Strategy Sells $104.7M in Bitcoin as USD Reserve Hits $4B
Strategy, a Bitcoin treasury firm, has sold $104.7 million worth of Bitcoin in the week to August 2, cutting its stack from 843,775 coins to 842,138. This sale brings Strategy's total proceeds from disposing of BTC to $321 million since the end of May.
The average price per coin was $63,957 net of fees. According to the company's capital framework, which allows for up to $1.25 billion in disposals, half of the sale proceeds funded preferred dividends and the other half went towards repurchasing STRC shares.
Strategy has been selling Bitcoin since May, when it first broke its 'never sell' stance by disposing of 32 BTC. Since then, it has sold $216 million worth of BTC in July, followed by this week's sale. The company has not added to its Bitcoin holdings since June.