Key highlights:

  • Strategy has offloaded 1,690 BTC to fund its STRC stock buybacks
  • The company also sold MSTR shares, using proceeds to increase its US dollar reserves to over $4.6 billion
  • While Strategy is dumping its BTC, other firms are ramping up their accumulation spree

Strategy has sold 1,690 Bitcoin (BTC) for $106 million over the last week, marking the second consecutive week the company has reduced its massive cryptocurrency holdings. While Michael Saylor’s Strategy is offloading its BTC holdings, other companies are increasing their Bitcoin stash with large purchases.

Strategy sells Bitcoin for second straight week

According to the latest disclosures, the company sold 1,690 BTC between August 3 and August 9 at an average price of $64,262 per coin. The latest sale brings Strategy’s Bitcoin holdings to 840,447 BTC, while its US dollar reserve has climbed to $4.65 billion.

The sale follows Strategy’s sale of 1,638 BTC for $104.7 million in the previous week. Combined, the two transactions have put over $213 million worth of Bitcoin back into the market in consecutive weeks.

Strategy has now sold nearly $500 million worth of BTC in the last six weeks while its Bitcoin holdings have continued to decline from their earlier peak. The sales are part of a broader shift in Strategy’s capital allocation as the company strengthens its liquidity position.

Per the company’s statement, all proceeds from the latest Bitcoin sales were funneled toward buying STRC stock. The company repurchased 1.1 million STRC shares for $108.6 million, marking the third stock buyback under its Digital Credit Securities Repurchase Program.

Source: Strategy

“The net proceeds from the bitcoin sales were used to fund repurchases of STRC Stock under the Digital Credit Securities Repurchase Program,” read a company statement.

Strategy also sold $653.1 million of its common MSTR shares during the week, with the proceeds propping up its US dollar reserves. At press time, MSTR stock had fallen by 2% while Bitcoin price braved the news of the Strategy sale to hold the $64K mark.

Bitcoin buying heats up as Strategy retreats

While Strategy has reined in its aggressive Bitcoin purchases, several firms are bolstering their holdings. Amid the Strategy sale, Strive added 147 BTC to its balance sheet, bringing its total Bitcoin holdings to 20,167. 

Back in July, when Strategy sold 32 BTC, Strive responded by purchasing 32 bitcoins in a veiled response that it would not be selling its Bitcoin holdings.

Meanwhile, H100 tripled its Bitcoin holdings after purchasing 2,455 BTC in a first-of-its-kind merger and acquisition (M&A) deal using digital assets. H100 Group executive founder Sander Andersen commented: 

“Today, we completed the largest M&A transaction in the history of European public Bitcoin Equity. It is also the first in the world done Bitcoin for Bitcoin.”

Despite steady accumulation, Strategy is still the undisputed largest corporate holder of BTC with its 840,447 haul. Twenty One Capital and Metaplanet rank in a distant second and third place with 43,514 BTC and 43,000 BTC, respectively.