MicroStrategy Sells More Bitcoin to Fix STRC Stock: Will It Work?

MicroStrategy (now Strategy) disclosed another Bitcoin (BTC) sale on Monday, offloading 1,690 BTC for $108.6 million. Every dollar went into buybacks of its STRC preferred stock.

The company still holds 840,447 BTC, the largest corporate Bitcoin treasury. However, it now sells coins below cost to repair a preferred stock that will not hold its intended price.

Inside the Latest Strategy Bitcoin Sale

The sale ran from August 3 to August 9 at an average price of $64,262 per coin. Strategy detailed the transaction in a Form 8-K filing with the US Securities and Exchange Commission (SEC).

Net proceeds funded the repurchase of 1,152,020 shares of STRC. That security is the variable-rate perpetual preferred stock Strategy issued to help finance its Bitcoin accumulation. Its dividend resets monthly, currently at 12% annualized, to keep the share price near a $100 par value.

The market has resisted the design. STRC closed Friday at $95.01, up 1.16%, after sinking as low as $71.25 within the past year. It ticked up to $95.55 in Monday's pre-market.

The transaction extends a clear pattern. Strategy sold 1,638 BTC one week earlier, marking consecutive weeks as a net seller. The filing listed no new Bitcoin purchases for the period.