Strategy's BTC U-Turn: Sales at $62K, Buys Back at $80K

Strategy, the company led by Michael Saylor, has completed a series of Bitcoin sales and buys. The firm sold 6,916 BTC between June 30 and August 10 at an average price of $62,100. It then spent $370 million to acquire 4,603 BTC at an average price of $80,310 per unit.

This purchase came after Strategy rebuilt its USD reserve to over $6.7 billion by selling MSTR shares and offsetting about two-thirds of the losses from the sales. The reacquired BTC turned green again as a result of Bitcoin's recent price surge to almost $80,000.

Strategy used this period to raise additional funds and rebuild its USD reserve. It repurchased a significant portion of its STRC shares, which had fallen below the par level of $100.