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Strategy sells $108.6 million of Bitcoin and buys back STRC stock
The Nasdaq-listed firm sold 1,690 BTC and used the proceeds to repurchase about 1.15 million preferred shares, leaving its Bitcoin holdings at 840,447 coins.
Strategy, the Nasdaq-listed Bitcoin treasury company formerly known as MicroStrategy, said it sold Bitcoin again last week and used the cash to repurchase its preferred stock. In an SEC filing, the company said it sold 1,690 coins for $108.6 million, bringing its holdings to 840,447 coins, down from 842,138 a week earlier.
Strategy said the proceeds went to buying 1,152,020 STRC shares worth $109 million as part of a buyback program. It also said the cash used in the transaction increased its USD reserve to $4.65 billion.
The company said it has not bought Bitcoin since June, reiterating that selling Bitcoin is part of its plan to build a cash buffer. It maintains that its long-term posture toward Bitcoin has not changed.
Strategy’s shares were trading nearly 3% lower on Monday after the announcement. The article noted that Strategy has spent more than $63.5 billion buying Bitcoin since 2020 and remains the largest corporate holder of the asset.
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