Saylor's Strategy Dumps Another 1,690 BTC at a Loss, Still Won't Touch the Buy Button 🪙

Strategy, the Bitcoin treasury firm chaired by Michael Saylor, sold 1,690 BTC for $108.6 million during the week ending Aug 9, according to an 8-K filing on Monday. The sale marks the third consecutive week of disposals, trimming the company's stack to 840,447 BTC from 842,138 a week earlier. Strategy has not purchased any Bitcoin since June, leaving its holdings 6,916 coins below the June peak.

The coins were sold at an average price of $64,262, net of fees, roughly $11,123 below the company's aggregate cost basis of $75,385 per Bitcoin, or $63.36 billion in total. All proceeds were used to repurchase shares of preferred stock $STRC, which rebounded to $95.

Separately, Strategy raised $653.1 million through sales of $MSTR common stock, more than double the prior week's figure, and boosted its cash reserves by $650 million to $4.65 billion. The company has now sold roughly $1.9 billion of common stock since July 1 without acquiring any additional Bitcoin. According to the firm, the cash position covers approximately 2.7 years of "USD Duration," providing roughly two and a half years of runway to meet its $1.76 billion in annual preferred dividends and debt interest without further coin sales or share issuance.

Strategy's $MSTR common stock has stabilized around $100 per share, up roughly 20% from a late-June low of $81.81 despite the ongoing dilution and Bitcoin sales. The firm intends to continue selling BTC to bring $STRC back to par.