Strategy Sells 3,588 BTC Worth $216 Million as Crypto Bear Market Bites

Michael Saylor's Strategy has sold 3,588 BTC worth around $216 million in its largest sale to date.

The sale is a significant departure from Saylor's previous stance on Bitcoin, which he had advocated should be held onto at all costs.

The sale was made in two tranches, with 1,363 BTC sold between June 29 and 30 at an average price of $59,256 ($80.8 million), followed by another 2,225 BTC at an average of $60,773 between July 1 and 5 ($135.2 million).

The sale represents a discount of roughly 20 percent to Strategy's own cost basis, which was an average price of $74,476 per Bitcoin.