Strategy sparks panic with bitcoin sale, but analysts say it was 'immaterial'
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For years, Strategy (MSTR) Executive Chairman Michael Saylor insisted he would never sell bitcoin BTC $ 72,675.37.
Key facts
The company on Monday said that it sold 32 bitcoin between May 26 and May 31 at an average price of $77,135, generating roughly $2.5 million to help fund dividend payments on STRC, its high-yielding
Strategy is lower by 5% on Monday, while bitcoin has fallen back to a near two-month low of $71,000
For years, Strategy (MSTR) Executive Chairman Michael Saylor insisted he would never sell bitcoin BTC $ 72,675.37
Yet on Monday, the largest company disclosed that it sold 32 bitcoin last week, its first sale in four years
Summary
Strategy’s sale of 32 bitcoin, its first in four years, raised questions about whether the company is shifting its long-standing accumulation strategy. Two Wall Street analysts said the roughly $2.5 million sale was economically immaterial and viewed it as a tactical move to help fund preferred-stock dividends rather than a meaningful policy change, while another suggested something larger was afoot. Strategy is lower by 5% on Monday, while bitcoin has fallen back to a near two-month low of $71,000. Yet on Monday, the largest company disclosed that it sold 32 bitcoin last week, its first sale in four years.