Bitcoin treasury company Strategy sold 3,588 BTC for approximately $216 million last week, according to an 8-K filing with the Securities and Exchange Commission on Monday.
The firm said it sold 1,363 BTC for $80.8 million between June 29 and June 30 at an average price of $59,256 per bitcoin. It also sold 2,225 BTC for $135.2 million at an average price of $60,773 between July 1 and July 5.
Strategy has therefore reduced its total holdings to 843,775 BTC — worth around $52.3 billion — bought at an average price of $74,476 per bitcoin for a total cost of around $63.7 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.
That means Strategy's holdings are equivalent to more than 4% of bitcoin's 21 million supply cap, but carry around $11.4 billion of paper losses at current prices.
Proceeds from the bitcoin sales were used to fund payment of distributions on preferred stock and to replenish a portion of its USD reserve used for this purpose to $2.55 billion as of July 5.
