Strategy Slides 6%, Coinbase Drops 5% as Saylor's First Bitcoin Sale in Nearly 4 Years Triggers Crypto Selloff
The company’s first disclosed bitcoin sale will help cover preferred stock distributions after it raised $128.3 million through its common stock program.
- On Monday, Strategy disclosed it sold 32 Bitcoin between May 26 and May 31 for approximately $2.5 million, marking the company's first sale since December 2022.
- The disposal marks a strategic pivot for Executive Chairman Michael Saylor's longstanding "never sell" approach, with proceeds funding distributions on STRC preferred stock at an 11.5% annualized yield.
- Shares of Strategy fell 6% following the disclosure, as investor Peter Schiff questioned sustainability, writing: "Since Bitcoin's biggest buyer has now become a seller, where will the new demand come from?" 28 words, one sentence, ends with period.
- Despite the sale, Strategy still holds 843,706 Bitcoin, with CEO Phong Le stating the company remains focused on maximizing "Bitcoin-per-share" by executing sales at cost basis to avoid tax implications.
- Polymarket assigns a 63% probability that Strategy announces a fresh Bitcoin purchase between June 2 and June 8, while Saylor recently updated the acquisition tracker with "Working better," signaling potential resumption.
42 Articles
42 Articles
The Strategy founder has promised for years never to sell Bitcoin. Now he has done exactly that. The action sends a signal that scares investors.
Michael Saylor Sells 32 Bitcoin: What Is Going On? - Strategy (NASDAQ:MSTR)
Strategy Inc. (NASDAQ:MSTR) sold 32 Bitcoin (CRYPTO: BTC) for roughly $2.5 million between May 26 and May 31 to fund preferred stock dividend payments. Holdings Drop To 843,706 BTC With $2.9B Paper Loss The 32 coins were sold at an average price of $77,135 each, reducing total holdings to 843,706 Bitcoin worth around $61 billion. Strategy’s average purchase price sits at $75,699 per coin, putting total acquisition cost at roughly $63.9 billion …
Strategy Slides 6%, Coinbase Drops 5% as Saylor's First Bitcoin Sale in Nearly 4 Years Triggers Crypto Selloff
Shares of Strategy (NASDAQ:MSTR | MSTR Price Prediction) are down 6% in early Monday trading, while Coinbase (NASDAQ:COIN) shares are off 5%. The selloff follows a weekend SEC filing showing Strategy executed its first Bitcoin sale since December 2022. MSTR stock is trading near $150 after closing Friday at $159.09, while COIN stock is hovering ... Strategy Slides 6%, Coinbase Drops 5% as Saylor’s First Bitcoin Sale in Nearly 4 Years Triggers Cry
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