Bitcoin treasury firm Strategy (MSTR) had raised $108.6 million last week through the sale of 1,690 bitcoin and an additional $653.1 million from the sale of 6.59 million shares of common stock, according to a Monday filing.
The company used the bitcoin sale proceeds to repurchase 1,152,020 shares of its variable-rate preferred stock, STRC, for $108.6 million.
The bitcoin sales reduced Strategy’s holdings to 840,447 BTC, acquired for $63.36 billion at an average price of $75,385. The 1,690 bitcoin were sold at an average price of $64,262, net of fees and expenses.
Strategy directed $650 million of the proceeds from its common-stock sales to its USD reserve, lifting the balance to $4.65 billion as of Aug. 9. The remaining $3.1 million was added to the company’s cash balance.
Following the latest transactions, Strategy has $785.2 million remaining under its preferred-stock repurchase program and $1 billion available under its MSTR common-stock repurchase program.
MSTR and STRC are both up 0.5% in Monday pre-market trading, with bitcoin changing hands near $65,000.