Michael Saylor’s Strategy dramatically ups pace of bitcoin sales, raising $216 million

Strategy (MSTR) sold 3,588 bitcoin for approximately $216 million last week, reducing its total holdings to 843,775 BTC, according to a Monday SEC filing.

The company said proceeds from the bitcoin sales will be used to fund distributions on its preferred stock and replenish the portion of its U.S. dollar reserve used for those payments. As of July 5, the USD reserve totaled $2.55 billion.

The latest sales were executed at an average price of roughly $60,000 per bitcoin and are dramatically higher than the 32 bitcoin sold by the company about one month ago, which sent crypto prices plunging. Strategy currently holds 843,775 BTC acquired 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 at-the-market equity program during the week ended July, and did not repurchase any shares under its buyback programs. The company added that the full $1.25 billion capacity under its recently announced BTC Monetization Program remains available.

Strategy shares are down 2% in pre-market trading and bitcoin has given up much of its weekend gain, trading down to $61,900 from $62,900 prior to the announcement.