Strategy (NASDAQ:$MSTR) has dramatically increased its Bitcoin (CRYPTO:$BTC) sales, offloading $216 million U.S. worth of the largest cryptocurrency over the past week.
Strategy, led by Chairman Michael Saylor, sold 3,588 Bitcoin for net proceeds of $216 million U.S., reducing its holdings to 843,775 BTC, according to a U.S. regulatory filing.
The company said proceeds from the Bitcoin sales will be used to fund dividend payments on its preferred stock (NASDAQ:$STRC) and replenish its U.S. dollar reserves.
As of July 5, Strategy had $2.55 billion U.S. of cash on hand.
The latest Bitcoin sales were executed at an average price of $60,000 U.S. per BTC and are dramatically higher than the 32 Bitcoin sold by the company at the end of May.
Strategy now owns 843,775 BTC acquired for $63.69 billion U.S., or an average purchase price of $75,476 U.S. per Bitcoin.
The Bitcoin holdings of Strategy are under water with BTC's price currently at $61,800 U.S.
Strategy, which has long been a serial Bitcoin acquirer, recently changed its governance structure to allow it to sell more Bitcoin to fund its operations and dividend payments.
The preferred stock of Strategy pays a bi-monthly (twice per month) dividend that yields 12%. Analysts have questioned the distributions sustainability.
MSTR stock has declined 75% in the last 12 months to trade at $100.77 U.S. per share.
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