Bitcoin
Strategy Sells $109M in Bitcoin for Share Buyback as Dollar Reserve Tops $4.6B
Michael Saylor's Bitcoin firm sold 1,690 BTC at an average of $64,262 to fund preferred share repurchases, while simultaneously raising its cash reserves through equity sales.
Strategy disposed of 1,690 BTC for $108.6 million in the week ending August 9, trimming its Bitcoin holdings to 840,447 coins from 842,138 the previous week. The entire proceeds went toward repurchasing 1.15 million shares of preferred stock under a $1 billion buyback program announced in June, leaving $785.2 million of authorization remaining.
The company simultaneously sold 6.6 million common shares for $653 million, directing $650 million into its dollar reserve, which now stands at $4.65 billion. This reserve underpins Strategy's approach to meeting dividend obligations without constant Bitcoin sales. The firm has not purchased Bitcoin since June, relying instead on equity disposals to bolster its cash position.
The sales mark a departure from Strategy's longstanding "never sell" Bitcoin stance, which the company abandoned in May. A capital framework introduced in June outlined conditions for disposals up to $1.25 billion annually. At roughly $65,100 per coin on Monday, Strategy's Bitcoin holdings were worth approximately $54.6 billion against a cost basis of $63.36 billion—a paper loss of $11,123 per coin.
Strategy's holdings have fallen 6,916 BTC, or 0.8%, from their June peak of 847,363 coins. The company has now deployed about $429 million of its authorized disposal capacity across multiple sales since June.
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