Strategy Sells $105 Million of Bitcoin — WSJ

By Vicky Ge HuangStrategy, the bitcoin-hoarding firm founded by Michael Saylor, said it sold 1,638 bitcoin last week to fund preferred stock dividends and repurchases.The sale, which raised about $105 million, comes after the company unveiled a turnaround plan last month aimed at shoring up investor confidence.After the recent sale, Strategy still holds 842,138 bitcoin, worth about $53 billion at current prices. Last week, the company reported a net loss of $8.2 billion for the second quarter, driven by a steep decline in the value of its bitcoin holdings.Under its turnaround plan, Strategy said that it might sell bitcoin to raise up to $1.25 billion to help cover the dividend payments on its preferred stock, the interest on outstanding debt and fund its share-repurchase program.Strategy, the pioneer of the corporate bitcoin treasury model, has faced mounting pressure amid a softer cryptocurrencies market. The company's common and preferred stock sold off sharply in recent weeks, while bitcoin dipped below $60,000 before reversing losses. Bitcoin was hovering around $62,500 Monday morning.Shares of Strategy fell about 1% in premarket trading.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).