Michael Saylor's Bitcoin treasury firm Strategy sold 1,690 BTC for $108.6 million in the week to Aug 9, according to an 8-K filed Monday, cutting its Bitcoin stack to 840,447 BTC from the 842,138 held a week earlier. The coins went at an average of $64,262, net of fees.

The sales leave Strategy with an aggregate cost basis of $63.36 billion, or $75,385 per Bitcoin—$11,123 more than this week's coins fetched.

Every dollar went into buying back preferred stock. Strategy repurchased 1,152,020 STRC shares for $108.6 million, matching the sale proceeds exactly, in its third buyback under the $1 billion Digital Credit Securities Repurchase Program announced June 29. That leaves $785.2 million of authorization. A week earlier, half the Bitcoin proceeds had funded preferred dividends and half an $81 million buyback.

The larger transaction was in equity. Strategy sold 6,585,682 common shares for $653.1 million net, more than double the 3,011,361 it sold the previous week, directing $650 million into its dollar reserve and $3.1 million to cash. The reserve stood at $4.65 billion as of Aug 9, up from $4 billion.

Strategy's capital framework

Strategy broke with its long-held "never sell" stance at the end of May, disposing of 32 BTC for $2.5 million to fund preferred distributions, its first sale since December 2022. A capital framework unveiled in June set out when it would sell, allowing up to $1.25 billion of disposals.

Strategy Could Sell Up to $1.25B of Bitcoin Under 'Digital Credit Capital Framework'

With this week's sale, the company has used about $429 million of that capacity, counting $216 million in July and last week's $104.7 million, and excluding the 32 BTC that preceded the framework.

The firm has not bought Bitcoin since June, building its dollar reserve against $1.76 billion in annual dividend obligations largely by selling stock. Its holdings now sit 6,916 BTC below the 847,363 peak reached in June, a reduction of 0.8%.

At around $65,100, where Bitcoin traded Monday morning, up 0.4% on the day per CoinGecko data, the stack is worth roughly $54.6 billion against the $63.36 billion Strategy paid for it. The company overhauled its investor metrics in July, making "net Bitcoin per share" the centerpiece—the holdings left for common shareholders once debt and preferred claims are stripped out.