Strategy (MSTR) sold 3,588 bitcoin for approximately $216 million last week, reducing its total holdings to 843,775 BTC, according to a Monday SEC filing.
The company said proceeds from the bitcoin sales will be used to fund distributions on its preferred stock and replenish the portion of its U.S. dollar reserve used for those payments. As of July 5, the USD reserve totaled $2.55 billion.
We all know this shit might just be Strategy's strategy.
Seems like it’s the financial industrial complex’s tool to manipulate the short-term price of bitcoin. Or to put it less cynically, a bitcoin hedge fund.