MicroStrategy Dumps 3,588 Bitcoin for $216 Million

Michael Saylor's strategy at MicroStrategy (MSTR) has dramatically increased the pace of bitcoin sales. In a recent SEC filing, it was revealed that the company sold 3,588 BTC for approximately $216 million last week.

This sale reduces MicroStrategy's total holdings to 843,775 BTC, acquired for around $63.69 billion at an average purchase price of $75,476 per bitcoin.

The proceeds from the sales will be used to fund distributions on its preferred stock and replenish part of its U.S. dollar reserve, which currently totals $2.55 billion as of July 5.