Crypto news

Last week, from August 3 to 9, Strategy, one of the largest institutional holders of bitcoin, made an unexpected but quite logical move: it sold 1,690 BTC, directing all proceeds to buy back its own preferred shares STRC. This decision demonstrates flexibility in asset management amid a volatile market where liquidity becomes a key factor.

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 emphasize that this is not a panic sell-off, but a targeted withdrawal of part of the position to optimize the capital structure. In parallel, the company conducted an additional issuance: it sold 6.59 million MSTR shares for $653.1 million, of which $650 million was directed to increase the dollar reserve, bringing it to an impressive $4.65 billion.

As of August 9, the company holds 840,447 BTC, acquired for $63.36 billion. This means that the average cost of one bitcoin in Strategy's portfolio is approximately $75.4 thousand, which is significantly higher than current market quotes. Nevertheless, such actions confirm a long-term bet on digital gold, despite short-term fluctuations.

Such operations — the buyback of STRC and the buildup of a fiat cushion — indicate management's desire to reduce refinancing risks and strengthen the balance sheet ahead of potential macroeconomic shocks. The sale of 1,690 BTC looks insignificant (less than 0.2% of the total portfolio), but the signal to the market is obvious: even giants are forced to adapt to the current environment.

My view: this is a prudent move that allows maintaining the core position in bitcoin while ensuring liquidity for corporate needs. In the long term, such a balance could become a benchmark for other public companies using crypto assets as a treasury reserve.