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International Business Times
International Business Times
Business

Michael Saylor's Strategy Sells More Bitcoin, Increasing Its Cash Stockpile To $4.6 Billion. Its Stock Is Dropping.

Strategy Michael Saylor Bitcoin STRC Cryptocurrency
Strategy sold approximately 6.6 million shares of its Class A common stock, raising about $653.1 million. (Credit: MicroStrategy Official YouTube Channel)

Strategy, the world's largest corporate holder of Bitcoin, has sold another chunk of its cryptocurrency holdings while issuing millions of new shares, building up a multibillion-dollar cash reserve as it tries to strengthen its balance sheet. Its stock is falling.

The company sold 1,690 Bitcoin for about $108.6 million during the seven days ended Aug. 9, marking its second consecutive week of Bitcoin sales after years in which accumulating the cryptocurrency was at the heart of its strategy.

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