Bitcoin treasury company Strategy sold 32 BTC for approximately $2.5 million at an average price of $77,135 per bitcoin between May 26 and May 31, according to an 8-K filing with the Securities and Exchange Commission on Monday.
This is the first time Strategy has sold bitcoin since December 2022, when the company sold 704 BTC, according to onchain analyst Ai Yi. However, the firm reportedly bought 810 BTC just two days after the sale at a lower price in a tax loss trade.
Proceeds from the bitcoin sales are expected to be used to fund distributions on preferred stock, the firm said.
Strategy now holds a total of 843,706 BTC following the reduction — worth around $61 billion — bought at an average price of $75,699 per bitcoin for a total cost of around $63.9 billion, including fees and expenses.
Strategy's remaining holdings represent more than 4% of bitcoin's fixed 21 million supply cap and carry an implied paper loss of approximately $2.9 billion at current prices.
