Saylor’s Strategy Sells Over $100 Million in Bitcoin
Michael Saylor’s firm, Strategy, sold 1,638 bitcoin for $104.7 million to bolster cash reserves amid a period of cryptocurrency market volatility. Despite the sale, the company maintains a massive holding of over 840,000 bitcoin, which currently sits at an average purchase price higher than the asset's current market value.
Why it matters
As one of the largest corporate holders of bitcoin, Strategy's treasury management decisions are closely watched by investors and the broader crypto market.
Breaking News Saylor’s Strategy Dumps $100 Million In Bitcoin As Crypto’s Struggles Persist By Zachary Folk ,
Topline Cryptocurrency billionaire Michael Saylor’s Strategy raised $104.7 million by selling 1,638 bitcoin last week, according to disclosures in a Securities and Exchange Commission filing on Monday, boosting the firm’s cash reserves as the price for its primary cryptocurrency asset remains low.
The bitcoin treasury firm still holds over 800,000 bitcoin, which it purchased at an average price higher than what the cryptocurrency is currently worth. Getty Images Key Facts Strategy sold the bitcoin at an average price of $63,957, according to the SEC filing on Monday—days after the company said it was discussing plans to sell around $5 billion worth of the cryptocurrency to build cash reserves and fund stock repurchases.
The company also disclosed $290.6 million in proceeds from selling about 3 million shares of its common stock.
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