Michael Saylor's Strategy sold 32 Bitcoin (BTC) worth roughly $2.5 million in late May, marking the firm's first disclosed sale and rattling investors.
Key Points:
- Strategy sold 32 Bitcoin for about $2.5 million at an average net price of $77,135, the company's first reported disposal.
- The firm also sold 801,994 MSTR shares for $128.3 million and kept a $900 million cash reserve for obligations.
- MSTR stock fell nearly 6% in premarket trade, and Bitcoin slipped below $72,000 after the filing.
Strategy Confirms 32 BTC Sale
The company disclosed the move in an 8-K filing with the U.S. Securities and Exchange Commission on June 1. The coins changed hands at an average net price of $77,135 between May 26 and May 31. Proceeds will fund distributions on the firm's preferred stock, the document stated.
Even after the trade, Strategy still held 843,706 Bitcoin valued at about $63.87 billion, an average cost near $75,699 per coin.
The 32-coin disposal worked out to less than a hundredth of a percent of that hoard.
The firm separately sold 801,994 MSTR shares over the same window, raising $128.3 million in net proceeds, while parking $900 million in a dollar reserve earmarked for dividends and interest.
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MSTR Stock and Bitcoin Slide
Investors read the sale as a clear break from the company's long-held pledge to never part with its coins, even though the dollar figure stayed modest.
MSTR stock fell nearly 6% in premarket trading on Monday, sliding toward $150.
The shares have now shed more than 22% over the past month, erasing much of their earlier run.
Bitcoin dropped below $72,000 as word of the sale spread, and futures positions worth more than $90 million were liquidated soon after, exchange data showed. The company also kept the dividend rate on its variable-rate STRC preferred stock at 11.50% a year.
Saylor's shift has been weeks in the making. The executive chairman recently signaled that Strategy might sell some holdings to cover dividend payments, a sharp turn from his earlier insistence that the coins would stay put. Strategy had already moved Bitcoin to Coinbase Prime, paused its weekly buying, and watched two insiders trim their own MSTR stakes.