Strategy maneuvers: BTC realization and building up the dollar reserve
Last week, from August 3 to 9, Strategy carried out a series of operations unusual for itself, which attracted market attention. Instead of the usual buildup of bitcoin reserves, the firm sold 1,690 BTC and directed all proceeds to buy back its own preferred shares, STRC. This is a step that speaks to fine-tuning capital amid current volatility.
According to my analysis of the filing submitted to the SEC, revenue from the coin sale amounted to $108.6 million at an average price of $64,262 per bitcoin. It is important to note that this is not a panic sell-off but a calculated move: the company simultaneously placed 6.59 million MSTR shares, raising $653.1 million. Of this amount, $650 million was directed toward increasing the dollar reserve, which has now reached an impressive $4.65 billion.
As of August 9, Strategy's balance sheet looks as follows: 840,447 BTC, acquired for a total of $63.36 billion. This means the average cost per coin is approximately $75,400, which is higher than current market quotes. However, the presence of a large fiat reserve gives the company room to maneuver — whether for further purchases on dips or protection against margin calls.
Such diversification between the crypto asset and the dollar is a rare step for Strategy, which has historically been a staunch advocate of maximum BTC exposure. In my view, this is a signal that management is preparing for a possible correction or seeking opportunities for aggressive buybacks at lower levels. In any case, the market is now closely watching how the company will use this reserve in the coming weeks.
My expert opinion: the sale of 1,690 BTC amid the growth of the dollar reserve looks like a tactical move rather than a strategy shift. Given the volume of accumulated coins, Strategy remains one of the largest institutional holders, and its actions will continue to have a significant impact on investor sentiment.