Crypto news

The largest institutional holder of bitcoin is once again demonstrating a non-trivial approach to capital management. Between August 3 and 9, Strategy sold 1,690 BTC, directing all proceeds toward the buyback of its own preferred shares, STRC. This step highlights a shift in priorities: instead of simply accumulating the asset, the company is actively optimizing its capital structure.

According to my analysis of the filing submitted to 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 note that this price is significantly below current market levels, indicating a deliberate, rather than speculative, nature of the transaction. In parallel, the company issued 6.59 million MSTR shares, raising $653.1 million. Of this amount, $650 million was directed toward increasing the dollar reserve, which now stands at an impressive $4.65 billion.

As of August 9, Strategy's portfolio holds 840,447 BTC, acquired for $63.36 billion. This means the company maintains its dominant position among corporate holders of the leading cryptocurrency, despite targeted sales. The average cost basis of one bitcoin in the portfolio is approximately $75,400, leaving a significant margin of safety even amid current market volatility.

Such operations—buying back STRC while simultaneously building up the fiat cushion—indicate management's efforts to reduce liquidity risks and prepare for potential market shocks. In my practice, this is one of the most competent examples of using bitcoin as a corporate treasury tool, rather than merely a speculative asset.

Expert view: The company's strategy appears to be preparation for a possible tightening of monetary policy or a correction in the crypto market. Increasing the dollar reserve to $4.65 billion gives Strategy a unique opportunity for targeted purchases during dips, which in the long term could strengthen its position as the leading institutional bull of bitcoin.