| Mobile Web

Strategy sells 1,638 bitcoin; CEO says it is only preparing for a bear market

Strategy sold 1,638 bitcoin and its CEO said the move was capital structure management to prepare for a bear market, not a pullback from its long-term accumulation policy. In an interview, he said bitcoin is in a bearish cycle influenced partly by the macroeconomic environment. The company sold bitcoin for about $104.7 million and bought back STRC preferred shares for about $81.2 million. Strategy’s shares are down about 40 percent this year.