Strategy Inc., the investment vehicle controlled by Michael Saylor, sold more than $330 million of its own common stock in early August [1], [3].
The move signals a strategic shift in how the company manages its liabilities, using equity markets to handle preferred share obligations rather than relying solely on its cryptocurrency holdings.
Strategy Inc. raised between $291 million [2] and $333.7 million [1] by selling approximately 3.5 million shares via its at-the-market program [6]. The company used the proceeds to repurchase STRC preferred shares, and meet preferred-dividend obligations [1], [2].
In addition to the stock sales, the company sold a portion of its Bitcoin holdings. Reports on the amount vary, with figures ranging from $104.7 million [4] to $109 million [2]. Forbes reported the company sold 1,638 BTC at a price of $63,957 per BTC [5].
These combined sales have significantly bolstered the company's liquidity. Strategy Inc. now holds a cash stockpile of $4.6 billion [7].
Despite the corporate sales, Michael Saylor emphasized that his personal holdings remain intact. "I have never sold a satoshi of my personal stack," Saylor said [5].
The company's use of the at-the-market program allows it to sell shares directly into the public market at prevailing prices, providing a flexible way to raise capital without a traditional secondary offering [6].
“"I have never sold a satoshi of my personal stack."”
By selling common equity and a small fraction of its Bitcoin to retire preferred shares, Strategy Inc. is reducing its debt-like obligations and dividend pressure. This approach allows the firm to maintain the bulk of its Bitcoin treasury while utilizing the public market's valuation of its stock to clean up its balance sheet.
