Michael Saylor's company Strategy sold a significant portion of its Bitcoin holdings last week, raising $216 million to replenish its dollar reserves for dividend payments. The sale of 3,588 BTC at an average price of approximately $60,000 per coin brought the company's total holdings down to 843,775 BTC.
The funds generated from the sale will be used to fund distributions on Strategy's preferred stock and replenish its U.S. dollar reserve, which stood at $2.55 billion as of July 5. This latest sale is a significant increase compared to the 32 Bitcoin sold by the company about one month ago, which had sent crypto prices plummeting.
Strategy currently holds 843,775 BTC acquired for approximately $63.69 billion, with an average purchase price of $75,476 per coin. The company also stated that it did not sell any shares under its at-the-market equity program or repurchase any shares under its buyback programs during the week ended July.