Bitcoin Treasury Firm Strategy Sells $216M Worth of BTC Amid Preferred Stock Dividend Payments

Strategy, one of the world's largest corporate Bitcoin holders, made a significant departure from its accumulation-first approach by selling 3,588 BTC to fund preferred stock dividends. The sale, worth approximately $216 million, reduced Strategy's Bitcoin treasury to 843,775 BTC while increasing its cash reserves to around $2.55 billion.

Tom Lee, Chairman of Bitmine Immersion Technologies, said the company acquired an additional 42,197 ETH during the past week, bringing its total holdings to 5,742,237 ETH, which represents roughly 4.8% of Ethereum's estimated circulating supply. This marks a continuation of Bitmine's strategy to accumulate Ethereum and expand its staking operations.

Bitmine reported that it now holds approximately $11.1 billion in crypto, cash, marketable securities, and other investments. The company also projects annualized staking revenue of around $235 million based on its existing deployment, with the potential to reach up to $277 million when its Ethereum treasury becomes fully deployed.