Strategy, nowadays known by Michael Saylor\u2019s company, has sold more Bitcoin. Again continuing its recent shift away from \u201calways buying more BTC.\u201d Sold BTC worth $108.6 million just since the previous\u00a0week.<\/p>\n
The sale details are that the total sold BTC is 1,690 for about $108.6 million just between the days of August 3 and August 9. The average sale price of each BTC was calculated to be $64,262 per\u00a0BTC.<\/p>\n
BTC was calculated to be $64,262 per\u00a0BTC<\/p>\n
Strategy’s total holdings of BTC are now 840,447 BTC. Which is also a huge amount. All these BTC are worth $54.7 billion. They originally bought their Bitcoin at an average price of\u00a0$75,385.<\/p>\n
This means that they are currently sitting on a $8.7 billion paper loss. This is unrealized since they still hold most of\u00a0it.<\/p>\n
Strategy also works hard on its stock, MSTR. But now they also sold company stock this time. They sold around 6.58 million MSTR shares for roughly $653.1 million. They still have $22 billion left. Which they are now allowed to sell under this stock\u00a0selling.<\/p>\n
The money went into buying back 1,152,020 shares of STRC. They marked it as their special preferred stock. They added $650 million to their cash reserve. Also bringing back their total cash reserve to $4.65\u00a0billion.<\/p>\n
The question raised there is, “Why do they care so much about STRC?”
The reason behind selling is STRC\u2019s price. STRC prices crashed earlier and dropped below $75 in June. Strategy\u2019s main goal now is getting it back to its proper value of $100. Good news was that they already started recovering their prices above\u00a0$95.<\/p>\n
Saylor\u2019s messaging causes a bit of confusion now. He posted \u201cDoing Business\u201d on social media. Without giving any clear signals like he used to. He clarified he personally has never sold his own\u00a0Bitcoin.<\/p>\n
Even though the company keeps selling. He said that \u201cStrategy is a public company, not my wallet.\u201d This ensures us that this is a clear meaning about BTC, that this is not his personal\u00a0Bitcoin.<\/p>\n
Their new strategy is that under a plan called the \u201cDigital Credit Capital Framework,\u201d Strategy is now using its cash reserve. Which they use only for paying dividends\/interest (not aggressive Bitcoin\u00a0buying).<\/p>\n
Saylor also makes it clear that he can sell up to $5 billion worth of Bitcoin if needed. The need came when there was a need to fund dividends, interest, or buy back their own securities like\u00a0STRC.<\/p>\n
Also, he has approval to buy back up to $1 billion of their own common stock. Now, the bigger trend is \u201cBitcoin Treasury Companies.\u201d They are struggling back. It is a stash that is separate from company decisions.<\/p>\n
Many companies, like Twenty One, Metaplanet, MARA, and Bitcoin Standard Treasury Company, and also 196 total, have the same copy. They copied Strategy’s idea of holding Bitcoin as a company investment.<\/p>\n
Strategy is the biggest, or not bad to say, by far in Bitcoin accumulation. But the twist out there is that almost all of these companies’ stock prices have dropped significantly since their peak last\u00a0summer.<\/p>\n
Even Strategy\u2019s own stock (MSTR) is down about 78% from its high. So, how is Strategy\u2019s stock doing right now? It rose by 3.3% last week, closing at $100.01. Bitcoin itself rose in price around 2.4% during the same\u00a0period.<\/p>\n
Michael Saylor\u2019s Company Has Sold More Bitcoin.<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":" Strategy, nowadays known by Michael Saylor\u2019s company, has sold more Bitcoin. Again continuing its recent shift away from \u201calways buying more BTC.\u201d Sold BTC worth $108.6 million just since the previous\u00a0week. The sale details are that the total sold BTC is 1,690 for about $108.6 million just between the days of August 3 and August […]<\/p>\n","protected":false},"author":0,"featured_media":211933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-211932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/211932"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=211932"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/211932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/211933"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=211932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=211932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=211932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}