. Instead, the money funded preferred dividends, STRC share repurchases, and a $4 billion U.S. dollar reserve. That extended its Bitcoin-buying pause to six weeks, the longest since 2024. The main constraint is STRC, a variable-rate preferred stock that Strategy wants trading near its $100 par value so it can issue more shares efficiently. Because STRC has stayed below par since May, Strategy has raised its dividend to 12% and bought back discounted shares. It has spent about $106 million on STRC repurchases and still has large repurchase authorizations available. Strategy says the reserve reduces the risk of forced asset sales and covers about 27 months of dividend and interest payments. But the funding has come through dilution and Bitcoin sales, pushing its year-to-date BTC-per-share metrics lower.
