Odaily Planet Daily reports: Phong Le, CEO of Bitcoin-holding company Strategy, stated that the company plans to resume increasing its Bitcoin holdings later this year. So far this year, the company has purchased approximately 175,000 Bitcoin and sold about 7,000, with purchases totaling roughly 25 times the amount sold. Phong Le noted that Strategy has risen from the world’s second-largest institutional Bitcoin holder to the largest. The company now holds over 840,000 Bitcoin in total and has sold Bitcoin four times since May, with the most recent sale involving 1,690 Bitcoin. The proceeds from Strategy’s recent Bitcoin sales have been used to pay preferred stock dividends, repurchase shares, and bolster U.S. dollar reserves. The company had long adhered to a policy of not selling Bitcoin, and its recent shift has drawn market scrutiny. (Cointelegraph)
Strategy to Resume Bitcoin Buybacks, Now the Largest Institutional Holder
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Summary
Strategy CEO Phong Le confirmed the company will resume a Bitcoin buyback program later this year, citing a favorable risk-to-reward ratio. To date in 2024, the company has purchased 175,000 BTC and sold 7,000 BTC, with buy volume 25 times higher than sell volume. Strategy now holds over 840,000 BTC, making it the largest institutional holder. Since May, the firm has sold Bitcoin four times, with the most recent sale of 1,690 BTC used to pay dividends and replenish reserves. This departure from its no-sell policy has raised questions in the market.
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