Strategy Transfers 1,030 Bitcoin Worth $66.14 Million as STRC Recovery Nears $100 Par
Updated
Updated · 24/7 Wall St. · Aug 9
Strategy Transfers 1,030 Bitcoin Worth $66.14 Million as STRC Recovery Nears $100 Par
3 articles · Updated · 24/7 Wall St. · Aug 9
Summary
1,030 BTC worth about $66.14 million moved from wallets tied to Strategy on Wednesday, according to Lookonchain, extending a run of sales by the market’s biggest corporate bitcoin holder.
Strategy has not yet confirmed the transfer, but the sales fit its new Digital Credit Framework, under which bitcoin is being used to fund USD reserves that support STRC preferred-stock dividend obligations.
Last week, the company sold 1,638 BTC for $104.7 million to bolster that reserve, and those sales were occurring below its $75,419 average acquisition cost versus a $63,957 average sale price.
STRC closed Friday at $95.18, up 35% from a June low near $70, and Strategy has indicated bitcoin buying is unlikely to resume until the preferred stock returns to its $100 par value.
That makes STRC’s path back to par the key signal for whether Strategy’s bitcoin selling pressure is nearing an end rather than becoming open-ended.