MSTR Ends Four-Week Pause, Sells $104M in Bitcoin

Michael Saylor-backed Strategy (MSTR) has ended its four-week pause on selling Bitcoin, reducing its crypto stash by 1,638 BTC. The sale was worth $104.73 million at an average price of $63,957 per coin. This is a significant drop in value compared to the company's existing stash, which still holds coins valued at around $75,419 each.

The proceeds from the sale were used to fund preferred stock dividends and repurchase STRC shares under the Digital Credit Securities Repurchase Program. Strategy also raised an additional $290.6 million through its at-the-market equity program, with most of the funds added to its USD Reserve. The company's USD Reserve now stands at $4.0 billion.

MSTR stock has underperformed Bitcoin's price year-to-date, falling nearly 40% this year while Bitcoin is down around 30%. Retail traders have expressed frustration with Saylor's strategy on platforms like Stocktwits, questioning the decision to sell Bitcoin after a pause that lasted for four weeks. The dip in MSTR stock came amid weakness in Bitcoin, which fell over 1% in the last 24 hours.