Michael Saylor’s Strategy Sells 1,638 Bitcoin to Fund STRC Buybacks, Dividends
Highlights
- Strategy sold 1,638 BTC with holdings decreasing to 842,138 BTC.
- The Bitcoin treasury firm bought $81 million worth of STRC shares using some of the proceeds.
- It also increased its USD reserves to $4 billion.
Michael Saylor’s Strategy has again sold Bitcoin, less than a month after its previous BTC sale. The company also bought back STRC shares over the past week under its Repurchase Program and increased its USD reserves by$250 million to $4 billion.
Strategy Sells 1,638 Bitcoin For $104.73 Million
An SEC filing shows that the Bitcoin treasury firm sold 1,638 BTC over the past week at an average price of $63,957. Its holdings have now decreased to 842,138 BTC, which it bought for $63.51 billion at an average price of $75,419.
This marks Strategy’s first Bitcoin buy or sale since the first week of July, when it sold 2,225 BTC. The company has also notably not bought Bitcoin in over five weeks. The last purchase it reported was on June 22, when it bought 520 BTC.
Meanwhile, the Bitcoin treasury firm also revealed that it used $52.4 million in proceeds from the Bitcoin sales to fund dividend payments on the STRC stock and $52.3 million in proceeds from the sale to buy back STRC shares under the Digital Securities Repurchase Program.
The SEC Filing shows that Strategy bought 912,143 shares for $81.2 million. This marks the second consecutive week that it has bought back STRC shares. As CoinGape reported last week, Strategy bought back $25 million in STRC shares.
This comes as the STRC stock remains below its par value of $100. The company had previously sold STRC shares under its at-the-market (ATM) program to buy Bitcoin. The STRC stock is currently trading at around $90, up less than 1% in premarket trading.
USD Reserve Increase To $4 Billion
Strategy also increased its USD reserve by $250 million to $4 billion. “This amount includes expected cash proceeds from shares sold under Strategy’s ATM that had not yet settled as of such date,” the company noted.
The SEC filing shows that the company sold the MSTR stock to fund the USD reserve and for the STRC buyback. Specifically, it sold $290 million worth of MSTR shares, with $28.9 billion in proceeds funding the buyback and $11.7 million going to the USD reserve.
The Strategy common stock is down amid this latest development, trading at around $92, according to TradingView data. The stock is also down almost 40% year-to-date (YTD) amid the current crypto bear market conditions.
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