Strategy sells $105 M Bitcoin to fund dividends, buybacks

Strategy, a major corporate holder of Bitcoin, sold 1,638 Bitcoin for approximately $104.7 million in the week ending August 2, according to a filing with the Securities and Exchange Commission submitted on Monday, August 3. The company used the proceeds to fund dividends on its preferred stock and repurchase shares of that same security, marking a continued shift away from its previous policy of accumulating Bitcoin at all costs.

The sale reduced Strategy's Bitcoin holdings to 842,138 BTC. The company sold the Bitcoin at an average price of $63,957 per coin. According to the filing, $52.4 million from the sale was allocated to dividend payments on its STRC perpetual preferred stock, while another $52.3 million went toward repurchasing STRC shares. In total, the company repurchased 912,143 STRC shares for $81.2 million last week, with the remainder of the buyback funded by separate common stock sales.

Concurrently, Strategy raised an additional $290.6 million by selling approximately 3.01 million shares of its common stock, MSTR. The company directed $250 million of those proceeds to its U.S. dollar reserve, bringing that reserve balance to approximately $4 billion. Executive...