MicroStrategy Sells $104 Million in Bitcoin

MicroStrategy recently offloaded 1,637 Bitcoin from its treasury. The firm sold the coins between July 27 and August 2 for a total of roughly $104.7 million. This sale happened at an average price of $63,957 per coin.

The company is using about half of the proceeds to pay out preferred stock dividends. The rest of the money is going toward buying back company shares. Despite this sale, MicroStrategy remains the largest corporate holder of Bitcoin in the world with 842,138 BTC still on its balance sheet.

Investors are watching how the market reacts to this move as the company also recently raised $290.6 million through new stock offerings. While the sale might look large, it represents a tiny fraction of their total holdings. Traders will continue to monitor if this indicates a change in their long term accumulation strategy.