Strategy Inc. Sells Bitcoin and Shares to Fund Buybacks

Strategy Inc., the Bitcoin treasury firm led by Michael Saylor, sold 1,690 BTC for 108.6 million dollars during the week ending August 9. The company used the full amount to repurchase 1,152,020 STRC preferred shares under its 1 billion dollar Digital Credit Securities Repurchase Program.

In a separate transaction, the firm sold 6,585,682 common shares for 653.1 million dollars. Strategy Inc. allocated 650 million dollars of those proceeds to its dollar reserve, which now totals 4.65 billion dollars.

These sales mark a departure from the company's previous stance of never selling its holdings. A capital framework introduced in June allows the firm to dispose of up to 1.25 billion dollars in Bitcoin. Strategy Inc. has not purchased new Bitcoin since June, and its total holdings have declined to 840,447 BTC from a June peak of 847,363 BTC.