Strategy sold 6,948 Bitcoin between May and August for an average of $62,150, then repurchased 5,553 at an average of $80,207. The company spent $445.4 million to replace coins previously sold for $345.1 million, making the repurchase 29% more expensive and creating a reported $100.2 million opportunity cost. The replacement remains incomplete: Strategy holds 846,000 BTC, compared with 847,363 on June 21, leaving 1,363 coins to replace at a projected cost of about $100 million at current prices. The company most recently bought 950 Bitcoin for $75.7 million between September 14 and September 20, paying $79,670 per coin with USD cash, after buying 4,603 for $369.7 million during the week ending August 30 with newly issued stock. Strategy also repurchased $174 million of its STRC preferred stock and held $5.04 billion in its USD reserve and $1.05 billion in USD cash as of September 20. Michael Saylor and CEO Phong Le have defended the sales as a messaging exercise and said selling Bitcoin can be appropriate within a two-way strategy, while SEC filings said proceeds funded dividends despite Strategy having sufficient cash for those payments. Bitcoin critic Peter Schiff linked Bitcoin’s recent advance to Strategy’s purchase and Saylor’s comments that the Senate’s failure to advance the CLARITY Act was bullish for Bitcoin.