Strategy conducted an unconventional operation: selling BTC to buy back STRC
Between August 3 and 9, Strategy, a company known for its aggressive bitcoin accumulation strategy, made an unusual move: it sold 1,690 BTC and directed all proceeds to buy back its own preferred shares, STRC. This decision stands out against the company's long-standing practice of consistently expanding its cryptocurrency reserves.
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. Importantly, this price is significantly below current market levels, indicating a deliberate choice of timing to lock in liquidity rather than a forced sell-off. In parallel, Strategy sold 6.59 million MSTR shares for $653.1 million, of which $650 million was used to increase its dollar reserve to $4.65 billion.
As of August 9, the company holds 840,447 BTC, acquired for $63.36 billion. This means that even after the partial sale, the position remains colossal, with an average holding cost of about $75,400 per coin, reflecting long-term confidence in the asset's growth.
From my expert perspective, this move is not a signal of a strategy reversal but rather a tactical operation to optimize capital. The STRC buyback may be aimed at reducing pressure on shareholder equity or preparing for new major acquisitions. The market will likely perceive this as a temporary pause in accumulation, but given the scale of reserves, the company's fundamental bullish stance remains unchanged.