Strategy sold $109 million worth of Bitcoin this week, using the proceeds to fund a $109 million buyback of its STRC token. The company also sold six times that amount — $654 million — in its own stock, a move that keeps its dollar reserve above $4.6 billion.
The buyback math
The Bitcoin sale and the STRC repurchase are exactly the same size, which suggests the company structured the two transactions to offset each other. Strategy didn't say whether the buyback is complete or still rolling out.
This isn't the first time the firm has shuffled its balance sheet this quarter. But the scale stands out: $109 million is a meaningful chunk of its Bitcoin holdings, and the stock sale dwarfs it.
A bigger stock sale
The $654 million stock sale is the larger story here. That's six times the Bitcoin liquidation, and it's the kind of number that moves the share price on its own. Strategy's dollar reserve now sits above $4.6 billion, giving it plenty of dry powder for whatever comes next.
Why sell stock instead of more Bitcoin? The company didn't explain the reasoning in the filing. The timing isn't great — crypto markets have been choppy, and a large equity sale can pressure the stock.
What's left in the treasury
Even after the sale, Strategy's Bitcoin position remains substantial. The company has been a steady buyer over the years, and this week's move is a rare reversal. The $4.6 billion cash reserve is the biggest it's been in recent memory.
Investors will be watching the next quarterly report for more detail on the buyback's completion and whether the stock sale continues. The company hasn't set a deadline for either.
