Strategy Sells Bitcoin for Cash Buffer, Repurchases Preferred Stock

Strategy, a Nasdaq-listed company that has been one of the largest corporate holders of Bitcoin, announced on Monday that it had sold 1,690 coins worth $108.6 million.

The cash generated from this sale was used to buy back its preferred stock, STRC, with a total value of $109 million as part of a buyback program.

This move is in line with the company's plan to grow its cash buffer and has reassured investors that selling Bitcoin is just part of its strategy.

Strategy now holds $4.65 billion in cash, up from its previous holding of $3.95 billion after a recent sale.