Strategy Sells $104.7M Worth of Bitcoin, Reduces Holdings by 1,638 BTC
Strategy, a company known for its aggressive accumulation of Bitcoin, has sold 1,638 BTC worth approximately $104.7 million, reducing its total holdings to 842,138 BTC.
The sale represents a larger reduction than the 32 BTC sold at the end of May and is part of Strategy's efforts to meet obligations tied to its preferred stock.
Proceeds from the latest sale were used to fund distributions on preferred shares and repurchase STRC, Strategy's perpetual preferred stock.
In a statement, Michael Saylor drew a distinction between his personal holdings and the balance-sheet decisions made by Strategy, stating that 'Strategy is a public company, not my wallet.'
The decision to sell Bitcoin appears tied to capital management rather than a change in the company's long-term view of Bitcoin.