BREAKING: Michael Saylor’s Strategy Sells $2.5 Million in Bitcoin
Highlights
- Michael Saylor's Strategy sold 32 Bitcoin worth $2.5 million.
- The company also sold 801,994 MSTR stock to raise $128.3 million.
- MSTR stock plunges 6% in premarket and Bitcoin dropped below $72K.
Michael Saylor’s Strategy on Monday said the company has sold 32 Bitcoin worth $2.5 million, sparking discussions in the crypto community. MSTR stock plunges 6% today after a more than 22% crash in a month.
Michael Saylor’s Strategy Sells Bitcoin for the Second Time
According to the 8-K filing with the US SEC on June 1, Michael Saylor’s Strategy has sold Bitcoin for the first time since 2022. The company offloaded 32 BTC for $2.5 million at an average price of $77,135 per Bitcoin between May 26-31.
Proceeds from the Bitcoin sales are expected to be used to fund distributions on preferred stock. After the sale, the company now holds 843,706 BTC worth $63.87 billion. Footnote added that the aggregate sale price and average sale price are net of fees and expenses.
The company also sold 801,994 MSTR stock to raise $128.3 million. Moreover, USD Reserve balance is $900 million.
As Coingape reported earlier, Strategy deposited Bitcoin worth $30.3 million into Coinbase Prime last week. This appears to be MicroStrategy’s second Bitcoin sale. Michael Saylor earlier announced the company may sell some of its Bitcoin holdings to fund dividends.
This sparked massive discussions due to the company’s shift from a “never sell” narrative to “probably sell some Bitcoin.” Strategy used cash reserves to repurchase $1.5 billion of its 0% convertible senior notes due in 2029, which significantly reduced cash reserves.
MSTR Stock and Bitcoin Price Tank
MSTR stock is trading almost 6% lower near $150 during the premarket trading hours today. Michael Saylor even shared the Orange dot chart to reveal BTC buying and STRC dividend rate is maintained at 11.5% despite competition from Strive’s SATA stock’s 13% dividend.
MSTR stock is down more than 22% in a month, erasing most of the gains. As CoinGape reported, the stock has dropped amid MSTR stock selloffs by CFO Andrew Kang and Director Jarrod Patten. Michael Saylor’s Strategy has also paused its Bitcoin accumulation.
Bitcoin fell below $72K as Michael Saylor’s Strategy sold BTC, with the price currently trading at $72,192. The 24-hour high and low are $74,058 and $71,856, respectively. Furthermore, trading volume has increased by 56% over the last 24 hours.
CoinGlass data revealed a mix of selling and buy-the-dip sentiment in the derivatives market. At the time of writing, the total BTC futures open interest is up more than 0.58% to $54.50 billion in the last hour. BTC futures open interest on CME plunged more than 0.63% and climbed 0.10% on Binance.
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