MicroStrategy Halts Bitcoin Purchases, Sells 3,588 BTC for $216 Million in Three Weeks

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MSTR-2.62%
According to CoinDesk, MicroStrategy (NASDAQ: MSTR) halted bitcoin purchases since June 22 and sold 3,588 BTC for approximately $216 million from late June to July 5. The company sold 1,363 BTC on June 30 for about $80.8 million and an additional 2,225 BTC for $135.2 million. The sales reduced MicroStrategy's bitcoin holdings to 843,775 BTC and built up a $3 billion cash reserve. The company stated the cash accumulation was a strategic measure under its capital management framework to ensure stable dividend and debt interest payments even during bitcoin price downturns, with reserves sufficient to cover over 20 months of such obligations.
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