Strategy maneuvers: selling BTC and buying back STRC — a new round of capital strategy
Last week, from August 3 to 9, Strategy made an unexpected but calculated move, selling 1,690 BTC. All proceeds were directed toward buying back its own preferred shares, STRC. This decision is not just a tactical step but part of complex financial engineering that allows the company to balance between liquidity and long-term accumulation of digital assets.
According to my analysis of the filing submitted to the SEC, the transaction totaled $108.6 million at an average sale price of $64,262 per coin. It is important to emphasize that this is not a panic sell-off but a managed process: Strategy simultaneously placed 6.59 million MSTR shares, raising $653.1 million. Of this amount, $650 million was allocated to strengthen dollar reserves, which have now reached $4.65 billion. This creates a strong cushion for future acquisitions.
As of August 9, the company holds an impressive portfolio of 840,447 BTC, with total costs amounting to $63.36 billion. This means that the average cost basis per coin for Strategy is around $75,400, which is higher than current market levels. Nevertheless, such a margin of safety and diversification of instruments—from shares to preferred securities—demonstrates the maturity of the approach.
My expert assessment: This maneuver is a classic example of arbitrage between the cost of capital and the price of bitcoin. Selling BTC at $64k while simultaneously raising $653 million through shares shows that the company is optimizing its capital structure rather than abandoning its cryptocurrency strategy. In the short term, this could create pressure on the market, but in the long term, it strengthens Strategy's position as the largest institutional holder of the first cryptocurrency.