Bitcoin treasury company Strategy (formerly known as MicroStrategy) sold 6,948 BTC between May and August at an average price of $62,150, then repurchased 5,553 BTC at an average of $80,207. According to NS3.AI, the roundtrip cost the company $100.2 million in foregone gains, and 1,363 of the sold coins remained unreplaced.

Executive chairman Michael Saylor and CEO Phong Le defended the sales as part of a two-way strategy. SEC filings said the proceeds were used to fund dividends.