Strategy Sells Billions in Bitcoin to Fund Stock Buybacks

Strategy, formerly MicroStrategy, has approved a plan to sell some of its Bitcoin holdings to raise billions of dollars. The company plans to use this cash for stock buybacks and dividends.

The decision comes as a surprise since Strategy is Bitcoin's largest corporate investor, holding 842,138 Bitcoins with a market value of $54.5 billion.

Strategy has been accumulating Bitcoin since 2020, increasing its share count fourfold over the past six years through additional shares and convertible debt. Chairman Michael Saylor has stated he will 'never' sell his own Bitcoin, predicting it will reach $21 million by 2046.