Strategy Unloads More Bitcoin as Cash Reserves Swell

Strategy, a company behind various cryptocurrency strategies, has continued its trend of selling Bitcoin to fund repurchases of its own preferred stock. This week, it sold 1,690 BTC for approximately US$108.6 million, which was used to purchase 1,152,020 shares of STRC, also known as Strategy's variable-rate preferred stock.

The average price per Bitcoin sold was around US$64,262, lower than the company's overall average cost of US$75,385 per BTC. This is not the first time this month that Strategy has reduced its Bitcoin holdings, with four sales totalling 6,948 BTC already reported in August.

In addition to these transactions, Strategy also sold MSTR shares last week, raising US$653.1 million and allocating most of it to its dollar reserve. The company's cash reserves now stand at around US$4.65 billion, with a remaining capacity for further preferred and common stock repurchases.