Strategy Sells $216 Million Worth Of Bitcoin

Strategy (NASDAQ: MSTR), led by Chairman Michael Saylor, increased its Bitcoin sales to $216 million over the past week, according to a U.S. regulatory filing. The company sold 3,588 BTC for net proceeds of $216 million and reduced its holdings to 843,775 BTC. The proceeds are expected to fund dividend payments on its preferred stock (NASDAQ: STRC) and replenish its U.S. dollar reserves. As of July 5, Strategy reported $2.55 billion in cash. The latest sales were executed at an average price of $60,000 per BTC, compared with only 32 BTC sold at the end of May. Strategy’s average purchase price for its current BTC position is $75,476, while BTC last traded around $61,800. The preferred stock pays a bi-monthly dividend yielding 12%, and MSTR shares have fallen 75% in 12 months to $100.77.