Michael Saylor-led Strategy continued reshaping its balance sheet last week, selling another tranche of Bitcoin while raising fresh capital through stock sales and buying back millions of dollars worth of its preferred shares, according to a filing with the U.S. Securities and Exchange Commission (SEC).
The company disclosed Monday that it sold 1,638 Bitcoin between July 28 and Aug. 2, generating approximately $104.73 million in net proceeds. The transaction reduced Strategy’s Bitcoin holdings to 842,138 BTC, which were acquired for a combined $63.51 billion at an average purchase price of $75,419 per Bitcoin, according to the SEC filing.
Alongside the cryptocurrency sale, Strategy also raised $290.6 million by issuing 3.01 million shares of its Class A common stock under its at-the-market equity offering program, the company reported. The proceeds helped increase Strategy’s U.S. dollar reserve by approximately $250 million, lifting its total cash holdings to $4 billion, according to the filing.
The company also used part of its capital to repurchase 912,143 shares of its STRC perpetual preferred stock for approximately $81.2 million, the filing showed. The repurchases are part of a broader effort to support the preferred shares after they traded below their stated $100 liquidation preference.
Strategy also announced that it would keep STRC’s annual dividend rate at 12%, adding that it does not intend to recommend lowering the payout until the preferred shares consistently trade near their $100 value. The company said maintaining the current dividend reflects its confidence in the security while it continues to support the share price through repurchases.
The latest transactions come less than a week after Strategy outlined a significant shift in how it manages its Bitcoin treasury. During its second-quarter earnings release, the company said it would no longer treat Bitcoin as an asset that would never be sold. Instead, it plans to use selective Bitcoin sales to strengthen liquidity, fund preferred share dividends, repurchase securities and manage its capital structure more actively, according to the company’s earnings report.
For years, Strategy had built a reputation as one of Bitcoin’s strongest corporate advocates by consistently purchasing the cryptocurrency regardless of market conditions. The company’s latest approach marks a notable departure from that strategy, although executives have emphasized that Bitcoin remains its primary treasury reserve asset.
Even after the latest sale, Strategy remains the world’s largest publicly traded corporate holder of Bitcoin by a considerable margin. Based on current market prices, its holdings are worth well over $50 billion, underscoring the company’s continued exposure to the cryptocurrency despite the recent disposals.
Strategy’s recent capital management efforts come as publicly traded companies continue to explore different ways of financing large cryptocurrency positions. While some firms have relied primarily on debt or equity issuance to accumulate digital assets, Strategy is increasingly combining stock offerings, preferred securities, cash reserves and selective Bitcoin sales to manage its balance sheet.
The company has repeatedly said it intends to maintain substantial Bitcoin exposure while preserving enough liquidity to meet corporate obligations and support its growing portfolio of publicly traded securities.