MicroStrategy Sells $108 Million in Bitcoin to Repurchase Stock

MicroStrategy offloaded 1,690 Bitcoin last week to raise cash for a stock buyback program. The company sold the assets for a total of $108.6 million between August 3 and August 9. The average sale price was $64,262 per coin.

This move allowed the firm to repurchase its outstanding STRC preferred stock. While selling any amount of Bitcoin is a rare move for a company known for aggressive accumulation, the firm stated that this was a strategic balance sheet adjustment. The company remains one of the largest corporate holders of the cryptocurrency globally.

Market observers are watching to see if this shift signals a change in how the company manages its treasury. Even after this sale, the firm maintains a massive position in the market. Investors will likely look for updates in upcoming quarterly reports to see if the company returns to its standard buy and hold strategy.