Strategy continues selling crypto! Last week, $110 million worth of bitcoin sold and $650 million in common stock reduced.

Michael Saylor’s Strategy continued to sell Bitcoin and common shares last week to bolster its cash reserves.

On Monday, Strategy stated that during the seven days ending August 9, the company sold $108.6 million worth of Bitcoin and reduced its holdings by 6.6 million common shares, cashing out approximately $653 million; meanwhile, the company repurchased $108.6 million worth of Stretch preferred shares.

As of press time, during Monday’s U.S. trading session, Strategy’s common shares were down 1.05%.

Currently, Strategy holds around $58 billion worth of Bitcoin, making it the publicly listed company with the largest Bitcoin holdings globally.

Saylor stated on social media that Strategy increased its U.S. dollar reserves by $650 million and repurchased $109 million of STRC preferred shares. This extended the company’s USD Duration by 143 days to a total of 2.7 years, while the STRC Bitcoin credit spread narrowed by 10 basis points.

As of August 9, Strategy’s U.S. dollar reserves stood at $4.65 billion.

Strategy has gained wide recognition for its long-term strategy of accumulating Bitcoin. However, as market concerns over its financing model intensified, Saylor shifted towards a capital management approach at the end of May. So far, Strategy has cumulatively sold about $432 million worth of Bitcoin.

Previously, to ease investor concerns over dilution of common shares, Saylor had attempted to make issuing STRC preferred shares the company's main financing channel.

However, since early May, STRC’s trading price has failed to exceed its $100 par value, and only when the price remains above this level does issuing such securities become profitable. Currently, STRC trades at around $95.

In the past, Saylor had urged investors to buy Bitcoin “at almost any cost.”