Strategy Unloads 1,690 Bitcoin for $108.6M Amid Dollar Reserve Boost
Strategy, a firm led by Michael Saylor, has sold 1,690 Bitcoin (BTC) for $108.6 million in the past week, reducing its BTC stack to 840,447 coins from 842,138 held a week earlier.
The sale occurred at an average price of $64,262 per coin, net of fees. This is significantly lower than Strategy's aggregate cost basis of $63.36 billion, or $75,385 per Bitcoin.
The proceeds from the sale were used to fund a $108.6 million buyback of preferred stock under a $1 billion program announced in June. This is the firm's third buyback under this program.
In addition to the BTC sale, Strategy also sold 6,585,682 common shares for $653.1 million net, increasing its dollar reserve to $4.65 billion as of August 9. The company has not bought Bitcoin since June and has been building its dollar reserve against annual dividend obligations by selling stock.