The money was used to buy back 1,152,020 STRC shares valued at $109 million. These STRC shares took a hit in June when the price fell well below the declared amount of $100 — a signal that the market was viewing this product skeptically. And buying back STRC shares trading below their declared value is a way to create value for shareholders — you buy back at 80, you destroy shares that were worth 100 on paper. See also: MicroStrategy Sells 1,690 Bitcoin as USD Cash Pile Reaches $4.65 BillionAnd the $650 million added to the USD reserve? Why did MicroStrategy buy back its STRC shares?