Crypto
Strategy Sells 1,690 BTC Amid MSTR Price Struggles
Strategy, a company that has been actively accumulating Bitcoin, revealed in an SEC filing that it sold 1,690 BTC between August 3 and August 9. The sale was part of a larger effort to manage its preferred stock obligations.
The proceeds from the sale were used to repurchase 1,152,020 STRC preferred shares for $108.6 million. Additionally, Strategy sold 6,585,682 MSTR shares for $653.1 million, directing $650 million to its USD reserve and adding $3.1 million to cash.
Total Bitcoin holdings now stand at 840,447 BTC worth approximately $54.7 billion, acquired at an average of $75,385 per coin. This comes as MSTR's price continues to hover around the $100 level, having rejected the $105 resistance level for the third time on August 7.