Strategy just sold Bitcoin—again. The world’s foremost digital asset hoarder announced on Monday that it unloaded 1,690 Bitcoin, or nearly $109 million, using the proceeds to buy back one of its preferred-stock products rather than expanding its treasury. The sale comes seven weeks after Strategy made its last purchase, according to the company’s catalog of crypto transactions. After the announcement, Strategy’s shares fell 1.5% at market open but quickly rebounded to $100. Bitcoin’s price briefly dropped 1% before climbing back to $64,700, according to CoinGecko.
Monday’s sale marks the second time this month that Strategy has sold Bitcoin. On Aug. 3, the company sold roughly $105 million worth of the cryptocurrency. Since announcing in late June that it could sell up to $1.25 billion in Bitcoin to build its cash reserves, Strategy has now sold the asset on four separate occasions.
