Strategy Sells Another Chunk of Bitcoin Holdings, Totaling Over $216 Million

Michael Saylor, co-founder and former CEO of Strategy, announced that his company has sold 3,588 BTC for $216 million to fund dividends on its Digital Credit securities.

The sale brings Strategy's total holdings down to 843,775 BTC, while its USD reserve remains at $2.55 billion.

This is the second major sale in a month, following a minor portion of 32 units sold in late May to support preferred stock distributions.

That sale was met with a significant price drop for Bitcoin, which plunged to under $58,000 at the end of June.

Saylor believes that the cryptocurrency and its blockchain will evolve by changing less at the protocol layer and mattering more everywhere else.

However, the latest sale has caused some concern among investors, with a major portion of the losses coming after Strategy's announcement.