Michael Saylor · Strategy · Bitcoin · CoinDesk
Michael Saylor's company then picked up 810 BTC two days later, exiting its overall bitcoin position larger
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At the time, however, many critics saw something more consequential.
Key facts
- The following month, MicroStrategy as it was then known, sold 704 BTC for roughly $11.8 million as bitcoin traded near $16,500
- From a high of around $69,000 a year earlier, bitcoin had fallen over 75% to below $16,000
- Against that backdrop, selling 32 BTC, worth roughly $2.5 million and representing less than 0.004% of its holdings, is financially insignificant
- The company's stash has since grown from roughly 132,500 BTC at the end of 2022 to more than 843,000 BTC today
Summary
Strategy's May sale of 32 BTC was only the second disclosed bitcoin sale in the company's history. The firm's first sale, in December 2022, was a tax-loss harvesting transaction that critics wrongly viewed as the start of a broader liquidation. While the 2022 sale proved insignificant, Strategy's transformation into a complex financing vehicle means investors can't assume the latest sale will have the same outcome. When Strategy (MSTR) disclosed that it sold 32 bitcoin in May, memories were jogged of the company's first-ever bitcoin sale in December 2022. Both events generated headlines questioning whether Michael Saylor's company was backing away from its long-standing bitcoin accumulation strategy.