Strategy has announced another nine-digit Bitcoin sale, disposing of 1,690 BTC for $108.6 million as the company continues using its Bitcoin holdings to support its preferred-stock capital structure.
According to an Aug. 10 Form 8-K filing, Strategy sold the Bitcoin between Aug. 3 and Aug. 9 at an average price of $64,262 per coin. The proceeds were used to repurchase 1.152 million shares of its STRC preferred stock for $108.6 million.
Persistent sales
The latest transaction reduces Strategy’s Bitcoin reserve to 840,447 BTC. The company says it has spent approximately $63.36 billion acquiring its Bitcoin holdings, putting its average purchase price at $75,385 per BTC. That means the latest batch was sold roughly 15% below Strategy’s aggregate cost basis.
The sale comes just one week after Strategy disclosed another major Bitcoin disposal. Between July 27 and Aug. 2, the company sold 1,638 BTC for approximately $104.7 million at an average price of $63,957.
The two consecutive transactions bring Strategy’s reported Bitcoin sales in the past two weeks to 3,328 BTC for approximately $213.3 million.
They follow an even larger round of sales in late June and early July, when Strategy sold 3,588 BTC for about $216 million across two transactions. The company sold 1,363 BTC for $80.8 million between June 29 and June 30 and another 2,225 BTC for $135.2 million between July 1 and July 5.
Strategy’s Bitcoin selling marks a significant change from its previous accumulation-focused strategy.
Growing USD reserve
The USD Reserve now stands at $4.65 billion, according to the filing. Michael Saylor said the larger reserve increased Strategy’s “USD Duration” by 143 days to 2.7 years while tightening the company’s STRC-related Bitcoin credit by 10 basis points.
“Our USD Reserve and Duration are now at all-time highs. In 2.5 months, we added nearly $3.8 billion and grew both more than 5X. This is the Digital Credit Capital Framework at work,” Strategy CEO Phong Le said in a social media post.