MicroStrategy dumped $108M in BTC and $650M in MSTR stock at a loss, but the stock barely moved.
Macro & Markets ·
Michael Saylor's MicroStrategy has disposed of 1,690 bitcoin for $108.6 million, marking a third consecutive week of sales. The bitcoin averaged $64,262 per coin, roughly $11,100 below the company's cost basis, extending a pattern of realizing losses on digital-asset holdings. Concurrently, the firm liquidated $653.1 million in common MSTR shares—more than double the prior week's figure—bringing its cash reserves to $4.65 billion.
The sales activity reflects an effort to shore up reserves for preferred-stock buybacks and meet annual obligations. Strategy remains focused on repurchasing its preferred shares, STRC, which has rebounded to $95. The company claims its cash pile now covers approximately 2.7 years of obligations tied to preferred dividends and debt service without additional coin sales or equity issuance. Since July 1, MicroStrategy has sold roughly $1.9 billion in common stock while accumulating no new bitcoin.
Despite sustained shareholder dilution and steady bitcoin disposal, MSTR shares have remained resilient, holding near $100 after bottoming in late June and posting a 20% recovery from those lows. The material suggests no near-term solvency risk and indicates the company may continue bitcoin sales until STRC returns to par value, at which point the dynamic could shift from a headwind to a tailwind for equity performance.