Strategy disclosed in an 8-K filing that it sold 32 Bitcoin for approximately $2.5 million last week, with proceeds earmarked for distributions on its perpetual preferred stock STRC. Executive Chairman Michael Saylor broke his silence on X, promoting STRC rather than explaining the sale directly.
Sale Details at $77,135 Average
The company reported an average sale price of $77,135 per Bitcoin. At the time of the filing, Bitcoin was trading around $70,889, down from higher levels, with February lows near $60,000. The filing explicitly tied the sale to preferred stock payments, while Saylor's post shifted attention to STRC as a financing vehicle.
Saylor Pushes STRC as Credit Tool
Saylor has long argued that Strategy judges financing moves by Bitcoin per share and shareholder value, not just the total Bitcoin hoard. The sale exemplifies this flexible capital allocation. He previously said in an interview that it was "not unlikely" the company could sell some Bitcoin before the end of 2026, noting that models relying solely on equity, credit, or Bitcoin underperform a balanced approach.
Pause on Bitcoin Buys, Debt Buyback
As reported by crypto.news, Strategy paused its weekly Bitcoin purchases last week to repurchase convertible notes. Saylor quipped that the "BitVac is charging." The firm plans to buy back nearly $1.5 billion in face value of its 0% convertible senior notes due 2029, for about $1.38 billion in cash. Funding may come from cash reserves, ATM equity sales, and potential Bitcoin sales, giving investors clarity on how Bitcoin backs debt and preferred equity.
Echoes of the December 2022 Sale
Strategy's only prior Bitcoin sale occurred in December 2022, when Bitcoin traded near $18,000 after the FTX collapse pushed it to $15,000. That sale was seen as a market bottom call. This time, the sale comes after a retreat from higher levels, reviving comparisons — though the company has not framed it as a timing signal. Saylor previously emphasized a flexible capital allocation approach over rigid models.