Strategy maneuvers: selling BTC to buy back STRC and building up the dollar reserve
Between August 3 and 9, Strategy, a company known for its massive investments in the first cryptocurrency, carried out an uncharacteristic operation: it sold 1,690 BTC, directing all proceeds to buy back its own preferred shares, STRC. This is a step I view as a fine-tuning of the capital structure amid market turbulence.
According to my analysis of data from the quarterly report filed with the SEC, revenue from the bitcoin sale amounted to $108.6 million at an average price of $64,262 per coin. It is important to emphasize that this is not a panic sell-off but a well-thought-out arbitrage: the company simultaneously sold 6.59 million MSTR shares for $653.1 million, of which $650 million was directed toward increasing the dollar reserve to $4.65 billion.
As of August 9, Strategy holds 840,447 BTC, acquired for a total of $63.36 billion. This means that even after the partial sale, the position remains dominant among public corporate bitcoin holders. The average holding cost is about $75,400 per coin, which, at current market prices, still provides a substantial profit cushion.
Such a tactic—selling part of the cryptocurrency to buy back shares while simultaneously raising capital through issuance—demonstrates management flexibility. From my expert perspective, this is a signal that management sees STRC as overvalued relative to the underlying asset and is using the moment to optimize the balance sheet. In the long term, such actions strengthen investor confidence, showing that the company is not just accumulating BTC but also actively managing liquidity.
My conclusion: Strategy continues to play chess, not checkers. The sale of 1,690 BTC is not a retreat but a tactical move that allows it to increase its dollar safety cushion and reduce the cost of raised capital. In the coming quarters, further similar operations should be expected, especially if market volatility persists.