Strategy Sells 3,588 Bitcoin for $216 Million

Strategy sold 3,588 bitcoin for approximately $216 million last week, reducing its total holdings to 843,775 BTC. The company executed the sales at an average price of roughly $60,000 per bitcoin, according to a Monday SEC filing. Proceeds will fund distributions on preferred stock and replenish the portion of its U.S. dollar reserve used for those payments.

As of July 5, the company's U.S. dollar reserve stood at $2.55 billion. Strategy holds 843,775 BTC acquired for approximately $63.69 billion, an average purchase price of $75,476 per bitcoin. The latest sales represent a sharp increase from the 32 bitcoin sold about one month earlier.

Strategy 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.

MSTR shares fell 2 percent in pre-market trading.

Bitcoin traded down to $61,900 after the announcement, giving up much of its weekend gain. The full $1.25 billion capacity under the company's recently announced BTC Monetization Program remains available.