Strategy conducted an unusual operation: selling BTC to buy back STRC
Last week, from August 3 to 9, Strategy made an unusual move for itself: it sold 1,690 BTC, directing all proceeds to buy back its own preferred shares, STRC. According to my analysis of the report filed with the SEC, the transaction amount was $108.6 million, with an average sale price of $64,262 per coin.
In parallel, the company conducted an additional issuance of 6.59 million MSTR shares, raising $653.1 million. Of this amount, $650 million was allocated to strengthen the dollar reserve, which has now reached $4.65 billion. This indicates that Strategy continues to actively balance between accumulating bitcoin and managing its own equity, using market instruments to optimize its asset structure.
As of August 9, the company's total portfolio stood at 840,447 BTC, acquired for $63.36 billion. Despite the partial sale, the long-term strategy of accumulating the first cryptocurrency remains unchanged, and the current reserve volume confirms Strategy's status as the largest corporate holder of BTC.
My professional perspective
Such operations—buying back STRC through BTC sales—look like a tactical step to maintain liquidity and the value of preferred securities, especially amid market volatility. However, it is important to note that the average sale price ($64,262) is below the average acquisition cost of the entire portfolio ($75,382 per BTC), which potentially locks in a loss on the sold portion. Nevertheless, for a company with reserves of this scale, this is more of a management tool than a signal of a strategy reversal.