Strategy Unloads Another Large Batch of BTC Worth $66M

Strategy, led by Michael Saylor, has made another significant move in its bitcoin sales strategy. According to onchain analytics platform Lookonchain, a wallet tied to Strategy moved 1,030 BTC worth $66.14 million recently. This comes just days after the company confirmed its third bitcoin sale of the year.

The latest transfer is part of Strategy's expanded bitcoin monetization program, which authorizes up to $5 billion in bitcoin sales. The company has already sold 1,638 BTC for $104.7 million between July 27 and Aug. 2 at an average price of $63,957 per coin.

The proceeds from the recent sales were used to fund payment of distributions on preferred stock and to fund repurchases of STRC, Strategy's preferred shares. This marks a sharp reversal for a company that spent more than five years as bitcoin's most aggressive corporate accumulator, with Saylor repeatedly vowing the firm would never sell.