Strategy's sale of 3,588 BTC for approximately $216 million last week — only the third bitcoin sale in the company's history — puts future selling in focus, with Payward subsidiary CF Benchmarks warning recurring sales could become a concern.
On Monday, Strategy said it sold 1,363 BTC for $80.8 million between June 29 and June 30 at an average price of $59,256 per bitcoin. It also sold 2,225 BTC for $135.2 million at an average price of $60,773 between July 1 and July 5.
That meant Strategy reduced its total holdings to 843,775 BTC — worth around $52.3 billion — bought at an average price of $74,476 per bitcoin for a total cost of around $63.7 billion and carrying around $11.4 billion of paper losses at the time of the announcement.
Expand Chart
"On July 6, Strategy's announcement of a bitcoin sale began to answer a question its balance sheet could not: whether management is willing to offload bitcoin to reinforce dollar liquidity," Gabe Selby, Head of Research at CF Benchmarks, told The Block. The sale represented about 0.42% of Strategy's pre-sale holdings and roughly 1.5 months of current financing carry, he noted.
