Strategy shares fall after selling $2.5 million in bitcoin, its first sale since 2022
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Michael Saylor's Strategy sold bitcoin last week for the second time ever as geopolitical uncertainty continues to weigh on the bitcoin price and crypto market broadly.
Key facts
Between May 26 and May 31, Strategy sold 32 coins for $2.5 million, and at an average of $77,135 per coin, according to a Monday filing
Bitcoin is more than 42% from its all-time high over $126,000
The last time Strategy sold bitcoin was in December 2022, during a bitcoin bear market marked by rate hikes, the collapse of FTX and widespread crypto contagion stemming from interconnected lending
Michael Saylor's Strategy sold bitcoin last week for the second time ever as geopolitical uncertainty continues to weigh on the bitcoin price and crypto market broadly
Summary
Between May 26 and May 31, Strategy sold 32 coins for $2.5 million, and at an average of $77,135 per coin, according to a Monday filing. This is the second time Strategy has ever sold bitcoin and comes soon after the company announced a pivot from Saylor's longstanding "never sell" strategy in favor of actively managing its balance sheet. "We want to be net aggregators of bitcoin, increasing our total bitcoin, but more importantly, increasing our bitcoin per share because we think that is what is going to be most accretive long term for MSTR," Strategy CEO Phong Le said on the company's earnings call in early May.