Bitcoin treasury firm Strategy has sold Bitcoin for the second consecutive week, using the proceeds to fund the STRC stock buyback. Michael Saylor’s company also sold MSTR shares under its at-the-market (ATM) program, using the net proceeds to increase its USD reserve.
Strategy Sells 1.690 BTC for $108.6 Million
An SEC filing shows that the Bitcoin treasury firm sold 1,690 BTC for $108.6 million at an average price of $64,262 per BTC last week. The company’s Bitcoin holdings have now decreased to 840,447 BTC for $63.36 million at an average price of $75,385 per BTC.
Strategy revealed that it used the net proceeds from the sale to repurchase the STRC stock. The SEC filing showed that the company bought back 1,152,020 STRC shares for $108.6 million.
Last week’s sale marks the second consecutive week that Strategy has sold Bitcoin. As CoinGape reported, Michael Saylor’s company sold 1,638 BTC two weeks ago to fund STRC buybacks and dividend payments.
The STRC stock has notably climbed from its June low of $74 amid the share buyback. TradingView data shows that the stock is up in premarket trading, currently trading at around $95 as it approaches its $100 par value. The stock is up over 10% in the last month.
USD Reserve Increases To $4.65 Billion
Strategy’s SEC filing also showed that the Bitcoin treasury firm has increased its USD reserve to $4.65 billion. The company sold 6.585 million MSTR shares for $653.1 million under its at-the-market (ATM) program.
The Bitcoin treasury firm also added 3.1 million from the net proceeds of the MSTR stock sales to its cash balance. The company also signaled that it may begin selling more MSTR shares under the new $21 billion offering once it exhausts the shares under the current ATM offering.
The Strategy stock is down in premarket trading, currently trading below the psychological $100 level, according to TradingView data. The stock is also down as Bitcoin continues to struggle to break the psychological $65,000 level as uncertainty around the U.S.-Iran war persists.
You can check out the Best Platforms to Trade Tokenized Stocks for more on trading the MSTR and STRC stocks