Strategy Sells $105M in Bitcoin to Fund STRC Repurchases

Strategy, a Bitcoin treasury company, has sold another tranche of Bitcoin (BTC) valued at $104.7 million. The sale reduced its total holdings to 842,138 BTC, worth around $52.6 billion at current prices.

The company used the proceeds from the sale toward preferred stock dividend obligations and repurchased $81.2 million worth of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The average sale price was $63,957, significantly lower than its acquisition cost of $75,419 per BTC.

This move has been met with criticism from some quarters, including Peter Schiff, who argued that Strategy's focus on STRC is an albatross around the company's neck. Saylor defended the decision, stating 'When I say “Never Sell Your Bitcoin,” I speak as one saver to another.' However, his argument was countered by those pointing out that he had created a misleading impression with his earlier statements.