Strategy Completes $100M+ Bitcoin Roundtrip with 29% Markup

Strategy, a digital media outlet, has completed a roundtrip of selling and repurchasing Bitcoin. In May and August, Strategy sold 6,948 BTC at an average price of $62,150 for a total of $345.1 million.

The company then used the funds from these sales to purchase 5,553 of those same coins back at an average price of $80,207 apiece, costing them around $445.4 million.

This means that Strategy paid roughly $100 million more to rebuy the Bitcoin it sold over the summer than it received in the original sales, resulting in a total roundtrip cost of over $100 million.

Strategy's CEO, Michael Saylor, stated on an analyst call that they would sell BTC 'just to inoculate the market' and send a message to news publications.