Michael Saylor’s Bitcoin Treasury Firm Will Sell 32 BTC for $2.5M

Investment firm Bitcoin Strategy sold 32 BTC from its holdings last week for a total of $2.5 million. SEC file. The sale price was $77,135 per Bitcoin, and brings Strategy’s holdings to 843,706 BTC, worth about $61 billion at current prices.

Proceeds from the sale of BTC will be used to fund the distribution of preferred stock, the company said in a filing.

The sale sees the Bitcoin asset management company abandon its long-held “never sell” policy. Last month, Strategy reduced its views on the sale of Bitcoin, and the Chairman of the company Michael Saylor. to say that, “We may sell some Bitcoin to distribute funds just to inoculate the market-just to send a message that we did,” on the firm Q1 earnings call.

President Strategy and CEO Phong Le added that the firm “will sell Bitcoin when it is profitable for the company,” saying that it can lower some of its BTC holdings either to buy US dollars or to buy debt “as an accretive to Bitcoin per share.”

At the time, market observers suggested that the Bitcoin trading strategy could cause “short-term panic,” with Altura COO Mathew Pinnock reporting. Decrypt that, “The immediate effect would be a change in opinion and a weakening of the sentiment surrounding the trust of the stock.”

The Strategy’s move had an immediate impact, as Bitcoin’s price dropped to $72,000 on the news, down 2.4% on the day according to CoinGecko data.

This is not the first time that Strategy has sold Bitcoin. In December 2022, the company 704 BTC about $11.8 million, before buying 810 BTC two days later, as part of the tax harvest.

This is a developing story and will be updated.