Morning Minute: Saylor's Strategy Sells Bitcoin for Second Week in a Row

GM!

Today’s top news:

• Crypto majors are slightly red down 1%; BTC at $64.4k
• ETFs flip to outflows breaking 5-day inflow streak
• Standard Chartered sets $200 target for LINK, cites tokenized asset growth
• Pump Fun hits new local high of $10M in weekly fees as social trading launches
• FWA ecosystem sees 2 new projects launch on top of it, token hits new local high

₿ Strategy Sells Bitcoin for a Third Week, Grows Cash Pile

Strategy sold 1,690 BTC for $108.6 million last week, according to an 8-K filed on Monday, trimming its stack to 840,447 coins from the 842,138 held a week earlier.

The BTC was sold at an average of $64,262, about $11,100 below its $75,385 cost basis, so once again, Michael Saylor’s firm is selling Bitcoin at a loss. It hasn’t bought any since June, and its holdings now sit 6,916 coins below the June peak. The funds from the BTC sales were all used for buybacks of its preferred stock STRC, which rebounded to $95.

Separately, Strategy sold $653.1 million of MSTR common stock, more than double the prior week. It now holds $4.65 billion in cash reserves, up from $4 billion. That reserve covers what the company calls 2.7 years of “USD Duration,” meaning it has roughly two and a half years of runway to meet its $1.76 billion in annual preferred dividends and debt interest without selling another coin or issuing another share.