Strategy Sells $108.6M Bitcoin to Fund Share Buyback

Strategy has parted with another batch of Bitcoin to fund a stock repurchase plan. According to a recent filing with the U.S. Securities and Exchange Commission, the company sold 1,690 Bitcoin last week. This move brought in about $108.6 million in cash.

The firm directed all of those funds straight into repurchasing its STRC preferred stock. This marks the second straight week that Strategy has chosen to sell some of its crypto holdings to support its stock buyback strategy.

Traders and market watchers will want to keep a close eye on company filings to see if this trend continues. Selling Bitcoin to fund other financial moves can spark plenty of debate in the crypto community, especially when dealing with such large sums.