Strategy Sells $105M Worth of Bitcoin Amid Coldcard Hack and Quantum Risks

Michael Saylor's company Strategy has come under scrutiny for its sale of nearly $105 million worth of Bitcoin between July 27th and August 2nd. The company sold 1,638 BTC at an average price of $63,957 per token to fund dividends on preferred stock and repurchase variable-rate shares.

The move has put pressure on Bitcoin prices, which have been struggling to rebound after a historic decline from prices as high as $126,000 per token. The sale is part of Strategy's shift in treating its treasury as a funding source rather than a vault that only accumulates tokens.

Saylor himself has clarified his stance on the matter, stating that when he says 'never sell your bitcoin,' he speaks as one saver to another and not about his company Strategy or personal wallet. He added that since 2020, Strategy has disclosed it may buy or sell BTC to manage capital.