Bitcoin Accumulation to Resume for Strategy Later This Year
Strategy's CEO Phong Le says that Bitcoin accumulation will continue later this year once the company has built up its balance sheet and propped up the value of its preferred stock offering.
Since June, Strategy has sold more than it bought in terms of Bitcoin. The company has become a net seller of BTC after previously being a heavy buyer.
In an effort to boost its cash reserves and preferred stock, Strategy has been selling some of its 840,447 BTC at prices below its own cost basis. This includes the sale of 1,690 BTC for $108.6 million in late August, with the company's average cost basis being around $75,385 per coin.
Strategy now holds $4.65 billion in cash reserves and has used some of this to buy back its preferred stock, which has seen a slight increase in value from its low point of $75 earlier this summer.