Strategy Sold Bitcoin at $60K to Save Its Preferred. It Just Bought It Back at $80K.
Strategy is unwinding its 'never sell' Bitcoin posture, navigating STRC preferred-stock distress, mounting unrealized losses, and a shifting capital framework while markets reassess its leveraged BTC-treasury model.
Strategy acquired 4,603 bitcoin for about $369.7 million at an average of ~$80,318, its first purchase since June, funded from a $603 million MSTR share sale with the remainder directed to supporting its STRC preferred stock, per its 8-K and multiple outlets. Holdings stand at 845,050 BTC — below the 846,000 held on June 30, before the company sold roughly 5,278 BTC across three periods at $59,000–64,000 to fund STRC repurchases, per earlier filings.
Strategy: bought below cost, funded by the stock
"We're back," said Michael Saylor.
Back to fewer coins than June.
Over the summer Strategy sold about 5,278 bitcoin at $59,000 to $64,000 a coin. The money bought back its own preferred stock, STRC, which was trading below its $100 target.
This week it bought 4,603 bitcoin at $80,318.
It received roughly $326 million for the coins it sold. It paid $370 million for fewer coins back.
The purchase was funded by selling $603 million of Strategy shares. Only $370 million reached bitcoin. The rest went to propping up STRC.
Selling shares to buy bitcoin is the machine's design. It works when the shares trade at a premium to the bitcoin behind them — each sale adds coins per share.
That premium is gone. In August Strategy's own figure put it at roughly one-to-one.
So the machine still turns. It just no longer compounds.
The coins were sold low to protect the paper. They were bought back high to protect the story.
Multi-media snippets
Michael Saylor continues buying Bitcoin and MicroStrategy stock buybacks
Michael Saylor's MicroStrategy purchases 4,600 Bitcoin for $370 million
12 sources
- Strategy returns to bitcoin buys, adding $370 million of BTC last week · coindesk.com · T1
- Big Bull Michael Saylor Returns to the Scene After Weeks: He Announces a Million-Dollar Bitcoin Move! · en.bitcoinsistemi.com · T2
- Bitcoin, Ethereum, XRP, Dogecoin Trade Sideways After Strategy's BTC Purchase · benzinga.com · T2
- Michael Saylor continues buying Bitcoin and MicroStrategy stock buybacks · youtube.com · T3
- Michael Saylor's MicroStrategy purchases 4,600 Bitcoin for $370 million · youtube.com · T3
- Michael Saylor unfazed as Bitcoin’s rally faces fresh trouble – ‘We’re back!’ · ambcrypto.com · T2
- Michael Saylor’s Strategy Resumes Bitcoin Purchases, Adding $370,000,000 Worth of BTC · dailyhodl.com · T2
- Strategy Snaps Its Bitcoin Pause as Bitmine's ETH Buying Streak Continues · bankless.com · T2
- Strategy buys $370M Bitcoin in first corporate purchase since June · cointelegraph.com · T1
- ‘We’re back’: Strategy buys another 4,603 bitcoin for $369.7 million as holdings hit 845,050 BTC · theblock.co · T1
- Strategy splits $603 million share sale between Bitcoin purchases and STRC support · cryptoslate.com · T2
- Strategy Resumes Bitcoin Buying After 10-Week Hiatus · bitcoinmagazine.com · T1