Strategy Sells Another 1,690 BTC, Reduces STRC Exposure

Michael Saylor's Strategy has sold another batch of Bitcoin, marking its second consecutive week of sales. Between August 3 and August 9, the company sold 1,690 BTC for $108.6 million at an average price of $64,262 per coin. This brings Strategy's total holdings to 840,447 BTC, acquired for an aggregate $63.36 billion at an average cost of $75,385 per coin.

The proceeds from the sale did not go into the company's growing cash reserve but were instead used to repurchase approximately 1.15 million shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). This move was part of a broader effort to reduce STRC exposure and tighten the credit.

This development suggests that Strategy is willing to use its Bitcoin position in more active ways, moving coins when it sees an advantage elsewhere in the capital structure. However, this does not necessarily indicate a change in conviction towards Bitcoin itself.