Strategy Sells Another Chunk of Bitcoin Amid Crypto Downturn
Strategy, a company known for accumulating Bitcoin, has sold $109 million worth of the cryptocurrency. This sale comes after a seven-week buying hiatus and marks the second time this month that Strategy has sold Bitcoin. The company's latest sale is part of its efforts to build up its dollar reserves amid a broader crypto downturn.
In August, Strategy announced it could sell up to $1.25 billion in Bitcoin to build its cash reserves. Since then, the company has sold Bitcoin on four separate occasions, including this latest sale.
Strategy's holdings of Bitcoin have grown to roughly $54 billion since 2020, representing about 4% of the total Bitcoin supply. CEO Phong Le praised the company's decision to sell its Bitcoin holdings, stating that its USD Reserve and Duration are now at all-time highs.