MSTR Stock Tumbles Amid Strategy's Continued Bitcoin Sales
Michael Saylor's Strategy has continued to sell Bitcoin, raising $104 million by selling 1,638 coins at an average price of $63,957. This move comes as the company tries to increase its cash reserves amidst a weak cryptocurrency market.
The sale is happening at a loss since the average purchase price was $75,419. Strategy has been under intense pressure this year due to the accelerated crypto winter that has seen Bitcoin drop from a record high of $126,300 to $62,000 today.
In an attempt to prevent further losses, the company halted its Bitcoin buying and started accumulating cash. It has raised millions by diluting its shareholders through stock sales worth over $290 million. The proceeds were used to repurchase STRC shares, with $28.9 million being used for this purpose.