Standard Chartered · Michael Saylor · Bitcoin · Strategy · CryptoSlate
Bitcoin traders blamed Saylor’s 32 BTC sale but larger selling pressure debuted elsewhere
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Bitcoin traders have identified Michael Saylor as a new suspect in the latest sell-off, while the numbers tell a different story.
Key facts
- Excluding Strategy, MARA cut 3,386 BTC, Core Scientific reduced by 1,990 BTC, Sequans shed 1,481 BTC, and Prenetics exited 502 BTC, a combined 7,359 BTC
- At Bitcoin's May 31 price of $73,579, that reduction carried a face value of roughly $541 million, about 230 times the size of Strategy's sale
- Strategy disclosed in a June 1 Form 8-K that it sold 32 BTC between May 26 and May 31 for $2.5 million, at an average net price of $77,135, with proceeds earmarked to fund preferred-stock
- MARA's larger reduction also traced back to a March disclosure, when the company sold 15,133 BTC between Mar. 4 and Mar. 25 to fund $1 billion in convertible-note repurchases, not a fresh May decision
Summary
01 Strategy disclosed a 32 BTC sale in late May to fund preferred-stock distributions, despite still holding 843,706 BTC. 02 The tiny sale barely moved supply, but it shook traders who viewed Michael Saylor’s company as a permanent Bitcoin buyer. 03 May’s bigger treasury reductions came from other firms, yet Strategy’s new selling option raises questions about future forced sales. Strategy disclosed in a June 1 Form 8-K that it sold 32 BTC between May 26 and May 31 for $2.5 million, at an average net price of $77,135, with proceeds earmarked to fund preferred-stock distributions.