Strategy sells $108.6M Bitcoin to fund STRC buyback

Strategy sold another 1,690 Bitcoin last week and directed the entire $108.6 million in proceeds toward repurchasing its STRC preferred stock. Summary Strategy sold 1,690 BTC for $108.6 million at an average price of $64,262. The company repurchased 1.15 million STRC shares using the sale proceeds. Strategy raised another $653.1 million by selling 6.59 million MSTR shares. Its dollar reserve increased to $4.65 billion, while Bitcoin holdings fell to 840,447 BTC. Strategy sells Bitcoin for a second straight week An Aug. 10 filing with the U.S. Securities and Exchange Commission showed that Strategy sold 1,690 BTC between Aug. 3 and Aug. 9. The sale generated $108.6 million in net proceeds, reflecting an average price of $64,262 per Bitcoin. Strategy used the entire amount to repurchase 1,152,020 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC. The transaction lowered Strategy’s Bitcoin reserve to 840,447 BTC. The company acquired those coins for a combined $63.36 billion, including fees and expenses, at an average cost of $75,385 per BTC. Strategy has now sold Bitcoin for two consecutive weeks. As crypto.news previously reported, the company sold 1,63...