Strategy · Bitcoin · The Block
Strategy’s 3,588 BTC sale puts future bitcoin selling in focus: analysts
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Strategy's sale of 3,588 BTC for approximately $216 million last week, only the third bitcoin sale in the company's history, puts future selling in focus, with Payward subsidiary CF Benchmarks warning recurring sales could become a concern.
Key facts
- On Monday, Strategy said it sold 1,363 BTC for $80.8 million between June 29 and June 30 at an average price of $59,256 per bitcoin
- The company also authorized a $1 billion Digital Credit Securities Repurchase Program covering STRC, STRF, STRD and STRK, and a separate $1 billion Class A common stock repurchase program
- That meant Strategy reduced its total holdings to 843,775 BTC, worth around $52.3 billion, bought at an average price of $74,476 per bitcoin for a total cost of around $63.7 billion and carrying
- Strategy's sale of 3,588 BTC for approximately $216 million last week, only the third bitcoin sale in the company's history, puts future selling in focus, with Payward subsidiary CF Benchmarks
Summary
On Monday, Strategy said it sold 1,363 BTC for $80.8 million between June 29 and June 30 at an average price of $59,256 per bitcoin. That meant Strategy reduced its total holdings to 843,775 BTC, worth around $52.3 billion, bought at an average price of $74,476 per bitcoin for a total cost of around $63.7 billion and carrying around $11.4 billion of paper losses at the time of the announcement. "On July 6, Strategy's announcement of a bitcoin sale began to answer a question its balance sheet could not: whether management is willing to offload bitcoin to reinforce dollar liquidity," Gabe Selby, Head of Research at CF Benchmarks, told The Block.