Strategy · Bitcoin · Michael Saylor · CryptoSlate
Strategy sold 32 BTC to pay dividends, But the real risk is what happens if it has to sell more Bitcoin
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Bitcoin price has hit $70,000 after Strategy, the world's largest publicly traded corporate holder of the top crypto, sold a portion of its BTC treasury for the first time since 2022.
Key facts
- Data from CryptoSlate showed that BTC's price dropped 4% on the news to as low as $69,690 before recovering to $70,120 as of press time
- STRC has not traded at par since mid-May and fell as low as $97.11 last week before recovering to about $99.10
- The digital asset sale represents a microscopic 0.0038% of its total holdings against a total corporate stockpile of 843,706 Bitcoin, acquired at an average price of $75,699
- This price movement came as Strategy revealed on June 1 that it sold 32 Bitcoin between May 26 and May 31
Summary
Data from CryptoSlate showed that BTC's price dropped 4% on the news to as low as $69,690 before recovering to $70,120 as of press time. This price movement came as Strategy revealed on June 1 that it sold 32 Bitcoin between May 26 and May 31. The digital asset sale represents a microscopic 0.0038% of its total holdings against a total corporate stockpile of 843,706 Bitcoin, acquired at an average price of $75,699. Market observers quickly highlighted the significance of Strategy's decision to sell as a formal departure from the founder Michael Saylor's long-standing doctrine of absolute retention.