Saylor's Strategy Sells 1,690 BTC, Quietly Turns the Sales Into a Preferred-Stock Shopping Spree �

Strategy sold 1,690 BTC for $108.6 million during the week ending Aug. 9, according to an 8-K filed Monday, trimming the Bitcoin treasury firm's holdings to 840,447 BTC from 842,138 the prior week. The coins went at an average price of $64,262, net of fees, leaving Strategy with an aggregate cost basis of $63.36 billion, or $75,385 per Bitcoin, $11,123 more than this week's sale fetched. Strategy disclosed that as of Aug. 9 it holds ₿840,447 in its BTC Reserve and $4.65 billion in its USD Reserve.

Every dollar of the BTC proceeds went toward repurchasing preferred stock. Strategy bought back 1,152,020 $STRC shares for $108.6 million, matching the sale proceeds exactly, in its third buyback under the $1 billion Digital Credit Securities Repurchase Program announced June 29. That leaves $785.2 million of authorization remaining. A week earlier, half the Bitcoin proceeds had funded preferred dividends and half an $81 million buyback.

The larger transaction of the week was in equity. Strategy sold 6,585,682 common shares for $653.1 million net, more than double the 3,011,361 it sold the previous week, directing $650 million into its dollar reserve and $3.1 million to cash. The reserve stood at $4.65 billion as of Aug. 9, up from $4 billion. Strategy increased its USD Reserve by $650 million and repurchased $109 million of $STRC, which it said increased USD Duration by 143 days to 2.7 years and tightened STRC's BTC Credit by 10 basis points.

Strategy broke with its long-held "never sell" stance at the end of May, disposing of 32 BTC for $2.5 million to fund preferred distributions, its first sale since December 2022. A capital framework unveiled in June set the conditions for future sales, permitting up to $1.25 billion of disposals. With this week's sale, the company has used about $429 million of that capacity, counting $216 million in July and last week's $104.7 million, and excluding the 32 BTC that preceded the framework. The firm has not bought Bitcoin since June, building its dollar reserve against $1.76 billion in annual dividend obligations largely by selling stock.

Holdings now sit 6,916 BTC below the 847,363 peak reached in June, a reduction of 0.8%. At around $65,100, where $BTC traded Monday morning, up 0.4% on the day per CoinGecko data, the stack is worth roughly $54.6 billion against the $63.36 billion Strategy paid for it.