Strategy, the company co-founded by Michael Saylor, has dramatically increased its pace of bitcoin sales, raising approximately $216 million. According to a Monday SEC filing, Strategy sold 3,588 bitcoin last week, significantly reducing its total holdings to 843,775 BTC.

The proceeds from these sales will be used to fund distributions on its preferred stock and replenish the portion of its U.S. dollar reserve used for those payments. As of July 5th, the USD reserve stood at $2.55 billion. The latest sales were executed at an average price of roughly $60,000 per bitcoin, a marked increase from the 32 bitcoin sold by the company about one month ago.

That earlier sale sent crypto prices plummeting, but this week’s transactions have had a more muted impact on the market. Bitcoin has given up much of its weekend gain, trading down to $61,900 from $62,900 prior to the announcement. Strategy shares are also down 2% in pre-market trading. Despite this, the company remains committed to its bitcoin holdings, which it acquired for approximately $63.69 billion, or an average purchase price of $75,476 per bitcoin.

Strategy’s decision to sell a significant portion of its bitcoin holdings may be seen as a strategic move to replenish its dollar reserves and fund dividend payments on its preferred stock. The company has not sold any shares under its at-the-market equity program during the week ended July, nor did it repurchase any shares under its buyback programs. Notably, the full $1.25 billion capacity under its recently announced BTC Monetization Program remains available.

The sale is a significant development in the world of cryptocurrency, particularly given Strategy’s history with bitcoin. The company has been a vocal advocate for the digital currency and has invested heavily in it. This latest move will likely be closely watched by investors and analysts alike as they seek to understand the implications of Strategy’s decision on the broader market.