Key highlights:
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
“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.
Source:: Strategy Sells Another $109 Million in Bitcoin as Saylor Bolsters Cash Reserve