Strategy Prints Cash, Skips the Dip: Saylor Stacks Bills, Not BTC 🧾

Strategy made no Bitcoin purchases or sales during the week ended Aug. 16, leaving its holdings unchanged at 840,447 BTC acquired at an average price of $75,385 per coin, according to a Monday 8-K filing with the US Securities and Exchange Commission. The Bitcoin treasury company instead raised $333.7 million net through its at-the-market program by selling 3,458,866 shares of $MSTR common stock at an average of about $96.48, down from $99.17 the prior week.

Strategy split the proceeds three ways: $52.4 million went to fund twice-monthly dividends on its $STRC variable-rate preferred stock, $132.2 million funded repurchases of 1,388,720 STRC shares, and $149.1 million was added to the company's US dollar reserve. The reserve now stands at $4.80 billion, up from $4.65 billion a week earlier, and extends Strategy's USD duration to 2.8 years, a 41-day increase, while tightening $STRC's BTC Credit to 114 basis points, down 4 bps.

The $STRC buyback consumed 1,388,720 shares and leaves $653 million remaining under the $1 billion Digital Credit Securities Repurchase Program announced on June 29. A separate $1 billion authorization covering $MSTR common stock remains untouched. $STRC was down 0.12% in premarket activity Monday at $94.67 after closing Friday 1.03% lower at $94.78, according to Yahoo Finance. $MSTR rose 1.3% in premarket trading.

The week's activity falls under a June capital framework that permits up to $1.25 billion of Bitcoin sales to fund dividends, interest, buybacks and the reserve. About $429 million of that capacity has been used since May, leaving roughly $820 million, and none of it was drawn last week. Strategy has sold 6,948 BTC for around $432.5 million since May, beginning with a 32 BTC disposal in its first sale since 2022 and running through three consecutive weekly sales in July and August. A sale of 1,690 BTC the prior week raised $108.6 million, which was used to repurchase the same preferred stock that equity issuance covered this week. Strategy has not bought Bitcoin since June, and at around $63,500, where $BTC traded Monday, its 840,447 BTC are worth about $53.4 billion against the $63.36 billion aggregate cost, a shortfall of roughly $9.9 billion.