Strategy raised $333.7 million selling MSTR shares last week but made no bitcoin purchases or sales, leaving its treasury unchanged at 840,447 BTC. The proceeds funded STRC buybacks, preferred dividends, and a dollar reserve that grew to $4.8 billion.
Strategy raised $333.7 million selling 3.46 million MSTR shares last week without buying or selling a single bitcoin, leaving its treasury unchanged at 840,447 BTC. The stack, acquired at an average price of $75,385 per bitcoin for a total cost of $63.36 billion, did not change hands.
Proceeds split three ways
Strategy used $132.2 million of the sale proceeds to repurchase 1,388,720 shares of its STRC preferred stock and set aside $52.4 million for STRC dividends. The remaining $149.1 million went into its dollar reserve, lifting the balance to $4.8 billion, up from $4.65 billion a week earlier. In a post on X, Strategy said: "we hold ₿840,447 in our BTC Reserve and $4.8B in our USD Reserve".
Sales pause snaps a months-long streak
The week ends a stretch of weekly bitcoin sales that had funded dividends and buybacks since May, during which Strategy sold 6,948 BTC for about $432.5 million. Those disposals fall under a capital framework introduced in June that permits up to $1.25 billion of Bitcoin sales for dividends, interest, buybacks and the reserve, of which roughly $429 million has been used, leaving about $820 million in capacity untapped. The company has not bought bitcoin since June. Bitcoin itself has gained more than 1% over the past 24 hours to trade near $63,500.
MSTR underperforms bitcoin
Strategy's stock fell 4.1% last week, closing Friday at $93.04. Bitcoin slid 3% during the same period. At current prices, Strategy's holdings are worth about $53.4 billion against the $63.36 billion it paid, a shortfall of around $9.9 billion.
That gap leaves the stock trading at an enterprise mNAV of 1.04.
Sources: CoinDesk, The Block, Decrypt
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