Strategy Sells 32 BTC for $2.5M: What’s Behind the Move?

Strategy sold 32 <a href="https://minority-mindset.com/btc-usd/">BTC</a> for $2.5 million in late May, filing showsMarkets

What to know:

Strategy sold 32 bitcoin between May 26 and May 31 for about $2.5 million at an average net price of $77,135 per coin, according to a new 8-K filing.
The sale, the company’s first disclosed bitcoin disposal, will be used to fund distributions on its preferred stock, a footnote in the filing said.
Strategy still held 843,706 bitcoin as of May 31 at an average purchase price of $75,699, leaving the sale price above its cost basis but above bitcoin’s roughly $73,400 market price on Monday.

Between May 26th and May 31st, Strategy (MSTR) sold 32 Bitcoin for an average of $77,135 each, bringing in a total of $2.5 million. The company reported this information in a regulatory filing on Monday.

This is Strategy’s first publicly revealed sale of bitcoin. The money from the sale will be used to pay dividends to holders of its preferred stock, as noted in a filing.

As of May 31st, the company owned 843,706 bitcoin, having purchased them at an average price of $75,699 each. This recent sale price was higher than their average purchase price, but lower than the price of bitcoin on Monday, which was around $73,400 according to CoinDesk.

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