Strategy has put STRC at the center of its latest capital story after selling 32 Bitcoin to help fund preferred stock distributions.
Summary
- Strategy sold 32 Bitcoin for about $2.5 million to help fund distributions on its STRC preferred stock.
- Michael Saylor promoted STRC after the sale, saying Strategy wants it to become the best credit instrument.
- Strategy paused Bitcoin purchases while repurchasing convertible debt worth nearly $1.5 billion in face value.
Strategy said in an 8-K filing that it sold the Bitcoin for about $2.5 million last week, with the proceeds expected to fund distributions on its perpetual preferred stock. The sale came before Executive Chairman Michael Saylor made his first public comment on the matter, promoting STRC rather than explaining the Bitcoin disposal.
“Our goal is to make STRC the best credit instrument in the world,” Saylor wrote on X on Monday.
Saylor Pushes STRC After Bitcoin Sale
The company’s filing tied the Bitcoin sale directly to preferred stock payments, while Saylor’s post placed attention on STRC as a financing product. Strategy has built its public identity around Bitcoin accumulation, but its latest disclosure shows how the company is using capital tools around that position.
Saylor has often said Strategy judges financing decisions through Bitcoin per share and shareholder value. In that framework, the company does not only focus on increasing the total Bitcoin balance.
The latest sale involved 32 Bitcoin at an average price of $77,135, according to the company disclosure. Bitcoin recently traded near $70,889 after slipping from higher levels, while February prices reached as low as $60,000.
Strategy Breaks From Weekly Bitcoin Buying
As previously reported by crypto.news, Strategy paused its Bitcoin purchases last week while moving to repurchase convertible debt. The company chose to buy bonds rather than add more Bitcoin, as Saylor said the “BitVac is charging.”
Earlier company disclosures showed Strategy plans to repurchase nearly $1.5 billion in face value of its 0% convertible senior notes due 2029. The repurchase price is about $1.38 billion in cash, according to the filings.
Strategy said the transaction could be funded through current cash reserves, proceeds from at-the-market stock sales, and possible Bitcoin sales. This disclosure gave investors a clearer view of how Bitcoin may support debt and preferred equity obligations.
Bitcoin Sale Revives Market Bottom Question
Crypto traders on X have long joked that Strategy often buys Bitcoin near weekly highs. However, the company’s only previous Bitcoin sale occurred in December 2022, when Bitcoin traded near $18,000 after the FTX collapse had pushed prices down to near $15,000.
This time, Strategy sold after Bitcoin had already retreated from higher levels. The sale has therefore revived comparisons with its 2022 disposal, although the company has not described the move as a market call.
Before the latest filing, Saylor said in an interview that it was “not unlikely” Strategy could sell some Bitcoin before the end of 2026. He also said models based only on equity, credit, or Bitcoin performed worse than a flexible capital allocation approach.
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