Michael Saylor · Strategy · Bitcoin · CoinDesk
Michael Saylor's Strategy sold 32 bitcoin for $2.5 million to fund dividend payments
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Strategy (MSTR), the largest publicly traded holder of bitcoin BTC $ 72,675.37, sold some of its holdings for the first time in four years to fund dividend payments on STRC, its perpetual preferred stock, known as Stretch.
Key facts
- In addition, for the week, Strategy raised $128.3 million through its at-the-market (ATM) common stock program and allocated a small portion of the proceeds to increase its U.S. dollar cash reserve
- The company sold 32 bitcoin between May 26 and May 31 at an average of $77,135, totaling $2.5 million, disclosed in an 8-K filing on Monday
- Strategy remains the largest holder of bitcoin, with more than 843,700 BTC on its balance sheet at month-end, purchased at an average cost of $75,699
- However, in December 2022, Strategy also sold 704 bitcoin and bought 2,395 BTC, resulting in a net increase and making the sale primarily a "tax-loss harvesting" exercise
Summary
Strategy sold 32 bitcoin between May 26 and May 31 for about $2.5 million at an average net price of $77,135 per coin, according to an 8-K filing. The sale, the company’s first disclosed net bitcoin disposal, will be used to pay the dividend on the company's STRC perpetual preferred stock. Strategy still held 843,706 bitcoin as of May 31 at an average purchase price of $75,699, leaving the sale price above its cost basis and above bitcoin’s market price on Monday. The company sold 32 bitcoin between May 26 and May 31 at an average of $77,135, totaling $2.5 million, disclosed in an 8-K filing on Monday.