Strategy Tests Bitcoin Rally With $216 Million Sale

The bitcoin price hit an air pocket after Strategy revealed that it sold $216 million worth of the cryptocurrency last week to fund preferred stock dividends. MSTR stock also reversed lower after the filing, but Strategy shares and the iShares Bitcoin Trust ETF, which tracks the bitcoin price, both turned higher after an early wave of selling. Strategy shares rallied 22.4% last week as the bitcoin whale hit the brakes on new issuance of MSTR stock to raise much-needed cash.