Strategy maneuvers: selling BTC to buy back STRC and building up the dollar reserve
Last week, from August 3 to 9, Strategy carried out a series of unusual operations that drew market attention. The company sold 1,690 BTC, directing all proceeds toward buying back its own preferred shares, STRC. This step highlights the flexibility of capital management amid volatility in digital assets.
According to my analysis of data from 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 turned out to be below current market levels, indicating the strategic, rather than speculative, nature of the deal. The company deliberately accepted a loss or minimal profit to optimize its shareholder capital structure.
In parallel, Strategy issued 6.59 million MSTR shares, raising $653.1 million. Of this amount, $650 million was allocated to increasing the dollar reserve, which now stands at an impressive $4.65 billion. This move gives the company significant liquidity for future acquisitions or protection against market shocks.
As of August 9, Strategy holds 840,447 BTC, acquired for $63.36 billion. This confirms that the company remains the largest corporate holder of bitcoin, despite the temporary reduction in its position. The sale of 1,690 BTC is only 0.2% of the total portfolio, indicating the targeted nature of the operation.
My expert view: Such maneuvers are a sign of strategic maturity. The STRC buyback helps reduce dilution pressure on capital, while building up the dollar reserve creates a cushion for aggressive purchases during future downturns. In the short term, this may exert slight pressure on the BTC price, but the long-term signal remains bullish: the company is not just holding the asset but actively managing it to maximize shareholder value.