Strategy co-founder and Executive Chairman Michael Saylor captioned his usual Sunday chart post "Bitcoin Drive engaged," a possible hint that the firm may disclose a BTC buy Monday.
Strategy has gone five weeks without disclosing a bitcoin (BTC) purchase, an atypical drought for the firm. Saylor's chart post last week was captioned "We're gonna need another color" and preceded the July 27 disclosure that Strategy did not acquire any additional BTC.
Strategy's latest filing with the SEC showed the firm held 843,775 BTC as of July 26, which was acquired for approximately $63.69 billion at an average price of $75,476 per bitcoin. The holdings are currently worth about $53.3 billion with bitcoin trading near $63,200, leaving the position roughly $10.4 billion below its acquisition cost.
Strategy's last purchase disclosure came on June 22, when the firm said it had acquired 520 BTC for $34.9 million. It subsequently sold 3,588 BTC for about $216 million between June 29 and July 5 to fund preferred-stock distributions and replenish its USD reserve. During the five-week purchase drought, the company has also sold common shares, lifted its dollar reserve to $3.75 billion and begun repurchasing STRC. TD Cowen and Benchmark analysts have backed the moves, The Block reported Friday.
In a separate post on Friday evening, Saylor said Strategy would maintain STRC's variable annualized dividend rate at 12% for record dates beginning in August.
STRC pays cash dividends twice monthly based on a $100 stated amount. At the 12% rate, each semi-monthly dividend is $0.50 per share. Strategy evaluates the rate monthly in an effort to encourage STRC to trade near $100. The board determines the rate, and each dividend remains subject to declaration.
In a July 27 press release, Strategy said management intends to recommend that the board maintain the 12% rate until STRC demonstrates "sustained, healthy trading" near $100.
"We intend to scale our purchases according to both price and liquidity—more at deeper discounts and less as the STRC trading price approaches $100 per share—while allowing independent market demand to establish a healthy and sustainable market," Strategy CEO Phong Le said in the release.
STRC closed Friday about 10.5% below its $100 stated amount at $89.46, implying a yield of roughly 13.4% at the current dividend rate. The firm's common stock closed at $93.28, down 4.6% on the session, per The Block's Strategy Price page.
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