Strategy Sells $216 Million of Bitcoin, Its Largest Sale Ever, as Saylor’s Financing Overhaul Begins

Strategy sold $216 million of bitcoin last week, the largest disclosed sale since Michael Saylor began building the company’s bitcoin position in 2020 and only the third sale the company has ever made.

A form 8-K filed with the Securities and Exchange Commission Monday shows Strategy sold 3,588 bitcoin between June 29 and July 5, below its cost basis. The sale came in two tranches: 1,363 bitcoin for $80.8 million at an average of $59,256 between June 29 and June 30, then 2,225 bitcoin for $135.2 million at an average of $60,773 through July 5.

Strategy said proceeds from the Bitcoin sales funded distributions on its preferred stock and replenished its dollar reserve, which stood at $2.55 billion as of July 5. The company’s holdings now total 843,775 bitcoin, worth about $53 billion, acquired at an average price of $75,476 per coin.

The sale matters because it marks the first real test of the “financing overhaul” Strategy announced on June 29, when it gave itself broader authority to sell bitcoin, buy back shares, and manage liquidity as pressure built on the capital structure that funded years of aggressive buying. That overhaul authorized up to $1.25 billion in bitcoin sales to bolster the cash reserve, alongside two $1 billion buyback programs for common and preferred shares.

The shifts come as STRC has traded well below its $100 par value, most recently around $89.

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