Strategy carried out an unusual operation: selling BTC to buy back STRC and increasing reserves.
Last week, from August 3 to 9, Strategy executed a series of strategic maneuvers that drew market attention. The company sold 1,690 BTC, directing all proceeds to buy back its own preferred shares, STRC. According to my data, the transaction totaled $108.6 million at an average sale price of $64,262 per coin. This decision looks unconventional for a company that has historically been a net buyer of bitcoin, but it appears we are seeing targeted capital management here.
In parallel, Strategy issued 6.59 million common shares of MSTR, raising $653.1 million. Of this amount, $650 million was allocated to replenish its dollar reserve, which now stands at an impressive $4.65 billion. Such a move indicates preparation for future acquisitions or hedging against market risks.
As of August 9, the company's total portfolio reached 840,447 BTC, with the aggregate purchase cost estimated at $63.36 billion. Despite the partial sale, Strategy remains one of the largest institutional holders of the leading cryptocurrency, and its actions continue to exert a noticeable influence on market liquidity.
It is important to emphasize that the sale of 1,690 BTC is not a reversal of strategy, but rather a tactical move to optimize the capital structure. The STRC buyback allows for reducing debt burden or improving terms on preferred securities, while building up the dollar cushion provides flexibility for aggressive purchases during potential downturns. In my analysis, such operations are a sign of management maturity, where the company balances between accumulating the asset and financial stability, rather than blindly following the trend. The market should perceive this as a signal that Strategy is prepared for volatility but has no intention of abandoning its bitcoin-oriented strategy in the long term.