Strategy (MSTR) sold 3,588 bitcoins for approximately $216 million last week, reducing its total holdings to 843,775 BTC, according to a document filed Monday with the SEC.
The company said proceeds from bitcoin sales will be used to fund distributions of its preferred stock and replenish the portion of its US dollar reserve used for those payments. As of July 5, the dollar reserve amounted to $2.55 billion.
The latest sales were executed at an average price of about $60,000 per bitcoin and are dramatically higher than the 32 bitcoins sold by the company about a month ago, which sent cryptocurrency prices tumbling. Strategy currently holds 843,775 BTC purchased for approximately $63.69 billion, or an average purchase price of $75,476 per bitcoin.
Strategy also said it did not sell any shares under its stock market program during the week ending in July, and did not repurchase any shares under its repurchase programs. The company added that the full capacity of $1.25 billion under its recently announced BTC Monetization Program remains available.
Strategy shares are down 2% in premarket trading and bitcoin has given up much of its weekend gain, trading at $61,900 from $62,900 before the announcement.
