Strategy Sells 3,588 BTC for $216M, Trimming Holdings to 843,775 Bitcoin

TL;DR:

  • Strategy sold approximately 3,588 bitcoin for around $216 million, reducing its total holdings to 843,775 BTC.
  • The sales were executed at an average price of $60,000 per bitcoin, with proceeds directed toward preferred share dividends.
  • The company’s dollar reserve stands at around $2.55 billion, with its $1.25 billion BTC Monetization Program untouched.

Strategy sold 3,588 bitcoin for approximately $216 million during the past week, reducing its total holdings to 843,775 BTC. This was disclosed in a report filed with the SEC. The company explained that the proceeds will be used to fund distributions on its preferred shares and replenish the portion of its dollar reserve used for those payments. As of July 5, that reserve stands at approximately $2.55 billion.

The most recent sales were executed at an average price of approximately $60,000 per bitcoin, a level notably below the company’s historical average purchase price. Strategy currently holds 843,775 BTC acquired for around $63.69 billion, equivalent to an average cost of $75,476 per unit.

Strategy Accelerates Its Sales at an Unprecedented Scale

The volume of the sales reflects a considerable shift in pace compared to previous operations. Approximately one month ago, the company had sold just 32 bitcoin, a figure that had already triggered turbulence in the market and pushed cryptocurrency prices lower. The new transaction exceeds that figure by more than a hundredfold, signaling an increasingly active treasury management approach to meet its financial obligations toward preferred shareholders.

Strategy also reported that during the week it did not issue shares under its at-the-market equity program nor repurchased securities under its active buyback programs. It also confirmed that the full $1.25 billion capacity under its recently announced BTC Monetization Program remains available and unused.

The market reaction was immediate. Strategy’s shares fell 2% in pre-market trading, while bitcoin gave back a large portion of its weekend gains and dropped to $61,900 from the $62,900 recorded before the announcement.

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