Strategy Sells 1,638 BTC for $105M Amid Capital Structure Management Exercise

Strategy, the bitcoin treasury company led by Michael Saylor, has sold 1,638 BTC for approximately $105 million. This sale is part of a capital structure management exercise to service its preferred stock classes, including STRC, which carries a 12% annual dividend rate and trades below par.

The proceeds from the BTC sale will fund dividend payments on Strategy's preferred stock classes and repurchases of STRC preferred shares. The company liquidated the BTC at an average price of $64,000 per coin, which is lower than its all-in acquisition cost of $75,419.

Strategy has been running a parallel set of levers to manage its capital structure, including BTC monetization and reserve allocation. Despite sitting on a $10.9 billion paper loss, the company remains one of the largest corporate holders of Bitcoin globally.