Strategy Continues Selling Bitcoin! Sold $110 Million in Bitcoin Last Week, Reduced Common Stock Holdings by $650 Million

Michael Saylor’s Strategy continued to sell Bitcoin and common stock last week to bolster its cash reserves.

On Monday, Strategy announced that in the seven days ending August 9, the company sold $108.6 million worth of Bitcoin and reduced its common stock holdings by 6.6 million shares, raising approximately $653 million; meanwhile, the company repurchased $108.6 million worth of Stretch preferred shares.

As of press time, during Monday’s U.S. trading session, Strategy’s common stock fell 1.05%.

Currently, Strategy holds approximately $58 billion in Bitcoin, making it the publicly listed company with the largest Bitcoin holdings globally.

Saylor stated on social media that Strategy increased its USD reserves by $650 million and repurchased $109 million worth of STRC preferred shares. This increased the company’s “Dollar Duration” by 143 days to 2.7 years, while the Bitcoin credit spread for STRC narrowed by 10 basis points.

As of August 9, Strategy’s USD reserves stood at $4.65 billion.

Strategy rose to prominence due to its strategy of continuously accumulating Bitcoin over the years. However, as market concerns regarding its financing model intensified, Saylor shifted to a capital management strategy in late May. To date, Strategy has cumulatively sold approximately $432 million worth of Bitcoin.

Previously, in an effort to alleviate investor concerns about the dilution of common stock, Saylor attempted to make the issuance of STRC preferred shares the company’s primary financing channel.

However, since early May, STRC’s trading price has failed to exceed its $100 par value, and only when the share price is above this level does issuing such securities offer profit potential. Currently, STRC is trading at approximately $95.

In the past, Saylor had urged investors to buy Bitcoin “at almost any cost.”