Strategy Inc Sells More Bitcoin to Bolster Cash Reserve

Strategy Inc, the largest corporate holder of Bitcoin, continues to revise its capital structure by selling more Bitcoin and common shares. According to a recent update, the company sold $108.6 million worth of Bitcoin in the seven days ended August 9.

This sale is part of Strategy's efforts to bolster its cash reserve, which now stands at around $4.6 billion. The company has been selling Bitcoin since May, when it pivoted to capital management amid rising concern over its financing scheme.

Strategy owns approximately $58 billion in Bitcoin and has sold around $432 million worth of the digital asset since the end of May. To fund its operations, the company is also offloading 6.6 million common shares worth around $653 million and repurchasing $108.6 million of its Stretch (STRC) preferred shares.