Strategy sold $109M in Bitcoin last week, using the proceeds to buy back STRC while leaving its separate USD Reserve capacity untouched.
Michael Saylor’s Strategy sold another 1,690 BTC for $108.6 million last week, marking its second consecutive week of Bitcoin sales as the company continues actively managing its increasingly complicated capital stack.
- Buying Back STRC: Strategy used all $108.6 million from the BTC sale to repurchase roughly 1.15 million shares of STRC, which is nearing its $100 stated value. The purchases came at an average price of roughly $94.27 per share.
- A Separate Bitcoin-sale Bucket: Once again, these sales did not count towards replenishing the USD Reserve for funding dividend payments, but rather under the $1 billion Digital Credit Securities Repurchase Program. Strategy has now used $214.8 million of that particular authorization, leaving $785.2 million available, while its separate $1.25 billion allowance for selling BTC to build the USD Reserve remains untouched.
- A Different Market Reaction: Bitcoin briefly spiked around the time of Strategy’s 7 a.m. CDT disclosure before reversing sharply, falling roughly 2% on the day to around $64K. That’s a contrast from last week’s sale disclosure, which Bitcoin largely shrugged off, even jumping on the announcement of the sale.
How Strategy Can Sell Billions More in Bitcoin on Bankless
Strategy sold $216M in Bitcoin to fund dividends but still reports full $1.25B reserve capacity. The build-versus-replenish loophole explained.
David Christopher
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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
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