Strategy (MSTR) Sells Bitcoin for First Time in Years as Bitcoin Price Drops
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Strategy broke its long-standing HODL streak, selling bitcoin for the first time in years.
Key facts
The company disclosed in an 8-K filing Monday morning that it sold 32 BTC between May 26 and May 31 at an average price of $77,135 per coin, bringing in $2.5 million in total proceeds
As of May 31, its USD cash reserve stood at $900 million, down from a higher level after it used $1.38 billion to retire $1.5 billion in face value of 2029 convertible notes at an 8% discount to par
Strategy now holds 843,706 BTC as of May 31, worth roughly $61 billion at current prices
Bitcoin slipped below $72,000 following the filing’s release, down nearly 3% over the prior 24 hours
Summary
Michael Saylor’s Strategy, the largest corporate holder of bitcoin on the planet, has sold bitcoin for the first time since late 2022, and the market felt it immediately. The company disclosed in an 8-K filing Monday morning that it sold 32 BTC between May 26 and May 31 at an average price of $77,135 per coin, bringing in $2.5 million in total proceeds. The news hit an already fragile crypto market. Bitcoin accounted for $72.34 million of that figure.