Strategy sells another 1,690 Bitcoin as USD reserve hits $4.65 billion

Strategy continued trimming its Bitcoin treasury, selling 1,690 BTC for approximately $109 million during the week ended August 9 and bringing its holdings down to 840,447 BTC, according to a new SEC filing. At current market prices, the company’s Bitcoin stash is worth approximately $55 billion. Strategy said the net proceeds from the Bitcoin sale were used to fund repurchases of its Stretch preferred stock. It repurchased over 1.1 million STRC shares during the week. The move comes as the company is working to restore STRC to par as part of efforts to reinforce the digital credit engine supporting its Bitcoin accumulation strategy, CEO Phong Le said on the company’s quarterly earnings call. Strategy has now sold 6,948 BTC this year, reducing its Bitcoin stockpile by about 0.8%. The firm also disclosed selling 6.59 million MSTR shares for about $653 million in net proceeds under its at-the-market offering. Of that amount, $650 million was used to bolster Strategy’s USD Reserve, while $3.1 million went to cash. The company did not issue any STRF, STRC, STRK or STRD preferred shares during the week. Strategy’s USD Reserve reached $4.65 billion as of Aug. 9, including proceeds from A...