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Strategy has sold 1,690 BTC for $108.6 million since last week
The firm said it is selling under its BTC Monetization Program to fund dividends, bolster its cash reserve, and repurchase securities, with sales totaling 6,948 BTC since May.
Strategy has continued selling portions of its Bitcoin holdings under a BTC Monetization Program introduced in June, according to disclosures cited by Decrypt.
The outlet reports that Strategy sold 1,690 BTC for $108.6 million in its most recent disclosed transaction, extending a series of sales that began earlier this year as the company shifted away from a strict buy-and-hold approach.
Decrypt notes that Strategy frames the program as a capital management tool, allowing it to sell Bitcoin to fund dividends, replenish its cash reserve, and repurchase securities. CEO Phong Le previously said the company could sell Bitcoin when doing so would be better for shareholders, including in terms of bitcoin-per-share.
Since May, Strategy has sold 6,948 BTC for roughly $432.5 million, Decrypt reports, and some proceeds have been used to pay for its preferred stock. The company has also tied the change to constraints from falling Strategy share price, which limited its preferred stock issuance used to fund past Bitcoin purchases.
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