Strategy Inc., the company formerly known as MicroStrategy and the largest corporate holder of Bitcoin on the planet, sold 32 BTC between May 26 and May 31. The sale netted approximately $2.5 million at an average price of $77,135 per coin.
That’s roughly 0.0038% of the company’s total Bitcoin stash. And yet, the market flinched.
MSTR shares dropped about 6% after a SEC 8-K filing on June 1 disclosed the transaction. Bitcoin’s price also dipped in the short term, though broader market pressures were already in play.
Why Strategy sold, and why it matters
The proceeds from the 32 BTC sale went toward covering distributions on STRC, the company’s perpetual preferred stock.
