Strategy Sells More Bitcoin to Boost Cash Reserves

Strategy Inc., the parent company of MicroStrategy, has sold 1,690 BTC for $108.6 million in its second week of Bitcoin sales this month.

The proceeds were used to repurchase 1.15 million units of Strategy's STRC preferred stock, adding to its USD reserve and further securing dividend coverage.

CEO Phong Le stated that institutions investing in Strategy's preferred products value cash over Bitcoin, leading to the company's liquidity strategy.

The sale brings Strategy's total BTC sold this year to 6,948 coins, while it still holds 840,447 BTC purchased at an average cost of $75,385 per coin.