Strategy Sold Bitcoin at $60K to Save Its Preferred. It Just Bought It Back at $80K.
Strategy is navigating a crisis in its Bitcoin treasury model, oscillating between forced BTC sales, purchase pauses, and resumed accumulation as STRC preferred stock stress and unrealized losses reshape its capital framework.
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