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Strategy Skips Bitcoin Sales, Buys Back $132M of STRC Instead
Strategy made no Bitcoin sales last week, choosing instead to spend $132.2 million repurchasing its STRC preferred stock while adding another $150 million to its U.S. dollar reserve.
Strategy made no Bitcoin sales last week, choosing instead to spend $132.2 million repurchasing its STRC preferred stock while adding another $150 million to its U.S. dollar reserve.
The move marks another week of increasingly active balance-sheet management from Michael Saylor’s company as it tries to support its preferred securities without reducing its massive Bitcoin position.
According to Strategy’s August 17 filing, the company neither bought nor sold Bitcoin between August 10 and August 16. That leaves its holdings unchanged at 840,447 BTC▲$62,630.00.
Contents
Strategy Raises $334M Through MSTR Sales
Rather than sell Bitcoin, Strategy raised $333.7 million by issuing 3.46 million shares of MSTR through its at-the-market program.
The company allocated the proceeds across three areas.
Around $132.2 million was used to repurchase 1,388,720 shares of STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock. Another $52.4 million went toward STRC dividends, while approximately $149.1 million was added to the company’s USD Reserve.
That pushed Strategy’s cash reserve to $4.8 billion as of August 16. The company says the reserve now covers roughly 2.8 years of preferred-stock dividends and interest obligations.
Why Strategy Is Buying Back STRC
STRC has become a key part of Strategy’s new capital-management framework.
The company originally used preferred securities such as STRC as another way to raise capital while preserving exposure to Bitcoin. But Strategy has increasingly focused on supporting the trading price and credit profile of those securities.
In June, the company authorized up to $1 billion in repurchases of its preferred Digital Credit Securities, including STRC.
Following the latest buyback, Strategy still has approximately $653 million available under that program.
The latest move is particularly notable because Strategy now has explicit authority to sell Bitcoin when necessary.
Its June Digital Credit Capital Framework introduced a BTC Monetization Program that allows the company to sell Bitcoin to replenish its USD Reserve and fund certain other obligations.
Strategy used that option earlier in August, selling 1,690 BTC for roughly $108.6 million and directing the proceeds toward STRC repurchases.
Strategy Still Holds 840,447 Bitcoin
Despite recent Bitcoin sales, Strategy remains by far the largest corporate holder of BTC.
Its 840,447 Bitcoin were acquired for approximately $63.36 billion, including fees and expenses, at an average purchase price of $75,385 per BTC.
For now, Strategy appears to be balancing three competing priorities: protecting its enormous Bitcoin position, maintaining enough cash to meet preferred-stock and debt obligations, and supporting securities such as STRC when they trade below management’s desired levels.
