In brief
- Strategy, the Bitcoin treasury firm, sold 32 BTC for approximately $2.5 million at an average price of $77,135 per coin.
- The sale reverses the firm’s long‑standing “never sell” stance, following CEO Phong Le’s comment that Strategy “will sell Bitcoin when it is advantageous to the company.”
- Bitcoin’s price slipped to around $72,000 after the announcement.
According to a recent SEC filing, Strategy sold 32 BTC for roughly $2.5 million, averaging $77,135 per Bitcoin. The transaction reduces the firm’s holdings to 843,706 BTC, valued at about $61 billion at current market prices.
Proceeds from the sale will be used to fund distributions on preferred stock, the filing states.
The sale signals a departure from Strategy’s previous “never sell” policy. In a recent earnings call, Chair Michael Saylor indicated the firm might sell Bitcoin to fund a dividend and demonstrate market confidence.
CEO Phong Le added that the firm will “sell Bitcoin when it is advantageous to the company,” noting that sales could be used to acquire U.S. dollars or debt if it enhances Bitcoin‑per‑share value.
Market observers warned that the policy shift might trigger short‑term panic, with Altura COO Mathew Pinnock suggesting a potential weakening of sentiment around the asset.
The sale follows a recent transaction in which Strategy used 61 % of its dedicated cash buffer—about $1.38 billion—to repurchase $1.5 billion of convertible notes.
CoinGecko data showed Bitcoin’s price fell to just over $72,000 after the news, a 2.4 % decline on the day.
This is not Strategy’s first Bitcoin sale. In December 2022, the firm sold 704 BTC for roughly $11.8 million, then repurchased 810 BTC two days later as part of a tax‑loss‑harvesting strategy.
This story is developing and will be updated.
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