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#StrategySoldBTCtoCoverInterestPayments
Strategy has once again sold Bitcoin to cover interest payments; the losses are substantial.
Strategy announced that it generated $216 million in proceeds by selling 3,588 Bitcoin last week. Following the announcement, the price of Bitcoin fell below $62,000. The company's unrealized Bitcoin losses currently exceed $11 billion.
Having sold 32 BTC in recent weeks, Strategy executed a much larger sale this time around. The company sold 3,588 BTC—valued at $216 million—last week. Following the sale, the company's total Bitcoin holdings dropped to 843,755 units. As of July 5, the company's dollar reserves stood at $2.55 billion. The statement also noted that, as of the second quarter, the company held $8.3 billion in unrealized losses on its Bitcoin assets, with total current losses reaching $11.4 billion.
The first and most direct comment regarding the sales came from company founder Michael Saylor. Saylor explained that the sales were conducted to facilitate dividend payments for "digital credit securities."
In addition to its main stock (MSTR), Strategy offers products named STRC, STRF, STRE, STRD, and STRK, which provide dividend and interest payments.
Strategy announced the sales through two separate filings with the SEC. The first filing reported the sale of 2,225 BTC, while the second reported the sale of 1,363 BTC.
Following the announcement, Bitcoin fell below the $62,000 mark. At the time of writing, the price is hovering around $61,900.
$BTC