Strategy Sells Bitcoin After Five Weeks Without Buying
Bitcoin Magazine
Strategy Sells Bitcoin After Five Weeks Without Buying
Bitcoin treasury Strategy on Monday announced that it had again sold a slice of its Bitcoin holdings, offloading 1,638 BTC for roughly $104.7 million.
In a filing with the Securities and Exchange Commission, the company said the sale took place between July 27 and August 2, at an average price of $63,957 per coin.
Proceeds were split to cover two obligations: $52.4 million went toward dividend payments on Strategy’s preferred stock, and $52.3 million funded buybacks of its Stretch (STRC) preferred shares.
It marked the latest in a string of weeks where Strategy has chosen to trim Bitcoin rather than add to it, continuing a pattern that began earlier this summer as the company leaned more heavily on stock sales and cash management to fund its obligations.
The same filing disclosed that Strategy sold 3,011,361 shares of its MSTR common stock through its at-the-market program during the period, generating $290.6 million in net proceeds. Of that, $250 million was added to the company’s USD Reserve — a cash cushion set aside to support preferred dividends and debt interest — which now stands at $4 billion.
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