Strategy Sells 1,690 Bitcoin to Fund STRC Buyback as Reserve Hits $4.65B
Strategy, the largest corporate holder of Bitcoin, has sold 1,690 BTC to fund its buyback program for STRC (Stretch) preferred shares. The sale generated $108.6 million, which was used in full to purchase 1,152,020 shares of STRC.
The company's dollar reserve has increased to $4.65 billion after Strategy split the proceeds from selling 6,585,682 MSTR shares between its USD reserve and cash accounts at a ratio of $650 million to $3.1 million. The sale was part of Strategy's Digital Credit Securities Repurchase Program.
Strategy's chief executive Michael Saylor stated that the goal is for STRC to trade over time at $99 to $100, which it has yet to reach. As of this report, STRC traded at $95.55 pre-market. The company still has $785.2 million available under its repurchase program.