Strategy Sells 1,638 Bitcoins Worth $105M Amid Coldcard Hack Concerns

Michael Saylor's company Strategy recently sold 1,638 Bitcoins worth nearly $105 million between July 27th and August 2nd. The average selling price was $63,957 per token.

The proceeds from the sale were used to cover dividend payments on preferred stock, with around $52.4 million allocated for this purpose. Another $52.3 million was dedicated to repurchasing variable-rate preferred shares, specifically STRC, which carries a 12% annual payout.

Strategy also raised over $290 million via the sale of 3.01 million Strategy shares, with $250 million going towards increasing the company's dollar reserve, now totaling $4 billion.

The news put pressure on BTC prices, which have struggled to rebound after a historic decline from highs above $126,000 per token in recent months.