Strategy Unloads 1,638 BTC for $105M to Cover Rising Cash Obligations

Strategy, Michael Saylor's Bitcoin treasury company, has sold 1,638 BTC for approximately $105 million in an effort to cover preferred stock dividends and STRC repurchases. The sale is part of a capital structure management exercise aimed at servicing the company's rising cash obligations.

The proceeds from the sale will be used to fund dividend payments on Strategy's preferred stock classes, including STRC, STRK, STRD, STRF, and STRE, as well as to pay for repurchases of STRC preferred shares. The 1,638 BTC were sold at an average price of around $64,000 per coin, which is lower than the company's all-in average acquisition cost of $75,419.

Strategy increased its USD Reserve by $250M and repurchased $81M of STRC. This tightened STRC's BTC Credit by 5 bps. The sale marks the sixth consecutive week without a new Bitcoin purchase, a notable departure from Strategy's accumulation posture in the past.