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BTC Key Points
Strategy sold 1,690 bitcoins (BTC) at an average net price of US$64,262 per bitcoin between August 3 and August 9.
The full amount of this US$108.6 million was used to repurchase 1,152,020 STRC preferred shares.
The company still holds 840,447 bitcoins, with an average bid price of US$75,385.
Strategy proceeds from its bitcoin sale are used for STRC buybacks
The company disclosed the transaction on a Form 8-K filed with the Securities and Exchange Commission on Monday, involving transactions executed between August 3 and August 9. After deducting fees and expenses, the average net selling price is US$64,262 per piece. That price is about 15% lower than Strategy's average cost of opening a position, so this week's sell-off confirmed a loss.
The net proceeds were used to repurchase 1,152,020 shares of STRC, a floating-rate perpetual preferred stock issued by the company to fund Bitcoin purchases, designed to be traded at a par value of close to US$100. After three rounds of buybacks since the end of June, the stock has not yet reached this level.
Strategy still holds 840,447 bitcoins with a total value of US$63.36 billion, with an average of US$75,385 per coin. These positions put Michael Siler's company far ahead of all other corporate holders, with Second-ranked Twenty One Capital holding only 43,514. The company sold 1,638 bitcoins the previous week and has sold 6,948 bitcoins so far this year, reducing its holdings by approximately 0.8%.
Michael Siler defends U.S. dollar reserves
Strategy also raised $653.1 million by selling 6,585,682 MSTR shares through its on-floor stock offering program, and subsequently transferred $650 million to its U.S. dollar reserves and $3.1 million to cash. The reserve, used to pay dividends on preferred stock and interest on outstanding debt, climbed from $4 billion to $4.65 billion in one week.
Thaler said the financing extended what the company calls its "dollar duration"-the length of time a cash buffer can be used to pay these obligations-by 143 days to 2.7 years.
Von Le targets US$100 STRC price
CEO Von Le told analysts on a second-quarter conference call that he hopes STRC will trade at US$99 to US$100 over time, and the market has not yet achieved this goal.
The preferred stock traded at approximately $95.55 in pre-market trading on Monday. Strategy still has an authorized amount of $785.2 million in the $1 billion repurchase plan announced on June 29.
The sale began in late May, when Strategy sold 32 bitcoins for the first time since December 2022 and accelerated under the June framework, which authorized sales of up to $1.25 billion. About $429 million in quotas have been used, company documents show that there have been no new Bitcoin purchases since June, and shareholders hold a treasury that serves their own capital structure.
