Strategy Sells Another $109M in Bitcoin to Buy Back STRC

Michael Saylor's Strategy sold another 1,690 BTC for $108.6 million last week, marking its second consecutive week of Bitcoin sales as the company continues actively managing its increasingly complicated capital stack.

• Buying Back STRC: Strategy used all $108.6 million from the BTC sale to repurchase roughly 1.15 million shares of STRC, which is nearing its $100 stated value. The purchases came at an average price of roughly $94.27 per share.

• A Separate Bitcoin-sale Bucket: Once again, these sales did not count towards replenishing the USD Reserve for funding dividend payments, but rather under the $1 billion Digital Credit Securities Repurchase Program. Strategy has now used $214.8 million of that particular authorization, leaving $785.2 million available, while its separate $1.25 billion allowance for selling BTC to build the USD Reserve remains untouched.

• A Different Market Reaction: Bitcoin briefly spiked around the time of Strategy's 7 a.m. CDT disclosure before reversing sharply, falling roughly 2% on the day to around $64K. That's a contrast from last week's sale disclosure, which Bitcoin largely shrugged off, even jumping on the announcement of the sale.