Strategy Sells Another $109M in Bitcoin as Others Ramp Up Accumulation
Strategy, led by Michael Saylor, has sold another $109 million in Bitcoin (BTC), continuing its trend of reducing its massive cryptocurrency holdings. This latest sale brings Strategy's BTC holdings to 840,447, down from an earlier peak.
The company sold 1,690 BTC between August 3 and August 9 at an average price of $64,262 per coin, with the proceeds used to fund repurchases of STRC stock under its Digital Credit Securities Repurchase Program. This marks the second consecutive week Strategy has reduced its Bitcoin holdings.
Strategy's sales have put over $213 million worth of Bitcoin back into the market in consecutive weeks, bringing the total to nearly $500 million sold in the last six weeks. Despite this, other companies are increasing their Bitcoin stash with large purchases.