Strategy Sells MSTR, Buys Back STRC Shares as Bitcoin Holdings Stay Unchanged

HIGHLIGHTS Strategy sold nearly $338 million worth of MSTR shares last week. The Bitcoin treasury firm used proceeds to buy back STRC shares, pay dividends and increase its USD reserve. Strategy did not buy or sell Bitcoin last week. Michael Saylor’s Strategy has paused its Bitcoin sales after two consecutive weeks of selling some of its BTC holdings. The Bitcoin treasury firm continued its STRC buybacks last week, selling common stock to fund the purchases and using some proceeds to pay dividends and increase its USD reserves.
Strategy Sells MSTR To Fund STRC Buyback and Increase USD Reserve
An SEC filing shows that the Bitcoin treasury firm sold nearly 3.46 million MSTR shares last week, worth $333.7 million, under its at-the-market (ATM) program. It still holds 21.7 million shares available for issuance under the program.

Strategy revealed that it used $132.2 million in net proceeds from the MSTR stock sales to buy back STRC shares and $52.4 million to fund dividend payments for the STRC stock. The company also used $149.1 million in net proceeds to increase its USD reserve to $4.8 billion.

The MSTR stock is up despite the disclosure of this latest stock sale. The stock is currently trading at around $94, up over 1%, according to TradingView data. This comes as Bitcoin climbs today, trading above the psychological $63,000 level.

Meanwhile, STRC stock is down in pre-market trading today, even as Strategy continues repurchasing its preferred security under a buyback program. The stock is currently trading at around $95, down less than 1%. However, the stock is up over 7% in the last month as it eyes its par value of $100.
Pause Of Bitcoin Sales
The SEC filing also revealed that Strategy paused its Bitcoin sales last week after two consecutive weeks of selling its BTC holdings. As CoinGape reported, Michael Saylor’s company sold 1,690 BTC two weeks ago to buy back STR shares and sold 1,638 BTC the week before.

Strategy currently holds 840,447 BTC, which it bought for $63.36 billion at an average price of $75,385 per BTC. The company’s CEO, Phong Le, recently eased fears about the Bitcoin sales, saying they plan to resume buying BTC for the rest of the year.

He also noted that they remain a net buyer despite the Bitcoin sales they have made this year. The Bitcoin treasury firm has sold 6,948 BTC this year but has also bought 167,947 during the same period.