Strategy sells Bitcoin again this week. The company offloaded 1,690 BTC for $108.6 million.
This marks the second consecutive week of sales. The average price was $64,262 per BTC.
Why Strategy sells Bitcoin now
Strategy used the proceeds for STRC buybacks. The company repurchased 1,152,020 STRC shares for $108.6 million.
This follows last week’s sale of 1,638 BTC. Those proceeds funded buybacks and dividends.
STRC stock has climbed from its June low. It was at $74 then. It now trades around $95 in premarket. The stock is up over 10% in the last month. It is approaching its $100 par value.
USD reserve increases to $4.65B
Strategy also sold MSTR shares under its ATM program. The company sold 6.585 million shares for $653.1 million.
It added $3.1 million to its cash balance. The USD reserve now stands at $4.65 billion.
The company may sell more MSTR shares soon. A new $21 billion offering is available. This will happen once the current ATM shares are exhausted.
MSTR stock reaction
Strategy stock is down in premarket trading. It now sits below the psychological $100 level. Bitcoin continues to struggle above $65,000. Uncertainty around the U.S.-Iran war persists.
Strategy now holds 840,447 BTC. These were bought for $63.36 million. The average cost is $75,385 per BTC.
