MicroStrategy Added 37 Bitcoin in Two Months. Then It Sold 1,638 in One Week
MicroStrategy added 37 bitcoin between May 26 and July 26. Last week it offered 1,638 in seven days. The firm now holds much less Bitcoin (BTC) than it did in spring.
Michael Saylor says Strategy expects to remain a internet purchaser. Its personal filings present the shopping for stopped months in the past.
The Stack Is Going Backwards
Strategy reported 843,738 BTC on May 26. Two months later, on July 26, it reported 843,775. That is a acquire of 37 cash.
Then got here Monday’s filing. It exhibits 842,138 BTC as of August 2.
Strategy elevated its USD Reserve by $250M and repurchased $81M of $STRC. This elevated USD Duration by 57 days to 2.3 years and tightened STRC’s BTC Credit by 5 bps. As of 8/2/26, we maintain ₿842,138 in our BTC Reserve and $4.0B in our USD Reserve. $MSTRhttps://t.co/zzra7RL5Zg
“We have by no means had a “by no means promote” coverage. The program doesn’t require any BTC sale, and we count on to stay a internet purchaser of Bitcoin over time,” the MicroStrategy chair said.
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A $400 Million Dividend Bill
The MicroStrategy Bitcoin sale final week was not opportunistic. It paid a invoice.
Strategy owes money to holders of its most well-liked shares. Those pay a set dividend each quarter.
That value reached $400.7 million in the second quarter. A yr earlier it was $49.1 million. The invoice is greater than eight occasions bigger.
Dividends and curiosity now run roughly $1.76 billion a yr.
So the cash exit the door. Strategy offered $218.4 million of bitcoin this yr by way of July 26. Last week added $104.7 million extra.
Almost a 3rd of the yr’s promoting occurred in that one week.
Selling at a Loss to Buy at a Discount
Here is the commerce. Strategy offered bitcoin at $63,957 a coin. Its common value is $75,419. That is a lack of about $11,500 every.
It used half that money to purchase again 912,143 STRC shares. STRC is a Bitcoin-backed preferred share that pays 12% a yr.
Each share is supposed to be price $100. Strategy paid $89.02.
So the corporate took a loss on bitcoin to seize an 11% low cost by itself debt-like shares. Every share retired cuts the dividend invoice for good.
It additionally offered 3,011,361 of its personal bizarre shares, elevating $290.6 million. Meanwhile a $1 billion approval to purchase these shares again sits unused. That is the trade-off MSTR investors face.
“Strategy is evolving from one-way capital issuance to lively capital administration,” Phong Le, president and chief govt of Strategy, in the June 29 release
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Bitcoin trades close to $62,468, roughly half its October file. Strategy nonetheless owns extra of it than every other firm.
Bitcoin Price Performance. Source: BeInCrypto
But the path has modified. The subsequent submitting lands in per week.
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