Strategy sheds $216 million in Bitcoin
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Michael Saylor's strategy sells Bitcoin
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Amid a rout in Bitcoin, Strategy Inc. made some moves to shore up liquidity.
The Bitcoin treasury giant sold $216 million worth of Bitcoin to cover preferred payouts, as an $8.3 billion quarterly loss piled up.
The moves are aimed at stemming the loss of confidence in Michael Saylor’s crypto-hoarding company.
Citi Research maintains a Buy rating on Strategy stock while slashing its price target to $136 from $260.
These companies each get a lot of attention, but for completely different reasons.
Strategy disclosed a program to sell bitcoin “from time to time” to fund its U.S. dollar reserve and share repurchases.
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Why Strategy (MSTR) dipped more than broader market today
Strategy (MSTR) closed the most recent trading day at $97.36, moving -3.38% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.45%. Elsewhere, the Dow lost 0.
The company recently unveiled a framework outlining multiple reasons it may sell some of its cryptocurrency holdings.
