Strategy Has Cumulatively Sold Over $400M in BTC; STRC Falls Below Par Value, Constraining Financing
N.R. Finch
Strategy sold $653 million in common stock and $109 million in bitcoin in a single week, bringing total BTC disposals to roughly $432 million since late May — yet its preferred stock STRC remains stuck below par, effectively shutting the funding channel Michael Saylor once called his primary capital tool.
What did Strategy actually do this week?
The company raised cash on two fronts: $653 million from selling ~6.6 million common shares, and $109 million from selling bitcoin.
Every dollar from BTC sales went to buy back an equal amount of STRC preferred stock. This means → the bitcoin wasn't sold to hoard cash — it was sold to meet preferred-stock obligations.
As of August 9, Strategy's dollar reserves stood at roughly $4.6 billion.
What price did they sell the bitcoin at — and did they lose money?
The average sale price was roughly $64,262 per coin; Strategy's overall cost basis sits at about $75,385 per coin — a discount of roughly 15%.
In plain terms = every coin sold locks in a paper loss of about $11,000. This isn't strategic profit-taking — it's forced selling at a loss.
Since late May, Strategy has sold a cumulative ~$432 million in bitcoin. It still holds about $58 billion worth.
Why can't they just keep funding through preferred stock?
Saylor previously positioned STRC preferred shares as the company's primary funding source — a way to raise capital without diluting common shareholders.
But STRC has traded below its $100 par value since early May, currently around $95. This means → issuing new shares at par would mean losing $5 on every share sold. The channel is effectively closed.
In plain terms = the preferred stock was supposed to be Saylor's "cheap borrowing window." That window is now shut, forcing the company onto more expensive paths.
Can the remaining funding paths hold up?
Strategy now relies on two mechanisms: its common-stock ATM program (at-the-market offering — selling shares gradually into the open market), with roughly $22 billion in remaining capacity, and BTC liquidation.
The ATM headroom looks ample on paper, but every share issued dilutes existing shareholders — This means → each outstanding share represents a shrinking slice of the company.
This reflects a deeper contradiction: Saylor once publicly urged investors to "buy bitcoin at any cost," yet his company is now selling BTC at a 15% loss to service debt. Whether STRC can climb back above par — and reopen preferred-stock issuance — is the key test of whether this capital structure can get back on track.
Content is for reference only, not financial advice.