Strategy Sells 3,588 Bitcoin Worth Over $200 Million

Strategy sold 3,588 Bitcoin worth more than $200 million, according to a Securities and Exchange Commission filing released Monday, nypost.com reported. The transaction occurred before the filing date. Strategy, formerly known as MicroStrategy, currently holds approximately 800,000 Bitcoin, or around 4 percent of all available supply.

Bitcoin reached an all-time high of about $120,000 last year. Shares of the company have delivered returns of more than 60 percent over the past five years. Jim Chanos began shorting Strategy stock last year.

Bob Sloan, who runs S3 Partners, has warned that heavy reliance on one large buyer increases risk when selling begins. Jonathan Weil published an analysis that questioned the in-house metrics Strategy uses to value its stock. A press representative for Michael Saylor has not provided comments on the matters raised in the article.