Strategy has sold 1,638 Bitcoin for $104.7 million after redirecting part of the proceeds toward preferred-stock dividends and share repurchases while increasing its U.S. dollar reserve. An SEC filing showed the company sold the Bitcoin between July 27 and Sunday at an average price of $63,957 per coin. Following the transaction, Strategy’s Bitcoin holdings declined to 842,138 BTC acquired at a combined cost of approximately $63.5 billion.
Recent Developments
Strategy raised another $290.6 million by selling MSTR common shares during the same reporting period, with $250 million added to the company’s U.S. dollar reserve. Executive Chairman Michael Saylor said the company repurchased $81.2 million worth of STRC stock during the period and extended the company’s U.S. dollar funding runway by 57 days to roughly 2.3 years.
Background
The latest disposal comes after Strategy introduced a new capital framework at the end of June that allows Bitcoin sales to support preferred-stock dividends, debt obligations, approved security repurchases and the company’s dollar reserve. The company reported an $8.22 billion net loss during the second quarter after recording an $8.32 billion unrealized loss on its Bitcoin holdings under fair-value accounting rules.
