MSTR Unloads $104 Million Worth of Bitcoin After Four-Week Pause
Strategy, a company backed by Michael Saylor, resumed selling Bitcoin after a four-week pause. The latest sale saw Strategy offload 1,638 BTC at an aggregate price of $104.73 million, with an average sale price of $63,957 per coin.
The sale reduced Strategy's crypto stash to 842,138 BTC and left it with an average price of $75,419 per coin, a significant gap from the selling price.
The proceeds from the sale were used to fund preferred stock dividends and repurchase STRC shares. Specifically, $52.4 million was allocated for dividend payments, while another $52.3 million financed repurchases of STRC shares under the company's Digital Credit Securities Repurchase Program.
MSTR stock slid as much as 1.7% in pre-market trade, with investors expressing frustration over Saylor's strategy on Stocktwits.