MicroStrategy Sells Another Chunk of Its Huge Bitcoin Stash

MicroStrategy, now known as Strategy, has made another large sale of its Bitcoin holdings. Between July 27 and August 2, the company sold 1,638 BTC for approximately $104.7 million at an average price of $63,957 per coin.

The proceeds from the sale were split between two obligations: $52.4 million went toward dividend payments on Strategy's preferred stock, while $52.3 million funded buybacks of its Stretch (STRC) preferred shares.

This marks the latest in a string of weeks where Strategy has chosen to trim its Bitcoin holdings rather than add to them, continuing a pattern that began earlier this summer as the company leaned more heavily on stock sales and cash management to fund its obligations.