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Morning Edition · Tuesday, August 11, 2026Published at 1:53 AM EDT · New York
Strategy Sold 1,690 Bitcoin Below Its Average Cost to Fund a Preferred-Share Buyback
The company raised $108.6 million at an average of $64,262 per coin, roughly $11,000 below what it paid on average, and is holding $4.75 billion in cash after learning that bitcoin reserves do not substitute for dollars in investors' eyes.
Strategy, the software company turned bitcoin holding vehicle, sold 1,690 bitcoin for $108.6 million at an average price of $64,262 between August 3 and August 9, using the proceeds to buy back its STRC preferred shares. The company now hol…
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Leveraged Bitcoin Treasury Vehicles Show Financing Strain
Over ~3-9 months, Bitcoin treasury companies face mounting financing stress as their funding instruments trade below par on dividend-coverage doubts, testing the sustainability of the debt/preferred-funded accumulation model.
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