MSTR
Bitcoin? More like balance-sheet chess
Strategy just filed an 8-K showing it sold 1,690 Bitcoin between August 3rd and August 9th for $108.6 million. The proceeds went straight toward repurchasing 1,152,020 STRC preferred shares — because apparently even the biggest Bitcoin piggy bank on the planet occasionally needs to make the math work.
The other cash spigot
The company also sold 6,585,682 MSTR shares for $653.1 million. Of that, $650 million was added to its USD reserve, with the rest tossed into cash. That pushed the reserve to $4.65 billion, which is a very fancy way of saying Strategy now has a bigger cushion for whatever comes next.
Why investors are squinting at this
The headline here isn’t just the Bitcoin sale — it’s the shift in vibe. Strategy has spent years acting like a one-company Bitcoin ETF with a software business attached. Now it looks more like a capital-raising machine that’s actively managing preferred obligations, common share dilution, and a giant crypto treasury all at once.
And the stock hasn’t exactly loved the setup. MSTR was trading around $100.01 Monday after rejecting the $105 level for the third time in a row. Big picture: when a stock keeps bonking its head on the same ceiling, even a company with 840,447 BTC can’t pretend technical traders aren’t paying attention.