When Strategy (MSTR) disclosed that it sold 32 bitcoin in May, memories were jogged of the company's first-ever bitcoin sale in December 2022.
Both events generated headlines questioning whether Michael Saylor's company was backing away from its long-standing bitcoin accumulation strategy. Both prompted scrutiny of the firm's finances. Both represented extraordinarily rare moments in the history of the world's largest corporate bitcoin holder.
Yet the more useful lesson from the 2022 sale may be that investors should be cautious about reading too much into any single disposal.
Late 2022 was one of the most tumultuous periods in cryptocurrency's history, the culmination of the "crypto winter" that unfolded that year which came to a head with the collapse of exchange FTX in early November.
From a high of around $69,000 a year earlier, bitcoin had fallen over 75% to below $16,000.
