Strategy Sells 1,690 Bitcoin as Saylor Reloads Its Cash War Chest

Strategy sold 1,690 bitcoin for $108.6 million last week, using the proceeds to repurchase its STRC preferred stock as Michael Saylor’s company reshuffled a balance sheet still dominated by bitcoin.

Strategy repurchased 1,152,020 STRC shares for $108.6 million during the same Aug. 3-Aug. 9 period. The company still has $785.2 million available under its broader preferred-stock repurchase program, which was announced June 29.

Importantly, Strategy’s $75,385 average bitcoin purchase price applies to its aggregate holdings. The filing does not disclose the specific cost basis of the 1,690 bitcoin sold, so that figure alone cannot establish Strategy’s realized gain or loss on the transaction.

At the same time, Strategy raised $653.1 million in net proceeds by selling 6,585,682 MSTR common shares through its at-the-market offering program. Of that amount, $650 million was directed into the company’s U.S. dollar reserve, while $3.1 million was added to its cash balance.

That pushed Strategy’s U.S. dollar reserve to $4.65 billion as of Aug. 9. The company says the reserve exists to support preferred-stock dividend payments and interest on outstanding debt.

“Strategy increased its USD Reserve by $650M and repurchased $109M of STRC,” Saylor said. He added that the moves increased the company’s “USD Duration” by 143 days to 2.7 years.

The transaction therefore represents more than a bitcoin sale. Strategy converted a small portion of its 840,447 BTC reserve into capital for STRC repurchases while separately issuing common stock to substantially increase its dollar reserves.

Investors will now be watching whether the 1,690 BTC sale was a limited balance-sheet adjustment or signals greater willingness by Strategy to use its enormous bitcoin reserve as an active financing tool alongside stock issuance, preferred securities and cash.