Strategy, the US-listed company formerly known as MicroStrategy and the largest corporate holder of bitcoin, sold US$216 million of bitcoin last week.

It was the company’s largest sale since it began buying the token in 2020 and came after Strategy expanded its funding options beyond issuing new shares.

Under a June 29 capital framework, the company said a board-approved US$2.55 billion reserve may be used only for preferred dividends and interest on outstanding debt unless the board authorises other uses.

Strategy can replenish the reserve through bitcoin sales or other capital market activity. It also authorised up to US$1 billion in repurchases of preferred securities and common stock.

The company said the reserve covered 17.4 months of those obligations, or 25.9 months including US$1.25 billion of board-authorised bitcoin monetisation capacity.

The company said it held 843,738 bitcoin as of May 25.

It also reported a US$8.32 billion digital asset loss for the quarter ended June 30, reflecting fair-value accounting, which records bitcoin price changes in net income.

Bitcoin fell 14% in the quarter, and Strategy shares were down about 75% over the past year.

🔗 Source: Bloomberg