Strategy Sells Bitcoin for Third Week in a Row

Michael Saylor's firm, Strategy, has been selling Bitcoin for three weeks in a row. Last week, it sold 1,690 BTC at an average price of $64,262, which is about $11,100 below its cost basis of $75,385. This sale brings the company's total cash reserves to $4.65 billion.

The funds from these sales were used to buy back preferred stock STRC, which has rebounded to $95 per share. Strategy now holds 840,447 BTC, down from its peak of 847,363 coins in June.

Notably, Saylor's firm has been selling common stock while buying zero Bitcoin since July 1, which should have crushed the share price according to theory. However, MSTR stock has held up well, bottoming at $81.81 in late June and rebounding by 20% off its lows.

With a cash reserve covering two and a half years of 'USD Duration', Strategy seems to be in a better position than it's been for months. It will likely continue selling BTC until STRC returns to par, which could signal a shift from being a headwind to a tailwind.