Strategy sold a small portion of its Bitcoin holdings last week, marking the company’s first disclosed BTC sale since its December 2022 tax-loss harvesting transaction. The sale is notable less for its size than for what it signals: Strategy is now willing to use a sliver of its Bitcoin stack to service the preferred equity structure it has built around its balance sheet.
According to a Form 8-K filed with the US Securities and Exchange Commission, Strategy sold 32 BTC between May 26 and May 31 for roughly $2.5 million. The average sale price was $77,135 per bitcoin, net of fees and expenses. The company said proceeds from the sale are expected to be used to fund distributions on preferred stock.
Why Did Strategy Sell Bitcoin?
Trending: Report: Teen Brain Dead After Falling from Car During Celebration After San Antonio Spurs’ Win
The transaction is the first Bitcoin sale disclosed by Strategy since December 2022, when the company sold 704 BTC for tax-loss harvesting purposes before
Continue reading
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!