Intelligence Brief
Strategy sold 1,690 BTC for $108.6 million between 3 and 9 August and used the net proceeds to repurchase 1,152,020 STRC preferred shares for the same amount. The latest sale followed 1,638 BTC sold during the previous week, taking the two-week total to 3,328 BTC worth about $213.3 million.
Across those two weeks, Strategy spent approximately $189.8 million repurchasing STRC. The company retained 840,447 BTC at 9 August, acquired for an aggregate $63.36 billion at an average cost of $75,385 per coin.
Strategy also sold 6.59 million MSTR common shares during the latest week for $653.1 million. It allocated $650 million of those proceeds to its US dollar reserve, which stood at $4.65 billion. Remaining authorised repurchase capacity included $785.2 million for preferred shares and $1 billion for MSTR common stock.
Strategic Assessment
Bitcoin is now an active source of balance-sheet liquidity for Strategy’s capital structure. Selling BTC to repurchase STRC can support the preferred share’s market price and preserve its usefulness as a financing instrument. STRC investors benefit if buybacks tighten supply and improve confidence around the $100 target.
Bitcoin holders face the opposite consideration. Strategy remains the largest listed corporate holder, but its reserve is no longer operationally untouchable. Continued preferred-share weakness could create an incentive for further BTC sales, particularly if common-equity issuance becomes less attractive.
The company reduced one pressure while adding another. Repurchasing discounted STRC may be accretive, yet funding the transaction with Bitcoin crystallises exposure and reduces the reserve available for future financing or recovery.
