Riot Platforms and MARA Drop 6%, CleanSpark Sinks 5% as Strategy Sells Bitcoin, Shares
Strategy sold Bitcoin below its average cost basis and used the proceeds to repurchase STRC shares while its U.S. dollar reserve climbed to $4.65 billion.
- On Monday, the Michael Saylor-led firm Strategy disclosed it sold 1,690 Bitcoin for $108.6 million and approximately 6.59 million common shares for $653.1 million during the week ended August 9.
- Breaking its long-running "never sell" stance, this capital-management pivot that Saylor initiated in May saw Bitcoin sold at an average of $64,262, below Strategy's $75,385 average cost basis.
- The disclosure sparked a sell-off in crypto-related equities Monday, with Riot Platforms and MARA Holdings each falling 6%, CleanSpark sliding 5%, and Bitcoin dipping 2% over 24 hours to $63,867.58.
- Strategy used Bitcoin sale proceeds to repurchase 1,152,020 shares of its variable-rate preferred stock, STRC, for $108.6 million, while routing $650 million from share sales into its cash reserve.
- Prediction markets currently assign a 39% probability to Strategy announcing additional Bitcoin sales between August 11 and 17, per Polymarket contracts, while placing minimal weight of 3.6% on a 2026 margin call.
32 Articles
32 Articles
Michael Saylor's Strategy Has Spent $64 Billion Buying Bitcoin at an Average Price of $75,482 a Coin. Here's Why That Position Is Sitting on a $10 Billion Paper Loss Today.
Until the price of Bitcoin recovers, Strategy is going to have a hard time attracting new investors.
Riot Platforms and MARA Drop 6%, CleanSpark Sinks 5% as Strategy Sells Bitcoin, Shares
Strategy's latest 8-K just sent shockwaves through the entire Bitcoin mining sector, and the fallout raises a bigger question about whether Michael Saylor's capital pivot is only getting started.
Michael Saylor's Strategy Sells More Bitcoin, Increasing Its Cash Stockpile To $4.6 Billion. Its Stock Is Dropping.
Strategy sold nearly $109 million worth of Bitcoin and more than $650 million of its own shares last week as Michael Saylor's company continues a major shift toward managing its increasingly complex capital structure.
Strategy Sells Bitcoin Below Cost Again and Steers $650 Million of Share Sales Into Cash
Strategy sold 1,690 bitcoin for $108.6 million between Aug. 3 and Aug. 9, its second straight week of selling, according to a Form 8-K the company filed Monday. It sold at an average of $64,262 a coin, roughly $11,000 under its $75,385 average cost basis, a realized loss of about $18.8 million. Equity sales more than doubled over the same stretch, bringing in $653.1 million from 6,585,682 MSTR shares, against the $290.6 million it raised the wee…
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