MicroStrategy Sells $104 Million in Bitcoin for Cash Reserve

MicroStrategy, now known as Strategy, has sold 1,638 BTC worth $104.7 million to build a cash reserve and improve its financial position.

The company made the sale between July 27 and August 2, according to a filing with the SEC.

The $290.6 million raised from selling nearly 3.01 million MSTR shares was not used to buy more Bitcoin.

Instead, Strategy focused on strengthening its financial position and avoiding selling Bitcoin during weak market conditions.

The company's cash reserve will help it remain a net buyer of Bitcoin over the long term, according to Michael Saylor.