Strategy Sells 1,638 Bitcoin While Simultaneously Repurchasing STRC Preferred Stock
N.R. Finch
Strategy sold 1,638 BTC for roughly $104.7 million last week while repurchasing over 912,000 shares of its high-yield STRC preferred stock — trimming crypto exposure on one side, shoring up preferred-equity stability on the other, in a deliberate balance-sheet rebalancing.
How big was this Bitcoin sell-off?
Strategy sold 1,638 BTC at roughly $104.7 million, an average of about $63,900 per coin.
After the sale, the company still holds 842,138 BTC bought at a cumulative cost of roughly $63.51 billion — an average entry price of about $75,419 per coin.
This means → the average cost basis sits well above the disposal price, so the overall BTC position remains underwater.
Where did the cash go?
Beyond the $104.7 million from Bitcoin, Strategy raised another $290.6 million by selling common stock.
Combined, the two moves lifted dollar reserves by $250 million.
In plain terms = Strategy did two things at once: converted part of its BTC into cash and tapped the equity market for more — ending up with $250 million in extra dollar "ammunition" on the balance sheet.
What is the STRC buyback about?
The company spent $81.2 million to repurchase 912,143 shares of its high-yield preferred stock, STRC.
STRC carries an annualized dividend of 12% — buying it back directly cuts a fixed interest obligation.
This means → the preferred buyback and the Bitcoin sale are two moves in one play: use cash freed from a volatile asset (BTC) to retire expensive debt (STRC), easing overall balance-sheet strain.
Will the 12% STRC dividend hold?
Strategy said late last week it will keep STRC's annualized 12% dividend unchanged.
Management added it does not plan to recommend a cut until STRC trades steadily near its $100 par value.
This reflects an attempt to anchor market expectations with a "no cut" pledge — but whether STRC can actually hold near par remains the key variable to watch.
Content is for reference only, not financial advice.