Strategy Sells Millions in Bitcoin and Common Shares Amid Cash Management Strategy

Strategy, led by Michael Saylor, continued to sell Bitcoin and common shares last week as part of its cash management strategy. The company stated that during the seven days ending August 9, it sold $108.6 million worth of Bitcoin and reduced its holdings by 6.6 million common shares.

This move resulted in a cash out of approximately $653 million for Strategy. However, the company also repurchased $108.6 million worth of Stretch preferred shares.

As of August 9, Strategy's U.S. dollar reserves stood at $4.65 billion, an increase of $650 million from previous levels.

This extended the company's USD duration by 143 days to a total of 2.7 years, while the STRC Bitcoin credit spread narrowed by 10 basis points.