Strategy sells bitcoin while maintaining long-term accumulation strategy

Strategy, the company led by Michael Saylor, sold around 1,638 bitcoins between 27 July and 2 August, receiving about $104.7 million. The sale was a test. Strategy wanted to show it could sell large amounts of bitcoin without causing the market to collapse. After the sale, bitcoin traded at roughly $63,000, suggesting the market stayed stable. Strategy still holds approximately 845,000 bitcoins, which is about 4% of all bitcoin that will ever exist. The company started buying bitcoin in 2020, when it was worth around $600 million. Since then, it has borrowed money and used other financing methods to keep buying more. Its core software business does not generate positive cash flow, so outside funding has supported its bitcoin purchases.