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Strategy shares jump as STRC preferred stock rebounds toward $100

The Block says Strategy reported selling $333.7 million of MSTR shares in August, using proceeds for STRC dividends and repurchases while it held BTC and raised its USD reserve to $4.8 billion.

Reported · Written up by our desk · Market Structure

Strategy shares rose to their highest level in about two months as bitcoin briefly pushed to roughly $79,400 and Strategy’s STRC preferred stock recovered toward its $100 target, The Block reported on Friday.

STRC climbed above $96 for the first time since June, after it had fallen below $70 during a selloff that raised questions about Strategy’s ability to service its roughly 11.5% APY dividend.

According to The Block, Strategy said earlier this week it sold $333.7 million of MSTR shares between Aug. 10 and Aug. 16, making no bitcoin purchases or sales. Proceeds were used for $52.4 million toward STRC dividends and $132.2 million toward STRC repurchases under its Digital Credit Securities Repurchase Program.

The Block also noted that Strategy increased its USD reserve to $4.8 billion and still holds 840,447 BTC, worth about $65.2 billion, which puts it back in unrealized profit of around $1.6 billion, according to SaylorTracker.

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