Strategy Inc. Sells 1,690 Bitcoin at a Loss to Boost Cash Reserve
Strategy Inc., led by Michael Saylor, sold 1,690 Bitcoin at a loss of $11,123 per coin to boost its cash reserve. The sale resulted in a total loss of around $18.8 million for the company.
The sale generated approximately $108.6 million and reduced Strategy's total Bitcoin holdings to 840,447 BTC. This is the fourth consecutive week that the company has sold Bitcoin to buy back preferred shares and increase its cash reserve.
The latest sale drew a different response from investors than the previous one, with MSTR opening about 0.55% lower on Monday and later falling more than 3.37%. The stock is now trading around $96.64, below its previous close near $100.