Strategy Unloads Another 1,690 BTC as Bitcoin Sell-Off Continues
The world's largest corporate holder of Bitcoin has continued its bitcoin sell-off strategy. The company sold another 1,690 BTC for $108.6 million and used the proceeds to repurchase 1.15 million STRC preferred shares. This is part of a larger trend where Strategy has been offloading portions of its cryptocurrency fortune.
The sale brings Strategy's total bitcoin stash down to 840,447 BTC, which was acquired for $63.36 billion at an average price of $75,385. The company also sold 6.59 million MSTR shares to raise $653.1 million and increase its USD reserve to over $4.6 billion.
Some analysts were quick to determine that the firm has resumed its bitcoin purchases after a hiatus of a month and a half. However, Lookonchain reported that a wallet linked to Strategy sold another portion of BTC, contradicting this view and claiming that the message meant more offloads.